Check out our recap of the recently signed legislation that will phase out the state’s retirement tax over four years, as well as raise the Michigan Working Families Tax Credit to match the federal Earned Income Tax Credit. Click the image below to learn more.
Click the image to download a PDF.
Our next series of seminars will focus on life transitions. Sign up for our next seminar covering the topic of Medicare!
Managing Medicare in Retirement:
If you are between the ages of 58 and 65, now is a great time to start learning about the rules and deadlines related to Medicare supplements. Join us for a virtual seminar where you’ll learn the options for transitioning to Medicare. Get your questions answered and learn from industry experts.
Hosted by: HS&C Wealth Management, A private wealth advisory practice of Ameriprise Financial
Presented by: Allie Amine, Medicare Specialist, Giardini Medicare
When: Wednesday, May 11th at 4pm EST. This seminar is virtual, a link to join will be provided.
Invite a friend or family member to learn about this important topic from an industry professional. This virtual seminar is free. There is no cost or obligation to attend.
Please RSVP to Sydney Bollaert by Monday, May 9th. Email: Sydneyb@hscompanies.com or call 616-456-6550 x1917
Clients & friends, today the IRS announced two new online tools families can use to help manage their Child Tax Credit payments.
There is now a portal to unenroll from advance payments on the child tax credit. Also note that for those who are married, both spouses will need to unenroll.
For all the details, please click the link below! And as always, feel free to reach out to your CPA or tax professional at H&S with any questions!
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).
On Tuesday, President Biden signed into law a two-month extension of the Paycheck Protection Program (PPP) one day before the coronavirus relief fund was poised to expire, giving small businesses until May 31 to apply for a forgivable loan. Click here for more details.
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!
The Small Business Administration pushed back the deferment period for all its disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022.
The IRS has announced that the 2021 tax filing season will begin on Friday, February 12th. Expecting a refund? Click here to read more on how the IRS plans to speed up the refund process amid the pandemic. Make sure to check out their tips for taxpayers below on how to make filing easier:
We hope that you enjoyed the holidays and that 2020 is off to a great start! For us, the new year brings a new tax season and a new tax newsletter.
Our annual tax newsletter is full of tax law changes and we hope you find it helpful. Please feel free to contact your H&S tax professional if you have any questions – we are here to help!
Click the image below to download a copy of our 37th annual tax newsletter. Please feel free to pass it on!
Click to Download Newsletter
If you’d also like a copy of the checklist or questionnaire, please click the links below to download:
