Please be aware that PA is changing overtime rules to match Federal rules. It is being done over a 3 step period.
Changes to Pennsylvania's Minimum Wage Act regulations regarding overtime go into effect on October 3, 2020. More specifically, the executive, administrative, and professional salaried exemptions from minimum wage and overtime are impacted. The changes made more closely align the duties for these exemptions with similar federal exemptions and increase the salary thresholds over the course of three years. View the PA Overtime Employer Fact Sheet and visit www.dli.pa.gov/overtime for more information.
All questions should be directed to to RA-LI-SLMR-LLC@pa.gov.
So if Maryland does this, which state will follow next?????
TAXFOUNDATION.ORG
Maryland Lawmakers Look to Alcohol for New Revenue
Please have a basic understanding of taxes. If you do not prepare your taxes, I am not looking for you to do so, I just want you to understand what your taxes mean.
TAXFOUNDATION.ORG
Tax Basics: Your Guide to Understanding Taxes
Sharing so you can be informed.
TAXFOUNDATION.ORG
Details and Analysis of Biden’s Tax Plan
Tax Foundation
September 29 at 9:51 AM ·
Biden’s tax vision is twofold: higher taxes on high-income earners and businesses paired with targeted tax incentives.
Our updated analysis estimates his tax proposals would raise between $2.65 and $3.05 trillion, reduce GDP by 1.47%, and result in about 518,000 fewer FTE jobs.
This is lower than we originally estimated due to the revenue effects of the coronavirus pandemic and economic downturn and new tax credit proposals introduced by the Biden campaign.
While taxpayers in the bottom four quintiles would see an increase in after-tax incomes in 2021 primarily due to his proposed temporary Child Tax Credit expansion, by 2030 the plan would lead to lower after-tax income for all income levels.
On a conventional basis, Biden's tax plan by 2030 would lead to about 6.5 percent less after-tax income for the top 1 percent of taxpayers and about a 1.7 percent decline in after-tax income for all taxpayers on average.
Tax Foundation
September 29 at 9:51 AM ·
Biden’s tax vision is twofold: higher taxes on high-income earners and businesses paired with targeted tax incentives.
Our updated analysis estimates his tax proposals would raise between $2.65 and $3.05 trillion, reduce GDP by 1.47%, and result in about 518,000 fewer FTE jobs.
This is lower than we originally estimated due to the revenue effects of the coronavirus pandemic and economic downturn and new tax credit proposals introduced by the Biden campaign.
While taxpayers in the bottom four quintiles would see an increase in after-tax incomes in 2021 primarily due to his proposed temporary Child Tax Credit expansion, by 2030 the plan would lead to lower after-tax income for all income levels.
On a conventional basis, Biden's tax plan by 2030 would lead to about 6.5 percent less after-tax income for the top 1 percent of taxpayers and about a 1.7 percent decline in after-tax income for all taxpayers on average.
I had an opportunity to do an interview with Sam of Action Coach discussing my business And how Covid 19 has changed my business. If you would like to do an interview with Sam...please contact me or Sam.
https://m.facebook.com/story.php?story_fbid=904644483353183&id=100014229181464
YOUTUBE.COM
Survive & Thrive Ep 2
Spending lunch learning.
SBA.GOV
SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less
Listening to a sba webinar going over ppp forgiveness app for loans under $50,000. You still need to maintain records for 6 years.
Eastern Pennsylvania District Office
ALERT: Phishing Scam Targeting Paycheck Protection Program (PPP) Borrowers
The U.S. Small Business Administration (SBA) has discovered an email scam originating from sba-attorneys.com that seeks to create alarm among Paycheck Protection Protection (PPP) loan borrowers. The email falsely warns that PPP funds were issued to the recipient in error, and that immediate action must be taken to avoid "potential criminal liability."
If you receive such an email, consider marking the item as SPAM and deleting it from your inbox. Under no circumstances should you reply to the sender or click on any of the message's embedded links.
SBA Eastern Pennsylvania District Office
660 American Avenue, Suite 301
King of Prussia, PA 19406
Phone: 610-382-3062
www.sba.gov/pa
Subscriber Services
Unsubscribe | Manage your account
SBA.GOV
Eastern Pennsylvania District Office | The U.S. Small Business Administration | SBA.gov
2020 has been a year of ups and downs. I know things have been challenging. I am asking for your help again this year for TOYS FOR TOTS. My boxes are out and ready for toys.
