This article was published by the IRS. The Internal Revenue Service reminds everyone that now is a good time to create or review emergency preparedness plans for surviving natural disasters. In the last year, the Federal Emergency Management Agency (FEMA) declared major disasters following hurricanes, tropical storms, tornados, severe storms, flooding, wildfires and an earthquake. Individuals, [...]
It's an unfortunate reality that some businesses must permanently close their doors. If this happens to you, there are some tax-related steps you'll need to take. Here's a quick checklist of some things to do. First, if your business is no longer operating, you still need to file all final tax returns for your business by [...]
This article was published by the IRS. The Internal Revenue Service and the Treasury Department have announced further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations. The additional details, provided in a fact sheet, spell out some basic facts about the [...]
The Work Opportunity Tax Credit benefits employers who hire people from targeted groups who consistently face significant barriers to employment. These groups include certain veterans, recipients of Supplemental Security Income benefits, ex-felons, summer youth employees, and vocational rehabilitation referrals. This tax credit encourages workplace diversity and facilitates access to good jobs for American workers. Before claiming [...]
Heather appeared again in last week’s Tuesday episode (March 3, 2021) of the Town of Plymouth’s “COVID-19 Daily Update” to talk about the Massachusetts issue of PPP loan forgiveness currently differing based on business entity type. Federally, any PPP loan that is forgiven will not be viewed as income. However, Massachusetts currently has a split decision [...]
