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 »
Category: In the News
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 »
Face Masks, Other PPE to Prevent Spread of COVID-19 Are Tax Deductible
Posted by Jonathan Ieraci & filed under COVID-19, In the News.
The IRS announced that the purchase of personal protective equipment (PPE), such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of COVID-19 are considered deductible medical expenses. The amounts paid for PPE are also eligible to be paid or reimbursed under health flexible spending arrangements (health FSAs), Archer… Read more »
Modifications Made to ARPA, 2021
Posted by Jonathan Ieraci & filed under COVID-19, In the News.
The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, extended and significantly modified the payroll tax credits for qualifying sick leave and family leave wages. Both Covid-19-related credits were initially provided by the Families First Coronavirus Response Act. In December 2020, the Consolidated Appropriations Act of 2021 extended… Read more »
IRS, NYS Change Tax Deadline
Posted by Jonathan Ieraci & filed under COVID-19, In the News.
This past week, the Internal Revenue Service (IRS) announced that the federal personal income tax filing and payment deadline for individuals during the 2020 tax year will be extended from April 15, 2021 to May 17, 2021. This extension is applied automatically for all federal income individual tax filings. On Friday, New York State followed… Read more »
Payroll Provisions of ARPA
Posted by Jonathan Ieraci & filed under COVID-19, In the News.
What to Know About ARPA The American Rescue Plan, 2021 (ARPA, 2021) was signed by President Biden on March 11, 2021 to address the continuing economic impact the COVID-19 pandemic has had on employers and employees. President Biden signed ARPA, 2021 into law on March 11. The legislation extends and expands provisions found in the… Read more »
Identity Theft Targets Unemployment Benefits
Posted by Jonathan Ieraci & filed under In the News.
IRS urges taxpayers to be on the lookout for identity theft this tax filing season. WIth an uptick in unemployment benefits filed in 2020, this opened the door of opportunity for scammers. Taxpayers should file a tax return claiming only the income they actually received, the IRS advises, as identities have been targeted by thieves… Read more »
IRS Releases Update on Tax Deadline
Posted by Jonathan Ieraci & filed under In the News, Uncategorized.
No plans to extend tax season beyond April 15 In a February 23 testimony before the House Appropriations Committee Financial Services Subcommittee, IRS Commissioner Charles Rettig said that IRS is not planning to extend the April 15 filing deadline despite requests from several House Democrats. Rettig also noted that a final decision on the matter hasn’t… Read more »
CTBK Gears Up for 2021 With Team Promotions
Posted by Jonathan Ieraci & filed under In the News, Spotlight.
While many are (very) ready to say goodbye to 2020, CTBK took a pause to recognize the achievements that have come through this unpredictable year. Effective December 2020 to make headway into 2021, the firm promoted 13 teammates — 5 managers and 8 seniors/administrative roles. Management Jessica Cousins, CPA Jessica joined the firm in 2008… Read more »
CTBK on WGRZ This Season
Posted by Jonathan Ieraci & filed under In the News.
Read time: less than 5 minutes This fall, CTBK collaborated with WGRZ Creative to produce three commercials to air on WGRZ (channel 2) throughout the course of 2020 and into 2021. Our firm wants to share with the Buffalo and Western New York community that we’re more than tax and audit services. We’re a team… Read more »