The Consolidated Appropriations Act (CAA) gives employers another shot at a valuable tax credit that was scheduled to go off the books at the end of 2020. It extends the Work Opportunity Tax Credit (WOTC), which had expired and been reinstated numerous times in the past, for a period of five years. In the past, [...]
The Consolidated Appropriations Act passed December 27, 2020 included an expansion of the 2020 Employee Retention Credit (ERC). The credit is now retroactive to the enactment of the CARES Act, March 21, 2020, and is available to employers who received PPP loan funding. Employers, including tax-exempt organizations, are eligible for the credit if they [...]
By: Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of the JMF State and Local Tax (SALT) group. With over 20 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax issues. The [...]
If your C corporation overpaid its estimated tax in 2020 due to the pandemic or some other reason, you may be in line for some quick tax relief. When you file Form 4466 with the IRS, you will receive a faster-than-usual refund. It may arrive within a matter of weeks. The fast corporate refund is [...]
Last week the SBA and Treasury released the new application for Second Draw PPP loans (SBA Form 2483-SD), along with additional guidance for eligible borrowers. In order to be eligible for a Second Draw PPP loan, borrowers must meet the following criteria: Was eligible for and received a First Draw PPP loan Has used, or [...]
On Monday, December 21, Congress passed the Consolidated Appropriations Act, 2021, which is expected to be signed by President Trump in the next several days. This Act provides various forms of COVID-19 related relief, among which are modifications to the Paycheck Protection Program (PPP) loan program, as well as a second round of PPP [...]
Photo Credit: Forbes Magazine For the second year in a row, Forbes Magazine partnered with the independent market research company Statista to create a list of the most recommended firms for tax and accounting services in the United States. JMF was on the initial list as well, which was published last year. JamisonMoneyFarmer PC is proud to be [...]
2020 Year-End Tax Letter YEAR END TAX PLANNING LETTER IN PDF Dear Clients and Friends: This year has been unlike any other in recent memory. Front and center, the COVID-19 pandemic has touched virtually every aspect of daily living and business activity in 2020. In addition to other financial consequences, the resulting fallout is [...]
For most PPP loan recipients, the 24-week Covered Period ended during the past several weeks, so now it is time to apply for forgiveness with your lender. The forgiveness application used and amount of documentation required will first depend on the amount of your PPP loan. If you received a PPP loan of $50,000 [...]
Many retirement plans are written using Internal Revenue Service (IRS) pre-approved documents. Pre-approved plans must be restated every six years to update their plan documents to reflect recent legislative and regulatory changes since the previous restatement, to maintain their tax qualified status. The six-year restatement period is known as a “cycle”. The last restatement [...]