The Small Business Administration will begin accepting applications Monday for a new program to help hard-hit restaurants reopen during the pandemic, and some firms are preparing clients to apply. The SBA plans to open the application window for the Restaurant Revitalization Fund at noon EDT on Monday. Registration for the
The Internal Revenue Service and the Treasury Department released updated early draft versions Friday of Schedules K-2 and K-3 for pass-through businesses to report international tax information. The new Schedules K-2 and K-3 will go along with Forms 1065, 1120-S, and 8865 for tax year 2021 (filed in 2022). The
My two previous articles discussed the power of brief video summaries that you can send to clients after finalizing their tax returns. Clients love the summary videos and they’re not hard to produce. While producing video sounds cool, we’re really talking about “asynchronous communication.” That’s when two or more people
President Biden’s American Families Plan would provide tax credits for families and low-income workers, but eliminate a popular tax break for inheritances and raise taxes on capital gains. The administration unveiled the proposals on Wednesday ahead of Biden’s address to a joint session of Congress on Wednesday night (see story).
In a previous column, I highlighted new rules that allow nonitemizers to take 2020 deductions of as much as $300 for contributions to charities. Something else that I discussed in more detail was tax breaks for retirees who use IRA withdrawals to make deductible donations. To recap, long-standing rules require
QuickBooks is more than efficient in handling the daily accounting chores of small to mid-size businesses. Thanks to its multiple features, the users find the software extremely helpful in maintaining the online inventory, processing payrolls of the employees, filling out the tax forms, etc. With every update, QuickBooks seems to
Small businesses are gaining more revenue this year despite the lingering challenges from COVID-19 and reversing last year’s losses, according to a report from Intuit’s QuickBooks unit. The report examined how small and midsized businesses performed financially in different industries and geographies from March 2020 to March 2021, analyzing anonymized
The time is now for accountants to help their SMB clients get in front of increased business compliance considerations by implementing the right tax solution. By putting a thoughtful tax strategy and system in place, SMBs can mitigate underpayment and incorrect calculations, reduce overpayments, lost sales, potential penalties, and improve overall tax
Every tax season has its unique challenges that stress and overwhelm tax pros, but after more than a year of remote working during a global pandemic, many have reached their burnout point. Keeping up with changing regulations surrounding initiatives like the Paycheck Protection Program (or PPP loan) took extra time
Errors while updating QuickBooks Desktop are quite common and can appear anytime in the application during various operations. QuickBooks Update error can also affect the QuickBooks Desktop features like payroll, and once you encounter any of such update errors, the application won’t allow you to download or install any updates.
