wscpa, Author at Walter Shuffain

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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…

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Everything you need to know about the expanded ERTC

The employee retention tax credit (ERTC) is intended to provide liquidity to employers during the pandemic and was greatly expanded in the Consolidated Appropriations Act of 2021 thanks to Sections 206 and 207 of the Taxpayer Certainty and Disaster Relief Act portion, opening the doors…

A pair of eyeglasses sitting on a document regarding the CARES act

Summary of the Employee Retention Tax Credit Provision of the CARES Act

Summary of the Employee Retention Tax Credit Provision of the CARES Act April 1, 2020 One of the many key provisions in the CARES Act is the Employee Retention Credit. This credit is geared towards employers subject to partial or…

A $100 US bill sitting on top of a US government document titled "Paycheck Protection Program."

Treasury issues interim final rules on updated PPP guidance

Three new interim final rules (IFRs) for the Paycheck Protection Program (PPP) have been released from the Small Business Administration (SBA) and Treasury in response to the changes and second round of funding enacted by the relief portion of the…

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

Congress passes second Coronavirus relief bill, includes new funding and updates to PPP

The U.S. House of Representatives and U.S. Senate have passed the Coronavirus Response & Relief Supplemental Appropriations Act, and President Trump has signed the bill. The agreement comes after weeks of negotiations and two funding extensions to keep Congress open…

A white male wearing glasses, a white shirt and casual button up shirt smiling and waving to his computer screen while working in a home office.

Work-from-home tax implications: What employers and employees need to know

The pandemic created by the novel coronavirus has drastically changed the way we live and work. As more businesses are forced to send their employees home, work-from-home life has become a mainstay especially in knowledge-based jobs (jobs that do not require physical labor), and many…

Financial best practices to implement and pitfalls to avoid with your private foundation

By Stephen D. Candelario, CPA, Shareholder Following the reopening of the IRS in July 2020, high-income earners and private foundations have been under the IRS’s lens in an effort to recover back taxes owed by these groups. Treasury Secretary Steven Mnuchin…

Guidance issued on deductibility of expenses with a PPP loan

On Nov. 18, the IRS and Treasury issued Revenue Ruling 2020-27 which provides long-awaited guidance on the tax treatment of expenses related to Paycheck Protection Program (PPP) loans. The guidance states that the expenses listed in section 1106(b) of the CARES Act that would otherwise…

Walter & Shuffain ranked the #1 Best Firm for Young Accountants by Accounting Today

Walter & Shuffain has been ranked the #1 Best Firm for Young Accountants from Accounting Today for 2020. The Best Firm for Young Accountants award is determined using the data from employees under 30 years-of-age who completed the Top 100 Best Firms to Work For survey (to which Walter…

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Understanding the 3 PPP forgiveness applications: Which one to use

The Paycheck Protection Program (PPP) from the Small Business Administration (SBA) and Treasury has had many updates over the past few months including changes to timelines and forgiveness applications. Among these changes was the introduction of three different types of forgiveness applications:…

Author: wscpa (page 13)