Featured Articles & Tax Tips Blog
Welcome to the CPA Advisory Group’s Featured Articles Blog. Here we share tax and accounting news and tips for our clients on a regular basis. Please feel free to suggest ideas for topics you would like to see addressed, by dropping an email to [email protected]. Enjoy the articles and subscribe to our newsletter for periodic email updates.
Biden signs PPP extension into law, extending deadline to May 31
National Society of Accountants and IRS.gov — President Biden on Tuesday, March 30 signed into the law the bipartisan Paycheck Protection Program (PPP) Extension Act of 2021 (HR 1799), which moves the application deadline to May 31, 2021. The PPP application window...
Security awareness for taxpayers is aim of three-way partnership
TAXES. SECURITY. TOGETHER. From IRS.gov — The IRS, the states and the tax industry are committed to protecting you from identity theft. Working together, we’ve made many changes to combat identity theft. We are making progress. The IRS is working hand-in-hand with...
Tax deadline for individuals extended to May 17
From IRS.gov — Treasury, IRS extend filing and payment deadline WASHINGTON — The Treasury Department and Internal Revenue Service announced Wednesday, March 17, that the federal income tax filing due date for individuals for the 2020 tax year will be automatically...
Pandemic Assistance Checklist by Dave Krebs, March 17, 2021 update
From the Pinnacle CPA Advisory Group — PANDEMIC ASSISTANCE CHECKLIST by Dave Krebs, CPA (March 17, 2021) We've updated our checklist to include the multiple tax provisions included in the $1.9 trillion American Rescue Plan Act (ARPA), signed into law March 11. This...
ARPA: Biden signs massive COVID-relief bill into law
NSA outlines tax provisions of latest COVID-relief billFrom the National Society of Accountants (NSA) — By JESSICA L. JEANEDirector of Public Policy, NSAPresident Biden on March 11 signed into law the American Rescue Plan Act (ARPA), a nearly $1.9 trillion COVID-19...
Guide to Obtaining an Identity Protection PIN from the IRS
From the Pinnacle CPA Advisory Group, IRS.gov and Thomson Reuters — An Identity Protection PIN (IP PIN) is a six-digit number that prevents someone else from filing a tax return using your Social Security number. The IP PIN is known only to you and the Internal...
There’s Still Time to Contribute to an IRA for 2020
From Pinnacle Wealth Planning Services, Inc.— Even though tax filing season is well under way, there's still time to make a regular IRA contribution for 2020. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2020...
Credit from Pandemic Bills and Your Tax Return
From Pinnacle Wealth Planning Services, Inc.— Dear Clients and Friends, Two emergency relief bills passed in 2020 in response to the COVID-19 pandemic will make this an unusual tax season for many taxpayers. The Coronavirus Aid, Relief, and Economic Security (CARES)...
A Review of ‘Tax Extenders’ in Recent Legislation
From the Pinnacle CPA Advisory Group/Thomson-Reuters — Dear Clients and Friends, On Dec. 27, 2020, the massive Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law. Before the CAA, 2021 hit the books, a bevy of federal income tax breaks were set to...
Federal Tax Filing Season Starts Soon
From the Pinnacle CPA Advisory Group — The IRS has announced that the federal income tax filing season for tax year 2020 returns begins on Friday, Feb. 12, 2021. Although tax seasons frequently begin in late January, the additional time will allow the IRS to update...
PPP loan forgiveness: What’s eligible, when and how to apply
From NerdWallet/MarketWatch.com — The Paycheck Protection Program provides fully forgivable loans to small businesses struggling through the coronavirus pandemic. But applying for that forgiveness can be daunting, especially for business owners who have limited...
Deductibility of business meals from restaurants in 2021, 2022
From the Pinnacle CPA Advisory Group/Thomson-Reuters — Dear Clients and Friends, You've probably heard that the recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes...