Kort Redick, CPA & Leanne Tarleton
Phone: 907-272-2041
Fax: 907-272-6241
Articles
CPA Insight
Information courtesy of Thomson Reuters
Kortney Redick, CPA & Abby Spurlock
New BOI Reports Filing Requirements for Businesses
On January 1, 2021, Congress passed the Anti-Money Laundering Act of 2020, which included theCorporate Transparency Act. This included a new reporting requirement for small businesses and corporations.
Failure to comply with the new reporting requirement can lead to massive penalties.
Kortney Redick, CPA & Abby Spurlock
Partner Audit Regime
Since 2018, partnerships have had to contend with new rules introduced in the Bipartisan Budget Act of 2015. These rules were intended to simplify the auditing process of partnerships by creating tax liabilities at the partnership level in the case of increased income due to audit adjustments.
Kort Redick, CPA
If you’ve been contacted by agencies offering to help you with the Employee Retention Credit and you think you may qualify, please contact our office. The IRS is aware of the ERC scammers and is issuing bulletins to warn the public.
Kort Redick, CPA & Leanne Tarleton
Independent Contractor or Employee
It can be difficult for employers to determine if their workers are independent contractors or employees. Although classifying a worker as an independent contractor may seem beneficial to the employer, misclassifying a worker can have very costly consequences.
Kort Redick, CPA
Scam Phone Calls
Phone calls demanding payment are scams. Please do not pay over the phone. This goes for scammers claiming to be the IRS as well as law enforcement.
Kort Redick, CPA
Incorrect IRS Notices
The IRS is having a national systemic problem. They have sent out CP14 notices to timely filed taxpayers saying the taxpayer owes for 2021 even though the taxpayers have paid, and their checks or electronic payments cleared their banks in April.
Kort Redick, CPA & Leanne Tarleton
Home Office Deductions
Since the start of the Covid-19 pandemic, many individuals have shifted from working in a public office to working from home. Some individuals may receive a home office deduction if they meet the IRS requirements.
Kort Redick, CPA & Leanne Tarleton
Leave-Based Donations to aid Ukraine
On 5/19/22 the IRS provided guidance on employers making leave-based donations to aid victims of the Russian invasion of Ukraine
Kort Redick, CPA & Leanne Tarleton
Taxing Businesses
The IRS taxes each business entity differently. It is important for business owners, shareholders, and partners to understand how their businesses are taxed and how it affects their individual taxes.
Kort Redick, CPA & Leanne Tarleton
Ordinary and Necessry Business Expenses
Business expenses must be considered ordinary and necessary to be tax-deductible. Expenses outside of a business’s trade are considered personal expenses and are not deductible for the business.
Kort Redick, CPA & Leanne Tarleton
Cryptocurrency and the Keeper App
When investing in cryptocurrency, it is extremely important to plan for death or incapacity. One way to make sure your loved ones will have access to your cryptocurrency investments is by using a password manager to store all your important usernames and passwords.
Kort Redick, CPA & Leanne Tarleton
Changes to the Employee Retention Credit
Congress recently eliminated the ERC for the fourth quarter of 2021 except for qualifying new employers.
Kort Redick, CPA & Leanne Tarleton
Cryptocurrency and the Wash Sale Rule
The IRS specifics that the Wash Sale Rule only applies to securities, and cryptocurrency is considered property, not a security. Therefore, the wash sale rule does not currently apply to buying and selling cryptocurrencies.
Kort Redick, CPA & Leanne Tarleton
Inheriting a Retirement Plan
Inheriting a retirement plan can be overwhelming. Many decisions need to be made when someone inherits a retirement plan, and a wrong decision can result in expensive consequences.
Kort Redick, CPA & Leanne Tarleton
Where is my refund?
What to do if you have been waiting for over 6 weeks to receive your tax refund for an electronically filed tax return.
Kort Redick, CPA & Leanne Tarleton
COVID-19 Business Relief Grant Program
The Anchorage Municipal Assembly is offering special grant funds of up to $5,000 through the Municipal COVID-19 Business Relief Grant Program to eligible small business owners in the Municipality of Anchorage.
Thomson Reuters
2021 leave credits are available for employees who help persons who get vaccinations
IRS has announced that wages paid for leave taken to accompany an individual who is obtaining a COVID-19 vaccination or to care for an individual who is recovering from a vaccination may be considered qualified family leave wages for purposes of the qualified family leave wages credit.