If you would like to help but do not want to shop. I thought of 2 options
1. I will do the shopping for you. (Send a check to the office and I will do the rest. Will take a picture of your contribution for your records).
2. Use Amazon and have it delivered to my office. I will put it in the boxes. (Please pm me that you are doing this So I can watch for delivery.).
THANK YOU for doing what you can. Boxes will be picked up the week of Dec 7th....so there is not much time.
SHOP SMALL BUSINESSES....
Most small business are a hair from closing.
This has been like no year they have ever faced (no matter how long they have been in business....side note this was my 19th so I know what I'm saying).
Help them to survive! Find out your persons favorite hair stylist, restaurant, hobby.
Think small business. Check your local community to see what THEY are doing. Markets, events, etc.
This can all be done WHILE using safety! (There will be less people in a small business than a box store!)
Small business...
THEY REALLY NEED YOU
The toys are off on their journey. Thank you for helping to makea child smile on Christmas.
They are doing a drive thru toy drive on Sunday...see email for info.
PLEASE FEEL FREE TO SHARE
Did some toy shopping on Friday. Thank you to all who contributed. Average price was $5. the boxes are being picked up the week of 12/14.(NEXT WEEK).
You can also make a donation directly online at Allentown-pa.toysfortots.org. ALL TOYS stay in Lehigh and Northampton Counties.
It has been a challenging year....lets try to end it on major positive notes...yes 2020 you threw everything at us...but we are survivers.
Tis the season for giving...
If you want to make sure your dollars are spent wisely. Check out GuideStar. They provide all 501c3 organizations filings
https://m.facebook.com/IRS/photos/a.10156198781029735/10158298195964735/?type=3
IRS
December 10 at 3:01 PM ·
Following special tax law changes, cash donations of up to $300 made before Dec. 31, 2020, are now easily deductible when people file their taxes in 2021. See #IRS details at: https://go.usa.gov/x79jx #COVIDreliefIRS
There is a New PPP Program on the horizon. It has passed both the house and the Senate. Waiting for a signature. There are many items in this 5,500 page document. I have already spent 3 hours in class and the program is only 16 hours old. Many posts to come.....in the meantime....Merry Christmas, Happy Chanukah, Happy Kwanza to you and your loved ones. please be safe!
Wishing all of you happiness, health, and success in all you do in 2021! Looking forward to working with you.
Guess what is coming in 2021? A website. Yes I finally will be joining the rest of the world. Look for the announcement when it is live. I really like it.
Well.....here it is....my website.
www.eastoncpa.net
Please check it out. If you want to be included in my monthly discussions on zoom. Please fill out the form and provide the email address you want me to use....
EASTONCPA.NET
Diane L. Wallo, CPA, LLC.
Ready to hit the ground running come Monday. Going to be a short month....
Happy 2021!
I hope you are doing well so far this year.
I wanted to take this opportunity to invite you to a 2021 update on the PPP loans, The new 1099 form and other credits that you may qualify for BEFORE tax season really hits my office. NOW is the time to start preparing!
I originally had thought I would do this on 1/14/2021, however, I am scheduled to take a class on 1/15/21 with additional information that will pertain to the items I discuss this night. SO….I changed The date to TUESDAY 1/19/2021.
You are invited to a Zoom meeting.
When: Jan 19, 2021 06:00 PM Eastern Time (US and Canada)
Register in advance for this meeting:
US02WEB.ZOOM.US
Welcome! You are invited to join a meeting: PPP for 2021 and other areas you should know about.. After registering, you will receive a confirmation email about joining the meeting.
How I'm spending my Sunday...getting ready for my meeting on Tues night....
Ever wonder where your tax documents come from???
4th Qtr Payroll tax return/W2/1099 fairy hard at work on this rainy Saturday...... Neil Diamond playing in the background.....
Friday afternoon education....here we go.
We have a start date
https://m.facebook.com/story.php?story_fbid=10217909952453369&id=1620764662
CNBC.COM
IRS delays start of tax filing season to Feb. 12.
