AUDIO BLOG: Following the results of the Georgia runoff elections, we know that the Democrats hold the majority in Congress. As a result, there is a lot of speculation about President-Elect Biden’s tax plan and what changes we can potentially expect in the future. In this audio blog, CK Principal Karen Snodgrass addresses the speculation and how you can prepare.
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Details on the COVID-Related Tax Relief Act (COVIDTRA) of 2020 Part Two
While the COVID-Related Tax Relief Act has been passed, it is now up to other governmental agencies (the Treasury and SBA, notably) to write the regulations associated with the Act. As these regulations are written we will keep you informed of additional developments. In the meantime, please contact us today with any questions.
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What You Need to Know About Sales Tax Nexus
To protect your business from potential sales tax assessments, you should be aware of activity that may cause sales tax nexus. Many states are sending questionnaires to companies, but completing a questionnaire without a complete understanding of sales tax nexus could open up your business to further scrutiny by the state.
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IRS Releases Inflation Adjustments for 2021
To cope with inflation, the tax code requires the IRS to adjust the tax rates, standard deductions, and a variety of other tax related numbers each year. Due to the relatively low rate of inflation from 2020 to 2021 (at least according to the calculation method prescribed by law for this purpose), several categories had no change or only a slight change. The following is a summary of the most commonly encountered inflation adjustments for 2021.
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Details on the COVID-Related Tax Relief Act (COVIDTRA) of 2020
On December 27, 2020, President Trump signed the COVID-Related Tax Relief Act of 2020 (COVIDTRA). Here are the main, time sensitive provisions of COVIDTRA. In a future blog we will review some of the non-time sensitive provisions.
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Congress Confirms Expenses Are Deductible and PPP Loan Is Not Taxable
If you received a PPP loan, and expect to receive loan forgiveness, you can breathe a sigh of relief. The loan proceeds are not taxable and you will not have phantom income tax due to your not being able to deduct expenses paid with PPP loans.
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Are You Prepared for the January 31st 1099-MISC Filing Date?
Because so many fraudulent tax returns are filed right after e-filing opens up in January, the IRS requires 1099-MISCs for NEC to be filed by January 31st and will not release refunds for individual income tax returns that include the earned income tax credit until the NEC amounts can be verified.
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Cray Kaiser Announces Its Certification as an Approved Transnational Audit Firm
Cray Kaiser has decades of experience in audits, including specialized audits for nonprofits and employee benefit plans. And today, we’re excited to announce the addition of another specialization: transnational audits.
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VIDEO: “Navigating the Evolving Tax Climate” Webinar Takeaways – Tax Planning for 2021
On Thursday, December 3rd, Natalie McHugh, Deanna Salo, and Karen Snodgrass joined Private Vista LLC for a webinar, “Navigating the Evolving Tax Climate: What to Do Now & How to Prepare for 2021”. Below are a few of the key takeaways from the presentation. We invite you watch the full presentation to hear all of the insights shared.
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Cray Kaiser Employee Spotlight: Karen Hoban
In Cray Kaiser’s Employee Spotlight series, we highlight a member of the CK team. We couldn’t be more proud of the team we’ve grown and we’re excited for you to get to know them. This month we’re shining our spotlight on Karen Hoban.
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