BHT&D Certified Public Accountants Blog

Employee Retention Credit Extended Through December 2021

Posted by Joe Turnes on Fri, Mar 12, 2021 @ 07:00 AM

To help trades and businesses retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020. As part of the Consolidated Appropriations Act, 2021 (CCA), the credit has been extended through December 2021.

The credit is actually a government-sponsored program to keep workers employed and is funded by providing qualifying employers with a refundable credit against certain employment taxes equal to 70% (up from 50% prior to 2021) of the qualified wages that an eligible employer pays to employees after March 12, 2020, and before January 1, 2022. (Before the extension, the credit ended on December 31, 2020.)

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Tags: Payroll Tax, CARES ACT, Employee Retention Credit

Our Current Safety Protocols for Appointments and Communication

Posted by BHT&D CPAs on Tue, Feb 09, 2021 @ 12:46 PM

While it is our desire to meet face-to-face, we must follow necessary safety protocols.  As Federal or State guidelines change, we will adjust accordingly, in the best interest of the health our staff and visitors.

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Year End Employer Updates: W-2s, 1099s, and Michigan Minimum Wage

Posted by Lori Shepard on Mon, Dec 28, 2020 @ 12:00 PM

Here are a couple quick updates on changes to 1099 non-employee compensation reporting and delay of Michigan minimum wage increase.  Please note important filing dates and related penalties:

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Tags: Small Business Accounting, Michigan Minimum Wage, Compensation, Independent Contractors

Section 139 Qualified Disaster Relief Payments Excludable From Gross Income

Posted by Lori Shepard on Thu, Dec 03, 2020 @ 07:00 AM

Section 139 of the Internal Revenue Code excludes from a taxpayer’s gross income certain payment to individuals to reimburse or pay for expenses related to a “qualified disaster”.  Covid-19 is a federally declared disaster.

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Tags: Tax Planning, Small Business, Individual Tax, COVID-19, Work From Home

New IRS Form 941: Employment Tax Credits And Other Tax Relief

Posted by Karly Morris on Thu, Jul 02, 2020 @ 12:00 PM

On June 19th, 2020 the IRS published the final revised Form 941 that will be used for the remainder of 2020. The purpose of filing this quarterly form is to report to the IRS the wages subject to social security, Medicare and federal income tax withholding. This new revised form takes into account changes made by the Families First Act and the CARES Act that provided various types of payroll tax relief for employers.

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Tags: Small Business, Employment Tax, Family First Legislation, CARES ACT

CARES Act Employee Retention Credit: An Alternative For Employers To The Paycheck Protection Program

Posted by Karly Morris on Wed, Apr 22, 2020 @ 01:00 PM

The CARES ACT provides employers an alternative to the Paycheck Protection Program under the Employee Retention Credit. You can only take advantage of one or the other, but not both.  

The goal of the Employee Retention Credit is to encourage employers to keep employees on payroll by offering a credit up to $5,000 per employee.

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Tags: Small Business, CARES ACT, Employee Retention Credit, Taxes

Economic Impact (Stimulus) Payment: Paper or Direct Deposit?

Posted by Dwayne Houghton on Wed, Apr 22, 2020 @ 11:00 AM

Sources cited by the Washington Post indicate that if the IRS does not have direct deposit information on record for you, paper stimulus checks will be mailed out starting on April 24th. The IRS plans to issue checks at a rate of about 5 million checks per week, which could take up to 20 weeks to complete. They will be sent out in reverse 'adjusted gross income' order, starting with people with the lowest income first:

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Tags: Economic Impact Payment, IRS Direct Deposit, IRS Paper Check, Stimulus Payment

Unemployment Benefits for Self-Employed Workers And Individuals With Limited Work History

Posted by Karly Morris on Thu, Apr 16, 2020 @ 10:00 AM

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on Friday, March 27th, 2020 and went into effect on April 1st, 2020. This blog post focuses in on the expansion of unemployment benefits for individuals including the self-employed and individuals with limited work history.

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Tags: COVID-19, Michigan Unemployment, CARES ACT, Federal Unemployment, Self Employed

2020 CARES Act Small Business And Self Employed Provisions

Posted by Chuk Gottschall on Mon, Apr 13, 2020 @ 12:00 PM

A summary of major provisions of the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act affecting small businesses and self-employed taxpayers:

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Tags: Small Business, CARES ACT, Pay Check Protection, Self Employed

2020 CARES Act Individual Provisions

Posted by Chuk Gottschall on Mon, Apr 13, 2020 @ 12:00 PM

A summary of major provisions of the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act affecting individual taxpayers:

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Tags: COVID-19, CARES ACT, Federal Unemployment