CTBK is a construction accounting firm offering a team of professionals, many of whom are focused solely on the construction industry, including a Certified Construction Industry Financial Professional (CCIFP). For financial services from tax to audit and consulting and Outsourced Accounting Solutions, we can help you and your team get back to your project without… Read more »
Author: Jonathan Ieraci
Helping Hands Kicks Off Summer
Posted by Jonathan Ieraci & filed under Uncategorized.
Our team wanted to start the summer of 2021 much different than what 2020 offered. As the city of Buffalo and the local area began opening its doors again, CTBK began planning ways to give back to the community in different ways than what the pandemic allowed. Our Helping Hands Committee began planning events following… Read more »
Federal Tax Refund Myth Sends Wrong Message
Posted by Jonathan Ieraci & filed under In the News.
Despite the tax filing deadline not being for another couple of weeks (May 17, 2021), many taxpayers have already filed and have heard some buzz around refunds and next year’s returns. Federal Tax Myth:Getting a refund this year means there’s no need to adjust withholding for 2021. Taxpayers should make any changes now to prepare… Read more »
Tax Credits Available for Small Employers Offering Paid Leave to Employees for COVID Vaccine
Posted by Jonathan Ieraci & filed under COVID-19, In the News.
The American Rescue Plan brings additional tax credits to the forefront for employers during tax season in a pandemic. The IRS and US Treasury Department announced that tax credits are available to help small businesses in their time of need. The specific tax credit announced allows relief for businesses providing paid leave to their employees… Read more »
Understanding the Food/Beverage Tax Deduction
Posted by Jonathan Ieraci & filed under In the News.
The IRS set out the guidelines of what is and what is not considered a restaurant, for the purposes of the 100% food and beverages deduction for certain businesses that ordered through a restaurant in 2021 and 2022. Normally, this deduction is not allowed; however, a new regulation states that this disallowance under Code Sec.… Read more »
IRS Extends Additional Tax Deadlines
Posted by Jonathan Ieraci & filed under In the News.
After several states declared a tax filing extension, the IRS announced other tax deadline extension to be pushed to the same May 17, 2021 date. According to the IRS, the following areas with the original 4/15 deadline have been affected: Contributions to IRAs and Health Savings Accounts (HSAs) 2017 Unclaimed Refunds Foreign Trusts and Estates… Read more »
Recovery Rebate Credit Won’t Be Applied to Past-due Federal Income Tax Debts
Posted by Jonathan Ieraci & filed under COVID-19, In the News.
IRS announced that the 2020 Recovery Rebate Credit (RRC) amount will no longer be applied to past due federal income tax debts. This announcement, however, does not apply to debts owed to other federal government or state agencies. Background:IRS “may credit… [an] overpayment, including any interest allowed thereon, against any liability in respect of an… Read more »
President Biden Signs PPP Loan Extension Act
Posted by Jonathan Ieraci & filed under COVID-19, In the News.
“…small businesses is the backbone of our economy…” -President Joe Biden President Biden has signed the PPP Extension Act of 2021, providing some flexibility for small businesses in applying for this loan program. The Paycheck Protection Program (PPP) was created by the Small Business Administration (SBA) to alleviate at least some financial pressures off of… Read more »
Special Tax Credit Available for Those Who Adopted, Began Process in 2020
Posted by Jonathan Ieraci & filed under In the News.
The adoption tax credit is offered to help offset some of the expensive costs that occur during the adoption process. Taxpayers who adopted or started the adoption process in 2020 should take note of the rules that are paired with the adoption tax credit. According to the IRS (irs.gov/newsroom), this special tax credit is a… Read more »
PPP Loan Extension Passed by US Senate
Posted by Jonathan Ieraci & filed under COVID-19, In the News.
Nearly one of every six small business owners report they will have to close their doors if current economic conditions do not improve over the next six months. National Federation of INdebependent Businesses (NFIB) via The Business Report The COVID-19 pandemic has placed a hardship on anyone over the course of the past year; however,… Read more »