Thomson Reuters
How to return an improper advance child tax credit payment
In correspondence that IRS sent to Checkpoint, IRS has provided instructions for returning advance child tax credit payments (CTCs) that the recipient didn't qualify for or, for other reasons, wishes to return.
Kort Redick, CPA & Leanne Tarleton
Meal and Entertainment Deductions
The IRS has
made many changes to tax laws regarding meal and entertainment deductions for businesses.
A
more recent act, the Consolidated Appropriations Act, created temporary rules
for meal deductions in 2021 and 2022.
Kort Redick, CPA & Leanne Tarleton
Advance Child Tax Credit Payments
Beginning on July 15, the IRS will send qualifying individuals and families advance Child Tax Credit payments. The IRS will pay half of the total credit amount for 2021 in advance, and payments from the IRS will be sent to qualifying taxpayers monthly.
Rebecca Martin, CPA
Newest Info on 2020 Stimulus and Decedents
Anyone who was alive as of 1/1/2020 was entitled to both 2020 stimulus checks. If the decedent before date of death or if the "estate" after did not receive both the $1200 & $600, you can take the recovery rebate credits on their final 1040/last joint return with surviving spouse.
IRS
Things taxpayers should know when choosing between standard and itemized deductions
Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes.
Kort Redick, CPA
Erroneous notices and the latest IRS delays
The IRS acknowledges that there is a backlog of unprocessed 2019 tax returns and that it sent erroneous CP59 notices to certain taxpayers.
Kort Redick, CPA
Employee Retention Credit
The employee retention credit (ERC) may be a possible resource of government funds you should consider. Recent legislation (December 27) and recent guidance over the last few weeks has expanded eligibility to businesses that were previously unable to qualify for this credit.
Kort Redick, CPA
Second round of funding for PPP Loans
The 2nd round of funding for PPP Loans will be available this week.
Small businesses who did not receive a PPP loan on the first go around can begin to apply January 11, 2021-apply with your local bank.
Thomson Reuters
Bipartisan COVID-19 relief bills contain payroll-related provisions
On December 15, 2020, two bipartisan COVID-19 relief bills, the Bipartisan COVID-19 Emergency Relief Act of 2020 and the Bipartisan State and Local Support and Small Business Protection Act of 2020, were introduced that contain payroll-related provisions.
Thomson Reuters
Many retirement plan dollar limits increase for 2021
IRS has announced the 2021 cost-of-living adjustments (COLAs) with respect to retirement plan limits. Many limits, which are adjusted by reference to Code Sec. 415(d), are changed for 2021 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, others remain unchanged. Certain dollar limit changes keyed to Code Sec. 1(f)(3) have also increased.
Thomson Reuters
Taxpayer Advocate launches tool to determine eligibility for COVID-19 employer credits
The Taxpayer Advocate Service (TAS) has launched an online tool that employers can use to determine if they are eligible to receive either the employee retention credit or the paid sick or family leave credits.
Thomson Reuters
Draft 2020 Form 1065 instructions reflect change in reporting partner capital accounts
IR 2020-240, 10/22/2020
IRS has issued draft instructions for 2020 Form 1065, U.S. Return of Partnership Income, that include revised instructions for partnerships required to report capital accounts to partners on Schedule K-1 (Form 1065).
Thomson Reuters
Employee retention credit where stock or assets of PPP loan recipient are acquired
On its website, the IRS has updated its COVID-19 employee retention credit FAQs. One FAQ addresses how eligibility for the credit is affected if an employer acquires an entity that had received a Paycheck Protection Program (PPP) loan and, under the aggregation rules, the employers are treated as a single employer as a result of the transaction.
Thomson Reuters
PBGC sets 2021 premium rates
The Pension Benefit Guaranty Corporation (PBGC, a government agency that collects insurance premiums from employers that sponsor insured defined benefit plans) has released the 2021 premium rates.
Kort Redick, CPA & Leanne Tarleton
Tax-free Student Loan Assistance
The CARES act temporarily allows employers to pay up to $5,250 in loan payments each year, tax-free. These changes will remain in effect until the end of 2025.
Kort Redick, CPA & Daniel Cox
Scammers Using Text Messages In New Ploy.
Recently, a California resident was scammed out of her life’s savings. It all started with a text message sent to the woman’s phone, appearing to be from her bank, inquiring about an unauthorized purchase using her debit card.