wscpa, Author at Walter Shuffain

A calculator and pen on top of a tax form with a magnifying glass magnifying some of the numbers and the total.

Prepare your RIA firm for its next surprise audit

Registered Investment Advisors (RIAs) serve an important role in their client’s lives. They can often be financial custodians to their clients and hold great responsibility for the client’s financial situation. Due to past examples of mismanagement by RIAs in recent…

A portion of the CARES act shown with American Rescue Plan highlighted.

Key tax provisions in the American Rescue Plan Act

The American Rescue Plan Act (ARPA) has been signed into law by President Biden and makes significant updates to several tax provisions to alleviate some of the pandemic’s financial burdens for individual taxpayers and businesses. Updates include expansions and extensions…

A pile of American currency (mostly $100s) and a note from the United States Treasury.

American Rescue Plan Act signed into law

The American Rescue Plan Act (ARPA) of 2021 passed Congress and President Biden signed the bill into law on March 12, 2021. The ARPA approves $1.9 trillion in spending for individuals, businesses, governments, and certain industries impacted by the COVID-19…

A pile of $100 bills with "Tax Credits" typed on a ripped sheet of paper.

IRS clarifies employee retention credit eligibility for PPP loans and 2020 claims

The IRS has released additional guidance in Notice 2021-20 on the Employee Retention Tax Credit (ERC) with clarifications on the retroactive changes for expanded eligibility applicable to 2020. Employers who received a Paycheck Protection Program (PPP) loan have been waiting on guidance…

A clipboard holding an application for PPP Loan Forgiveness.

New PPP calculation released for Form 1040, Schedule C filers

Form 1040, Schedule C taxpayers received an updated interim final rule (IFR) on the Paycheck Protection Program (PPP) from the Small Business Association (SBA). The IFR clarifies guidance released on Feb. 22 that made changes to how self-employed and sole proprietors could…

A hand holding a 1040 form and three $100 bills.

Smallest businesses get PPP updates, special filing period

The nation’s smallest businesses are getting revamped Paycheck Protection Program (PPP) rules and a special filing period announced in recent changes from the Biden-Harris administration. Small businesses with fewer than 20 employees make up 98% of the small businesses in…

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Recordkeeping best practices are good for taxes

Have you ever tried to claim a new tax deduction, but in the process of compiling supporting documents, you found you were missing critical information and therefore missed out on the opportunity? Or, have you ever faced an IRS audit…

An aerial view of a round table with an array of breakfast foods.

Business meals and entertainment expenses: What’s deductible?

The Tax Cuts & Jobs Act (TCJA) of 2017 made many significant changes for business tax deductions including the disallowing of the business deductions for most entertainment expenses. The IRS has since released final regulations for the treatment of meals and entertainment…

A US $100 bill with Ben Franklin wearing a medical face mask.

Massachusetts and PPP Loan Forgiveness

Massachusetts and PPP Loan Forgiveness Section 1106 of the CARES Act provides loan forgiveness to small businesses for certain loans made pursuant to the Paycheck Protection Program (“PPP”) under the Small Business Act. Under the Act, any amount of cancelled…

A view down the middle of a country road with the sun peeking out from behind the clouds.

IRS announces 2021 standard mileage rates for business, charitable, medical, and moving purposes

The Internal Revenue Service recently issued the 2021 optional standard mileage rates. These rates, which adjust every year to account for inflation of fuel costs, vehicle cost and maintenance, and insurance rate increases, will once again affect the way a company reimburses their mobile…

Author: wscpa (page 12)