Top 3 Reasons Small Businesses Should Hire a CPA – Hughes, Snell and Co., PA https://hughessnell.com/top-3-reasons-small-businesses-should-hire-a-cpa/
Today's Blog: New Executive Order provides Payroll Tax Deferral for Certain Workers – What does this mean for you? – *UPDATED* for IRS Notice 2020-65 – Get the latest update on the Payroll Tax Deferral! https://hughessnell.com/new-executive-order-provides-payroll-tax-deferral-for-certain-workers-what-does-this-mean-for-you-updated-for-irs-notice-2020-65/
What Are Client Accounting and Advisory Services? If you’re like most people, trying to understand tax and accounting lingo is like trying to read Greek. You understand that you need help with certain things, but the words and terms rarely make sense. Not to worry- today's blog will break it down for you - read on! https://hughessnell.com/what-are-client-accounting-and-advisory-services/
Many people assume that as long as they have a will, that upon their death, their assets will be disbursed according to their wishes. This isn’t always the case. Get some clarification on this issue today on our blog! https://hughessnell.com/what-is-estate-planning-2/
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What is Estate Planning? – Hughes, Snell and Co., PA
New Executive Order provides Payroll Tax Deferral for Certain Workers – What does this mean for you? Find the answer on our blog right now. https://hughessnell.com/new-executive-order-provides-payroll-tax-deferral-for-certain-workers-what-does-this-mean-for-you/
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New Executive Order provides Payroll Tax Deferral for Certain Workers – What does this mean for you? – Hughes, Snell and Co., PA
Estimating your quarterly tax amount can be tricky! Check out today's blog - What You Need to Know About Quarterly Taxes https://hughessnell.com/what-you-need-to-know-about-quarterly-taxes/
There are general differences between the various business structures that you'll want to know before deciding which structure is right for your business. This week's blog, What to Know About Choosing a Business Structure, can help with understanding those general differences. Of course, we always recommend consulting your CPA before making a final decision! Check it out: https://hughessnell.com/corporation-types-what-to-know-about-choosing-a-business-structure/
Choosing a CPA may not seem like a difficult task, but there are some things you'll want to keep in mind... today's blog will help you how to Choose the right CPA for your specific needs. Check it out! https://hughessnell.com/how-to-choose-a-cpa/
Have questions about your 2020 tax bill? Are there ways to trim it down? Check out this week's blog post...How to Trim Your 2020 Tax Bill. https://hughessnell.com/how-to-trim-your-2020-tax-bill/
As we’ve stated in the past, planning in advance for next year’s taxes has more than a few benefits. Not only can planning (and preparing) now ward off the headaches that can come with starting too late, it can also save you quite a bit of money. Check out today's blog post: Why You Should Start Planning for Next Year’s Tax Season Now https://hughessnell.com/why-you-should-start-planning-for-next-years-tax-season-now/
Latest Developments on PPP Loan Forgiveness
Many businesses are just starting the process of submitting applications for the Paycheck Protection Program (PPP) loan forgiveness. Meanwhile, the Small Business Administration (SBA), in consultation with the Treasury Department, is continuing to release additional guidance on the PPP loan forgiveness process. This new guidance may change the process for some and certainly impacts 2020 tax planning for all borrowers seeking forgiveness. https://hughessnell.com/latest-developments-on-ppp-loan-forgiveness/
2020 has been a crazy year for all of us and if you’ve decided that you want to get your finances in order before the year comes to a close, now is a great time to do it. Check out our blog, "Top 3 Ways to Get Your Finances in Order" https://hughessnell.com/top-3-ways-to-get-your-finances-in-order/
When tax time rolls around, you’ll want to make sure you get the biggest refund possible and part of that involves maxing out your deductions. For this post, we wanted to talk about three possible deductions you’ll want to talk to your CPA about. Check it out! https://hughessnell.com/3-things-you-may-not-know-are-tax-deductible/
New Form 1099-NEC: Changes to Reporting Non-Employee Compensation - https://hughessnell.com/new-form-1099-nec-changes-to-reporting-non-employee-compensation/
Most people don't think about Estate Planning until it is too late. Understanding the tax benefits of estate planning is so important for you and your family! Check out Part One of our latest blog: Tax Benefits of Estate Planning https://hughessnell.com/tax-benefits-of-estate-planning-part-i/
Update! New Form 1099-NEC: Changes to Reporting Non-Employee Compensation. Form 1099-NEC has been introduced to report nonemployee compensation that your business pays for services performed by a person who is not an employee. Check out our latest blog to learn more about this form change. https://hughessnell.com/new-form-1099-nec-changes-to-reporting-non-employee-compensation/
COVID-19-Related Relief Is Signed Into Law
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Update! Form 1099-NEC has been introduced to report nonemployee compensation that your business pays for services performed by a person who is not an employee. Check out our latest blog to learn more about this change. https://hughessnell.com/new-form-1099-nec-changes-to-reporting-non-employee-compensation/