Can you relate??? I can.
https://www.facebook.com/15587931299/posts/10157450736166300/
SETHS.BLOG
The trap of busy
Today's lunch learning...courtesy of BNI (member benefit-webinars and podcasts). I have been a member of this organization for over 13 years.
Are you looking to GROW your business? Visit my chapter (contact me and I will help you). We are meeting via Zoom.
If you are an educator, you maybe eligible for this deduction on your taxes.
JOURNALOFACCOUNTANCY.COM
Eligible educators may deduct personal protective equipment expenses
While working from home on this snow day I have Small Business Revolution playing in the background....If you have not checked this series out....do so they have such great ideas. It is online or on hulu
https://www.deluxe.com/sbrc/small-business-revolution
DELUXE.COM
Small Business Revolution - Deluxe Small Business Resource Center
Some great questions for when you need to build a presentation.
https://www.facebook.com/15587931299/posts/10157488179021300/
SETHS.BLOG
Strategy and tactics and Powerpoint
Ways I am trying to keep clients and myself healthy while getting things done. If clients come in it is at scheduled times and only 1 family at a time with cleaning time between.
For dropping information off at my office. Please put your info in the pink bag. Seal it and write your name on it. I will pick up info and bring it into the office. IF THE GREEN BOX is not out PLEASE DO NOT LEAVE INFO. I am not in the office.
The office is located on a snow emergency route. I just received this text message. I will be working from home Thurs/Fri. Hope to be back in the office on Sat for scheduled appointments.
https://bit.ly/3pXtpuF
FORBES.COM
What Taxpayers Need To Know About The Unintended Consequences Of Unemployment Income
In case you or someone you know gets one of these notices. Always investigate any notice you receive. They just do not go away.
VENTING!
In 1985 when I first began preparing tax returns...you could plan 3-5 years out for taxes.
Fast forward to 2021. I am almost 1 month into this tax season and they are STILL making changes to the 2020 tax laws.
This is a HUGE game changer on so many levels! It did not look like this would pass as it was a separate bill from the current one being considered.....now it looks as if it may happen. Will be clients choice to wait or go ahead.
https://www.forbes.com/sites/ambergray-fenner/2021/03/05/unemployment-recipients-may-want-to-wait-to-file-their-2020-tax-returns/
FORBES.COM
Unemployment Recipients May Want To Wait To File Their 2020 Tax Returns
This is why this year I am asking you about cryptocurrency.
https://www.forbes.com/sites/ambergray-fenner/2021/03/05/irs-adds-new-guidance-but-form-1040-cryptocurrency-question-is-still-causing-confusion/
FORBES.COM
IRS Adds New Guidance But Form 1040 Cryptocurrency Question Is Still Causing Confusion
Are you a single member LLC or Sole Proprietor? PPP rules have changed as of yesterday. The changes can be HUGE. Contact my office if I can help you. THIS EXPIRES AS OF 3/31/21 at the moment
My afternoon chuckle. Instructions from my tax software company regarding changes in tax law for 2020.....
In case you have not heard. The house passed the bill 220-211. Waiting on Pres signature. Heard that should be Fri. Then waiting to hear how to make and implement the changes....going to be an interesting ride this year......here we go again. Taxes...not for the faint of heart. But honestly....I love what I do!
https://www.nj.com/coronavirus/2021/03/stimulus-check-update-how-to-change-your-bank-information-address-and-track-your-payment.html
NJ.COM
Stimulus check update: How to change your bank information, address and track your payment
Just finished reviewing a tax return. Due to new legislation on Thursday...client went from owing $2,580 to a refund of $27. Thanks to unemployment exclusion and premium tax credit change.....can't file yet need software update.....but......
Very good article on
Home office deduction for PA
For those who worked from home during 2020. MANY THINGS TO CONSIDER NOT JUST THE DEDUCTION!
https://www.revenue.pa.gov/PATaxTalk/Pages/Article.aspx?post=32
REVENUE.PA.GOV
Can Pennsylvania Taxpayers Deduct their Home Office Expenses During Telework?
https://abc7ny.com/irs-refund-tax-delay-returns-status/10435366/
ABC7NY.COM
IRS tax refund status: 12 million returns trapped in logjam, should be fixed 'by summer'
https://www.facebook.com/1620764662/posts/10218345226934959/
IRS.GOV
Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline | Internal Revenue Service
