President Biden signed the American Rescue Plan into law Thursday, March 11, 2021. The $1.9 trillion economic stimulus plan contains a number of pieces of legislation aimed at supporting individuals through the continued Coronavirus pandemic.
Direct Payments
Stimulus checks are a big part of this latest bill. Individuals who earn less than $75,000 and married couples earning less than $150,000 will receive a direct payment of $1,400 per person. Additionally, for ever
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The monthly work-in-progress (WIP) schedule your team puts together can be so much more than your financial statements. It can help you manage and plan throughout the entire year to better manage your jobs, maximize your profits, and assist with tax planning.

Make Sure Your WIP is Accurate

To start, make sure your WIP schedules are accurate. Your WIP is how you’re able to balance the billing of a project and its level of completion. Staying up-to-date with your billing on a pro Read More >>

Employee Retention Tax Credit

Back in March of 2020, The CARES Act granted eligible employers a credit, the Employee Retention Tax Credit (ERTC), against employment taxes equal to 50 percent of qualified wages paid to employees who are not working due to the employer’s full or partial suspension of business or a significant decline in gross receipts.

YOUR ACTION IS REQUIRED:

The recent passage of the Consolidation Appropriations Act, 2021 has created an opportunity for c Read More >>

Tax planning is an important part of personal finance, and everyone likes to save money! These tips from Chris Eichmuller, CPA can help you do just that. 

*This post was originally published 12/01/16

The holiday season is upon us. So many people to see, cards to address, and so much food to eat. What a joyous- and hectic- time! One item that could be addressed before all the fun and excitement of last-minute gift wrapping is how can you prepare for, and save on, your individual

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Carleigh Machock, CPA, shares some nuggets of financial knowledge for a new college graduate:

 

 

One of the hardest parts of transitioning out of college is learning how to be financially responsible without support from mom and dad’s bank account. Dealing with inescapable paperwork and paying bills are necessities to adulthood. So is setting up accounts and understanding what you’re actually setting up. And managing your financial situation while settin Read More >>

Al Harsar, CPA recommends some tips for keeping the “fun” in fundraising:

 

 

One of the key roles of a non-profit organization’s management and board of trustees is to raise funds. This ensures the organization is cash-positive so it can keep its mission going strong. Every organization should consider applying for grants that may qualify for its mission, solicit sponsorships for special events, and ask for donations from its members or the gene Read More >>

 

Sheri Terens, CPA shows how to handle common mistakes in retirement plans:

 

 

So, you’re a great employer that started an employee retirement plan to offer the added benefit to your employees. Of course you want to do the right thing to run your plan, but are you?

 

First, you need to start off with a retirement plan checklist:

  • Has your plan document been updated within the past few years to reflect recent law changes?
  • Are the plan’s operations based on the
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Sean Brady, CPA shares some key benchmarks that may indicate it’s time for an audit:

 

 

“The times, they are a-changin’,” is not just a title of a well-known Bob Dylan song. It’s commonly indicative of why your organization may need an audit.

Audits are typically brought about by change, primarily a change in the stakeholders. To clarify, we are not talking about the “dreaded” IRS audit. Instead, we are talking about a f Read More >>

Ann Emery, CPA has some tips for parents who are looking for ways to make college tuition payments manageable: 

 

 

If you are a parent with college-bound children (or your children are already college age,) there are approaches that seek to take maximum advantage of tax benefits to minimize your expenses.

Here are a few of these saving opportunities:

Education Credits: Education credits are available for qualified tuition and/or related expenses. You can tak Read More >>

Lynda Doland, CPA gives some insight on which records you should keep, and for how long:

 

 

All too often, our files get cluttered with old records that we hold on to “just in case.” When it comes to tax returns and other supplemental documents, this article I found from CPA Practice Advisor has tips straight from the IRS:

  1. Always keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you need to file an a
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