Earlier this week, we posted blogs that discussed some of the tax benefits of having an estate plan—but there are lots of other ways you can benefit. Here are 3 more ways... https://hughessnell.com/3-more-reasons-you-need-an-estate-plan/
In addition to giving you the peace of mind that comes with knowing your estate and assets will be distributed according to your exact wishes, estate plans have a lot of tax benefits. Don't forget to check out Part Two of Tax Benefits of Estate Planning. https://hughessnell.com/tax-benefits-of-estate-planning-part-2/
Do you want to grow your savings in 2021? Now is a great time to start! Check out our newest blog: Money Saving Tips for 2021 and Beyond https://hughessnell.com/money-saving-tips-for-2021-and-beyond/
How can a CPA Can Help You Keep Your 2021 Financial Resolutions? Many ways! Check out our latest blog to find out... https://hughessnell.com/how-a-cpa-can-help-you-keep-your-2021-financial-resolutions/
Tax season is just around the corner—and if you can start preparing now (as opposed to waiting until the last minute), your CPA will thank you. Below are just a few of the things you can do to ensure your tax appointment goes smoothly. https://hughessnell.com/top-4-tips-for-a-successful-tax-appointment/
Relief for Employers - New Opportunities for Tax Credits on Wages https://hughessnell.com/relief-for-employers-new-opportunities-for-tax-credits-on-wages/
Tax season is approaching fast—and while it may be too late to take additional steps to reduce your 2020 tax liability, there are several things you can do to plan for 2021. For this blog post, we wanted to discuss a few tax management strategies that are worth considering. Check it out! Top 4 Tax Management Tips You Need to Know About...https://hughessnell.com/top-4-tax-management-tips-you-need-to-know-about/
Did you know that CPAs can provide a lot of assistance to individuals and small business owners in various areas? Check out our latest blog post: Benefits of Hiring a CPA (and How to Choose the Best One) https://hughessnell.com/benefits-of-hiring-a-cpa-and-how-to-choose-the-best-one/
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Benefits of Hiring a CPA (and How to Choose the Best One)
February has officially arrived, which means that tax season is just around the corner. You may be weighing the pros and cons of hiring a CPA. Today's blog will give you just a few of the reasons you should make that call. Check it out! https://hughessnell.com/reasons-to-hire-a-cpa/
What is the difference between and accountant and a CPA? Are there benefits of working with a CPA versus an accountant? Absolutely! Find out why on today's blog post right now. https://hughessnell.com/benefits-of-working-with-a-cpa-versus-an-accountant-2/
How to Prepare for a Virtual Tax Appointment https://hughessnell.com/how-to-prepare-for-a-virtual-tax-appointment/
Don't Leave Money on the Table!
IRS Issues New Guidance on Tax Credit for Employers – Your Business May Qualify for More Than You Think
For the first half of 2021 eligible employers may claim a credit of up to $7,000 per employee per quarter against employment taxes paid on qualified wages. Based on the recent changes to the CARES Act, there may also be new opportunities to claim this credit retroactively for wages paid after March 12, 2020 through December 31, 2020 for up to $5,000 per employee.
Just yesterday the IRS issued some initial guidance on eligibility criteria for employers seeking to qualify for the credit. Determining if your business qualifies for the Employee Retention Credit (ERC) requires a careful review of facts and circumstances relating to COVID-19 disruptions to your operations. Also, Paycheck Protection Plan (PPP) loan recipients can now benefit from the ERC. This opens an opportunity for employers who passed on the credit to take advantage of the PPP forgiveness to retroactively apply for the credit on 2020 qualifying wages.
The HSC Team is Ready to Help!
Under the enhanced and expanded Employee Retention Credit, your business may now have an opportunity to take advantage of this tax benefit for 2021 and go back to claim credits for 2020. We have a team dedicated to helping you navigate this credit and coordinate with PPP to provide you with the optimal relief. Please contact your HSC advisor to discuss how the ERC may benefit your situation.
April 15th is just around the corner, and if you’re been searching online for “CPA near me” you’ve likely received dozens of results. With so many firms to choose from, how do you know which one is best? For this post we wanted to discuss several tips you can use to choose a reputable CPA. Check it out right now! https://hughessnell.com/how-to-choose-a-cpa-2/
The IRS just recently extended tax return deadlines, however, there may be additional information you'll need to know. Check out today's blog: What You Need to Know About This Year’s Tax Return https://hughessnell.com/what-you-need-to-know-about-this-years-tax-return/
Pitfalls of Preparing Your Own Tax Return https://hughessnell.com/pitfalls-of-preparing-your-own-tax-return-2/
Sure, DIY bookkeeping may have been manageable when you started your business, but as your company grows, your financial needs may have outgrown your capabilities. For this blog post we wanted to discuss several signs that your business may need professional bookkeeping services. Check it out now... https://hughessnell.com/does-my-business-need-bookkeeping-services/