New Tax Bill Proposed

You’ve likely seen news surrounding a deal to revive a Democratic reconciliation tax package.  The bill provides investment in clean energy, promotes reductions in carbon emissions, and extends popular ACA premium reductions.  The bill will be paid through the implementation of a 15 percent corporate minimum tax, budget increases for the Internal Revenue Service to… Read More

ASC 842 – Lease Accounting

What is ASC 842? The Financial Accounting Standards Board (FASB) has issued a new Accounting Standards Codification (ASC). This new standard will need to be adopted by all companies that have financial statements prepared in accordance with generally accepted accounting principles of the United States (GAAP). ASC 842 Accounting for Leases will now require operating… Read More

Updated Federal and State Filing Deadlines

By Daniel Packard, MAcc, CPA, CVA, CFE The US Treasury Department and the IRS recently announced that the federal income tax filing due date for individuals will be automatically postponed from April 15, 2021 to May 17, 2021.  Please note that the postponement applies only to individual federal income tax returns and related tax payments… Read More

American Rescue Plan Act of 2021

By Daniel Packard, CPA, CFE, CVA Today, Congress passed the American Rescue Plan Act of 2021.  The bill is now headed to President Biden’s desk for signature.  The bill largely aligns with the framework put forth by President Biden, as it includes extensions of enhanced unemployment relief, increased funding for COVID-19 testing and vaccination programs,… Read More

Stimulus Legislation Information Released – Second Round of PPP Loans, Stimulus Checks, and Taxation of PPP Proceeds

Consolidated Appropriations Act On December 21, 2020, Congressional leaders released the text of the Consolidated Appropriations Act.  The omnibus legislation encompasses a number of smaller acts, funding the government for the 2021 fiscal year, as well as providing relief for the escalating COVID-19 pandemic, economic stimulus, and tax relief.  This 5,500 page piece of legislation… Read More

Current Federal and State Income Tax Deadlines

Friends, I hope this message finds you well.  As you likely know, the impact of COVID caused federal and state taxing authorities to extend most individual filing and payment deadlines beyond the April 15th deadline.  I have attached a summary of all federal and state income tax deadlines for your reference.   While most states have… Read More

Filing and Payment Deadlines

Friends, As April 15th approaches, many states have provided additional payment and filing guidance.  While most states have followed the federal postponement, it is important to understand the respective guidelines for states where you file.  To assist in this process, we have summarized the filing, payment, and estimate guidance from each state.  Please contact your… Read More