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While it may not feel like Fall is anywhere close by, the date tells us that we have barely 100 days left in the year.
We have previously outlined a new and potentially powerful penalty abatement strategy that you find with tax code Section 6751(b). Since we first discussed this new abatement strategy, the Tax Court has issued several new rulings on Section 6751(b).
For those businesses that run on a calendar year basis, the fourth quarter is usually when the magic happens and tax planning gets into full swing. For some clients, it might mean buying that fancy new widget to reduce the tax bill or hiring new staff for the upcoming retail apocalypse season. For many of our clients, it means that we (the “royal we”) need to evaluate their payroll to make sure that enough is being withheld. Get in touch with us to see where you stand for 2019 taxes.
Looking forward to year end 2019…
The end of the year marks the deadline for many “tax admin” items that apply to our clients, such as final payrolls, bonus calculations, contractor payments, and even some 2020 predictions. In order to make the final days of 2019 less stressful, make sure that you have provided GP CPA with all of the information we need to complete year-end filings. A short checklist of common items we generally request are:
- A W-9 for each contractor that has been paid through the business
- Check employee’s home addresses in Gusto
- Provide any amounts to be paid as bonuses by December 15th
- Provide any special payroll instructions for holidays
- Update profit sharing contribution calculations
- Update and finalize any retirement plan contributions needed
Looking to 2020
We are currently working on 2020 business plans & income projections for clients, which can be as comprehensive as required. Perhaps you have a plan for your business already or need help with a starting point? Whatever the case, let’s have a conversation about 2020 and the goals you would like to achieve.
The Employee Retention Credit (“ERC”) has had some upgrades and retrofits to some of the basic calculations with the most recent (12.27.20) CARES Act changes.
What is new in 2021? Meals in 2021 are once again 100% deductible, the next round of PPP funding is coming and the Employee Retention Credit (ERC) has been changed.
How to Persuade Clients to Change Banks. Listen to Justin Prusiensky’s Guest Appearance on the Relay Financial Webinar
Our expert accountant Justin Prusiensky was recently interviewed as a guest speaker by Relay Financial to discuss how to persuade clients to change banks.
Congress extended some of the tax breaks retroactively to January 1, 2018. They now expire on December 31, 2020. Learn more about tax breaks that have been extended.
GP CPA offers a wide range of business advisory services that are tailored to the needs of business owners. For those small businesses who need someone to keep the books, we can do that.
As many area businesses know Charlotte Sales Tax rate is either 2%, 7.25%, or 8.25% and what rate belongs to your business is based on what the business is selling.