President Biden signed the American Rescue Plan (ARP) Act of 2021, the newest economic relief package into law, on Thursday, March 11, 2021. The 242 page, $1.9T bill brings a surge of new stimulus funds and legislation to revive the economy after a slow recovery due to the COVID-19 pandemic, which happened a year ago this month.

Angela Lawrence, Quality Control Coordinator at Klatzkin, contributed to this post. With the calendar turning to January 2021, new standards came into effect that impact taxpayers who use their vehicles for specific purposes or contribute to retirement accounts.  Let’s look at changes related to standard mileage rates and retirement accounts in 2021, as announced by […]

The arrival of the COVID-19 pandemic last March sharply impacted both businesses and individuals as significant changes to everyday life were mandated to limit the virus’s spread. The combination of stay-at-home orders and forced business closures left many reeling from the almost overnight shifts. Given the magnitude of the situation, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide comprehensive economic relief.

Many business owners are perplexed by determining whether an individual is acting as an employee or independent contractor. The determination is challenging because there are often confusing federal and state guidelines and because it seems they change regularly. Many are surprised to learn that although an individual may appear to be working in an independent contractor’s role, they are considered an employee by the IRS and state law.

In the fall of 2020, I wrote about whether one should choose to waive or not to waive part of or all of one’s requirement to take a Required Minimum Distribution (RMD).  More than likely, that will not be an option for 2021.

With 2020 now in the rearview mirror, it’s a good time to start thinking about the documents you’ll need to prepare your tax return.  It can be a lot to keep track of, so we’ve provided a handy checklist of documents to keep an eye out for or to start collecting over the next couple of weeks, as the 2021 tax filing season officially kicks off on February 12th.

The financial and operational challenges presented by the COVID-19 pandemic continue to persist into another year. The seemingly endless number of government orders has forced many to operate in a limited capacity, or in some cases, close altogether.

The COVID-19 pandemic has created new operational and financial challenges for many businesses, including nonprofit organizations.

Business owners rely on their accountant to file taxes, provide them with reliable financial advice, and guide them on how to grow and operate their business.  Working with the right accountant can make a big difference in the economic well-being of your business. 

The Consolidated Appropriations Act, 2021 (CAA) was passed on December 27, 2020, and there has been anticipation surrounding changes to the Paycheck Protection Program (PPP).