As the November 2020 elections approach, you might want to know what the two front-running presidential candidates’ tax plans for the future are. The following is an overview of their positions, as we know and understand them today. However, the political and economic landscapes can and will change, and there is no assurance these plans won’t be revised or that they will have eventual Congressional backing. However, the information may be helpful as you look toward future tax planning.
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Individuals Have a New Opportunity to Receive $500 Economic Impact Payments for Their Children
The Internal Revenue Service (IRS) announced that it would reopen the registration period for federal beneficiaries with children who did not receive a $500 per child Economic Impact (stimulus) Payment earlier this year. Here’s what you need to know.
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VIDEO: A Day in the Life at Cray Kaiser
You may be thinking “They’re just numbers people” but we can assure you, we are people people too. Being part of the CK team means so much more than facts and figures. We show up every day as trusted advisors to our clients and supportive teammates to our colleagues. And those days are also filled with lots of fun! To help show you what we’re all about at Cray Kaiser, we asked three team members to share what a typical day looks like and what it means to work here.
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Cray Kaiser Employee Spotlight: Maria Gordon
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 Maria Gordon.
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What Our Clients Say About the CK Way
At Cray Kaiser, we believe the relationships we build with our clients make us more than just an accounting firm. Client satisfaction is our number one goal, which is why we solicit feedback each year via an online survey. Through the use of the Net Promoter Score (NPS) method, we are able to determine if we are providing our clients with long-term value while developing their loyalty.
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A Year of Alphabet Soup: PPP Loan Forgiveness Clarifications for Owner Compensation
Beyond running and leading your business, you are required to have a bowl of alphabet soup, almost daily, to try to stay afloat in understanding how all of this impacts you as a business owner. In this blog, we focus on how business owners are compensated and how they fit into the Paycheck Protection Program (PPP) loan forgiveness computation.
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Here Comes the Math: Download the NEW 24-Week PPP Loan Forgiveness Templates
We’ve previously shared Paycheck Protection Program (PPP) Loan fund tracking spreadsheets for the eight-week covered period. Now, we have created templates for the 24-week covered period. You can click below to download weekly, bi-weekly, monthly, and semi-monthly workbooks.
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Hiring Your Children in the Family Business Can Result in Big Tax Breaks
With jobs at a premium during the COVID-19 pandemic, you might consider hiring your children to help out in your business. Rather than helping to support your children with your after-tax dollars, you can instead hire them and pay them with tax-deductible dollars. Of course, the employment must be legitimate and the pay commensurate with the hours and the job worked.
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Micah Vant Hoff Announced as CK’s Newest Principal
We are proud to share that Micah Vant Hoff, CPA, CVA has been promoted from Manager to a Principal/Shareholder at Cray Kaiser!
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Guidance Issued on Deferral of Payroll Taxes
For the period between September 1 and December 31, 2020, employers can opt out of withholding the 6.2% payroll tax that is the employee’s share of Social Security taxes. The deferral is only available to employees that earn less than the equivalent of an annual salary of $104,000. If the employer chooses to defer collection, the taxes would then be due no later than April 30, 2021.
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