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IRS announces further details of tax credits available to help small businesses…

The Internal Revenue Service and the Treasury Department announced further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations.

The additional details, provided in a fact sheet, spell out some basic facts about the employers eligible for the tax credits. It also provides information on how these employers may claim the credit for leave paid to employees related to COVID-19 vaccinations.

Eligible employers, such as businesses and tax-exempt organizations with fewer than 500 employees and certain governmental employers, can receive a tax credit for providing paid time off for each employee receiving the vaccine and for any time needed to recover from the vaccine. For example, if an eligible employer offers employees a paid day off in order to get vaccinated, the employer can receive a tax credit equal to the wages paid to employees for that day (up to certain limits).

Click here to read the full article

IRS to recalculate taxes on unemployment benefits…

Dear Clients & Friends, the IRS has announced that they will start sending out the refunds in May for recalculated unemployment returns that have been filed. Click here to read more.

As always, please feel free to reach out to your H&S tax professional with any questions!

You’re invited to a Retirement Planning Seminar!

If you are between ages 58 and 68, it is time to start learning about the rules and deadlines related to Social Security and Medicare supplements. Please join us for a free seminar discussing Social Security: How to Grow from Here, Medicare Choices, & Tax Complications. We welcome you, your friends & your family members who might benefit from this information. Click on the flyer for details, locations, times and RSVP information.

Why Most Chains Use a 4 Week Accounting Period

H&S has experts in restaurant accounting, payroll and taxes – providing busy restaurateurs with solutions to not only survive in this competitive industry, but thrive! Click here to read an article by Jim Laube on Why Most Chains Use a 4 Week Accounting Period

2019 Educational Seminar Series

Join us for a free series of events we are hosting on important financial topics such as Social Security and Medicare options, saving for college, and intergenerational wealth transfer! We welcome you, your friends & your family members who might benefit from this information. Click on the flyer for details, locations, times and RSVP information.

 

CPA's & Business Advisors

Trump Tax Cut Clean Up Signed With $4,900 Personal Exemption

Did you know? Michigan is the first state to enact a law designed to prevent a potential surprise state tax increase of as much as $1.5 billion from President Donald Trump’s tax reform plan. Gov. Rick Snyder signed this legislation, flanked by both legislative leaders and Lt. Gov. Brian Calley on Wednesday.

Click here to read the full article by the Small Business Association of Michigan!

MI State Capitol Bldg

Tax Extenders Passed!

In case you missed it, the tax extenders included in the budget deal passed on February 8th. Of course, please feel free to reach out to your H&S tax professional with questions about these provisions.

Click the image below to download a summary of tax provisions extended as part of the budget deal signed 2/9/18!

Click to Download

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Should you review your taxes now?

We realize it’s only October, and reviewing your taxes is probably the last thing on your mind, but for some types of earners, now may be a good time to do it. Read this article from U.S. News for who should be meeting with their CPA in the fourth quarter and why!

Click here to read the full U.S. News article