IRS reminds businesses to report large cash transactions; e-file encouraged
The Internal Revenue Service today reminds businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms. To help businesses prepare and file reports, the IRS created...
IRS CP59 Notices Possibly Sent in Error to Taxpayers
Earlier this month, the IRS issued notices to approximately 260,000 taxpayers stating they haven't filed their 2019 federal tax return. These notices, referred to as CP59 notices , are issued yearly to identified taxpayers who have failed to file tax...
Happy 30th Anniversary, ShindelRock!
We're proud to celebrate 30 years serving our clients in 2021! Co-founder Steve Rock remembers: "ShindelRock was formed by two hard working CPAs who wanted to go to work every day and just enjoy doing their job, build a successful business...
Qualified disaster relief payments can be used for employees’ COVID-19 pandemic expenses
The past year has seen an unprecedented number of formerly office-bound employees reclassify as work-from-home. For some, this change will be temporary, but employers who choose to reimburse employees for work-from-home expenses like office supplies and technology upgrades may make...
There’s more than just taxes to consider when choosing a retirement location
If you are nearing retirement age, a move to warmer climates or nearer to relatives might be in your plans. While lists of the "best" places to retire and rankings based on how states tax retirees are plentiful, and can be...
Business owners may be eligible to request an increase to already-distributed PPP1 Loan
With the recent changes to the first distribution of the Paycheck Protection Program (PPP1) rules, the following situations may allow for PPP1 recipients to be eligible for an increase to the amount they originally received: EIDL Grant Reduced PPP1 Forgiveness...
Catch ShindelRock’s Tax Tips for Business Owners on WJR-AM Radio
ShindelRock partner Maria Montie will be on WJR every weekday during tax season with helpful tax tips for small business owners. The first one runs this week:
$15 billion in pandemic relief for Shuttered Venue Operators coming soon
Applications will open soon for the $15 billion Shuttered Venue Operators (SVO) Grant program, administered by the SBA and created by the December 2020 Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. Funds are expected to be exhausted quickly,...
Employee Retention Tax Credit significantly modified and expanded for businesses
The recent Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the Employee Retention Tax Credit (ERTC) under section 2301 of the CARES Act. Two key changes to the ERTC are: 1. The ERTC is...
IRS delays start of 2020 tax filing season to Feb. 12, 2021
The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. It has advised people to file their returns electronically and...