Child Tax Credits Paid Up Front for 2021

Child Tax Credits Paid Up Front for 2021

Reading Time: 2 minutes For the 2021 tax year only, the Child Tax Credit rises to $3,600 per child for ages 5 and under and $3,000 for children ages 6-17. Qualifying taxpayers will receive total advance payments equal to half of these credit amounts per the following...
Planning for Expiring Tax Incentives for Businesses

Planning for Expiring Tax Incentives for Businesses

Reading Time: 3 minutes Many tax incentives resulted from the Tax Cuts and Jobs Act (“TCJA”). Now we are faced with the very real possibility that some temporary extenders are set to lapse. Calvetti Ferguson has provided a summary to help identity which ones are...
Protect Your Benefit Plan from Cyber Criminals

Protect Your Benefit Plan from Cyber Criminals

Reading Time: 4 minutes Cybersecurity is typically a topic which arises when a high-profile incident has occurred. Most businesses maintain a basic level of security, but do not implement more comprehensive controls because the potential damages are often unknown....
What is the Difference Between a SOC 1 and SOC 2 Report?

What is the Difference Between a SOC 1 and SOC 2 Report?

Reading Time: 3 minutes Many businesses rely on service organizations to provide needed services that require access to personally identifiable information (PII) of employees, customers, and suppliers. This often includes payroll providers, financial institutions,...
Top Benefits of Outsourced Accounting

Top Benefits of Outsourced Accounting

Reading Time: 4 minutes Many business owners are focused on increasing revenue and reducing costs while optimizing operations and managing customer needs. Since these areas have the biggest impact on the bottom line, it is only natural to focus on these strategic...
SBA Launches the Restaurant Revitalization Fund

SBA Launches the Restaurant Revitalization Fund

Reading Time: 4 minutes On May 3, 2021, the Small Business Administration (SBA) announced applications for priority businesses would start being accepted. In just two days, the Restaurant Revitalization Fund (RRF) received over 186,000 applications for the program....
Evaluating Your Accounting Function

Evaluating Your Accounting Function

Reading Time: 3 minutes For most small to mid-sized businesses, the focus is generally on increasing revenues and profitability and managing the functions that are directly related to those objectives. Unfortunately, this growth can put great strain on the accounting...
California’s Unprecedented Tax Breaks for Businesses

California’s Unprecedented Tax Breaks for Businesses

Reading Time: 3 minutes In a rare business-taxpayer-friendly move, California is going to allow a tax deduction that is beneficial to taxpayers. Wow! In a very interesting bill (AB 80) introduced in the California House, the state is going to allow the expenses that...
IRS Determines Qualifying Meals for Expense Deduction

IRS Determines Qualifying Meals for Expense Deduction

Reading Time: 2 minutes This past Thursday, the IRS released Notice 2021-25 that provides guidance on the temporary 100% deduction for expenses that are paid or incurred after December 31, 2020, and before January 1, 2023, for food or beverages provided by a...
Texans Eligible for Property Tax Exemptions

Texans Eligible for Property Tax Exemptions

Reading Time: 2 minutes Most Texans won’t forget the impact Winter Storm Uri had on Texas in February of 2021. The storm brought record cold temperatures, ice, snow, and devastation across the state. Estimates are that between $10 to $20 billion dollars of...