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Small businesses have until May 31 to apply for a forgivable loan

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.

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!

SBA defers repayment of disaster loans…

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.

Click here for all the details!

Tax Filing Season Begins February 12th!

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:

To speed refunds and help with their tax filing, the IRS urges people to follow these simple steps:

  • File electronically and use direct deposit for the quickest refunds.
  • Check IRS.gov for the latest tax information, including the latest on Economic Impact Payments. There is no need to call.
  • For those who may be eligible for stimulus payments, they should carefully review the guidelines for the Recovery Rebate Credit. Most people received Economic Impact Payments automatically, and anyone who received the maximum amount does not need to include any information about their payments when they file. However, those who didn’t receive a payment or only received a partial payment may be eligible to claim the Recovery Rebate Credit when they file their 2020 tax return. Tax preparation software, including IRS Free File, will help taxpayers figure the amount.
  • Remember, advance stimulus payments received separately are not taxable, and they do not reduce the taxpayer’s refund when they file in 2021.

H&S 2021 Tax Newsletter

H&S 2020 Tax Newsletter

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:

H&S Tax Questionnaire

H&S Tax Checklist

H&S 2019 Tax Newsletter

We hope that you enjoyed the holidays and that 2019 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 many new 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 36th 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:

H&S Tax Questionnaire

H&S Tax Checklist

Postcard tax return, not so simple afterall…

AccountingToday explains why the newly unveiled postcard tax return isn’t so simple afterall. Click the link below to read more!

AccountingToday explains Postcard Tax Return

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

Click to Download