On March 17, 2021 the Internal Revenue Service announced that the 2020 federal income tax filing due date for individuals will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. What You Need to Know Until further notice, this is only relief...Continue Reading
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 into law. Congress had passed the massive piece of legislation on March 10, when the House approved the measure by a 220-211 vote. This followed passage in the Senate by a 50-49 vote on March 6. The Act was originally passed...Continue Reading
We are proud to announce that Jason Miller is speaking at the upcoming Accounting Today Webinar on Thursday, March 25th at 1pm Central. 3 Tips to a Better Peer Review The AICPA is holding Peer Reviewers more accountable, likely leading to more findings then many firms are accustomed to. Their research shows over 60% of...Continue Reading
The Biden Administration Tax Plan Road Map seeks to roll back some of the laws under the Trump Administration while expanding or waiting on others. Here is a summary of key features in the plan impacting individual or corporate taxes. U.S. Individual Taxes Biden’s plan seeks to increase the top individual tax rate from 37%...Continue Reading
HUNTSVILLE, ALA., FEBRUARY 2021 — Anglin Reichmann Armstrong is pleased to announce that Kami Minor has been promoted to Marketing and Communications Coordinator, effective February 1, 2021. Kami joined Anglin in May of 2019 as Solutions Administrator. As Marketing and Communications Coordinator, Kami will continue to create proposals on behalf of the firm for business development...Continue Reading
There are many reasons to proactively complete a business valuation. One of these times is during the illness or passing of an owner or shareholder. If this happens, your company is already working through a difficult situation and helping employees and clients process their grief or shock, so conducting a business valuation prior to this...Continue Reading
The Consolidated Appropriations Act (CAA), 2021 extends and expands the employee retention credit first created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The employee retention credit is designed to encourage businesses to keep workers on their payroll, supports small businesses and nonprofits experiencing economic downturn due to the COVID-19 pandemic. Eligible employers...Continue Reading
The Consolidated Appropriations Act (CAA), 2021 expands the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, that provides covered loans to assist small businesses with certain expenses incurred during the economic challenges due to the COVID-19 pandemic. The CAA, 2021 also clarifies the deductibility of certain expenses paid...Continue Reading
The Consolidated Appropriations Act, 2021 makes changes to two popular educational tax benefits. The above-the-line deduction for qualified tuition and related expenses is not extended and expires at the end of 2020. However, the modified adjusted gross income threshold for the lifetime learning credit is increased to allow more individuals to qualify. What is the...Continue Reading
The Consolidated Appropriations Act, 2021 extends the credit for coronavirus related paid sick and family leave, originally part of the Families First Coronavirus Response Act, through March 31, 2021. The Families First Coronavirus Response Act provides paid sick leave and expands family and medical leave for COVID-19 related reasons and creates the refundable paid sick leave...Continue Reading
