On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (the “Act”) which provides for an additional $1.9 Trillion of Covid relief to individuals and businesses. The Act largely aligns with the framework President Biden put forth prior to taking office. The Act includes extensions of unemployment, funding for Covid testing
Does your paycheck look a little higher than normal? If so, it could be a tax trap. The Problem A payroll tax holiday effective September 1 was recently signed via a presidential executive order. Payroll tax holidays typically provide forgiveness of Social Security and Medicare taxes that are normally withheld from your paycheck. This year’s
The IRS recently announced its 2020 edition of its annual Dirty Dozen list of tax scams with a special emphasis on aggressive and evolving schemes related to COVID-19 tax relief, including Economic Impact Payments. Here are six of the more common scams. Phishing. Phishing refers to potential fake emails or websites looking to steal your
More than 70% of small businesses in America now have loan proceeds from the Paycheck Protection Program (PPP) to help retain employees during the current pandemic. The entire amount of a PPP loan is eligible to be forgiven if the funds are used for qualified expenses. Recent legislation liberalizes the terms of loan forgiveness for
Small business owners, self-employed workers and freelancers received some welcome news when Congress recently passed the Paycheck Protection Flexibility Act. This new law clarifies how businesses can qualify to have all or a portion of its Paycheck Protection Program (PPP) loan forgiven. Here is what you need to know: December 31, 2020 is the new
Dear Clients and Friends, The health and well being of our team and our clients is paramount to Kentner Sellers, and we want you to know that we are taking proactive steps to continue to serve you in a safe environment. In light of the recent Declaration of a State of Emergency in Ohio
CPAmerica congratulates the following firm on their recognition: Kentner Sellers, LLP, headquartered in Vandalia, Ohio, was recognized in the construction niche. Three CPAmerica member firms and one CPAConnect member firm have been named to The 2019 All-Stars Specialized Niched Firms by INSIDE Public Accounting (IPA). IPA recognized those firms that derive a higher percentage of
It’s easy to get inundated with documents during tax season. You can receive documents from many different organizations, including employers, financial institutions and others. Many documents are now also being sent via e-mail, which increases the likelihood they could get lost in your inbox. As tax season is quickly approaching, here are some of the
Banking tips to help you cash in: Your cash is parked. Do you know if it’s making or losing you money? For instance, letting it sit in a non-interest-bearing account is a waste of earnings potential. It’s actually losing money if you factor in inflation! Here are some ideas to help you make the most
One way to head off fraud during tax season is to get your free annual credit report now. Credit reports often have errors in them; this quick checkup can be the first indication that some form of identity theft has taken place on your account. The good news is that each of the major consumer
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