Nuance Financial Tax & Accounting

10/07/2021

3 questions - if you answer YES to all 3 then you qualify for large tax credits:

1. Are you a small business owner with employees?
2. Did you start your business after 2/15/20?
3. Are your annual revenues under $1,000,000?

If you meet ALL those criteria, you qualify for up to $50,000 in tax credits per quarter for Q3 and Q4 of 2021. This is BIG for small businesses that started during COVID.

04/17/2021

A new e-mail scam is targeting staff and students at colleges and universities.
The fake e-mails display the IRS logo and ask recipients to click a link
and submit a form to claim tax refunds. They also ask for identifying information.
The subject line varies but generally references the words “tax refund payment.”
Don’t click on any links in the e-mail. Instead, send it to IRS at [email protected].

03/19/2021

No Amended Tax Return Needed

02/23/2021

no words

If you own one of the nation’s smallest businesses—say a sole proprietorship or a firm with only a few employees—you may not have gotten much help to date from the Paycheck Protection Program. But this morning, the Biden-Harris administration announced changes that should address that situatio...

01/11/2021

Next round available. Contact your banker for details.

The new forms are Form 2483 for first-draw PPP loans and Form 2483-SD for second-draw PPP loans, which are available for previous PPP borrowers that need further assistance and meet eligibility requirements.

11/20/2020

If you haven’t claimed your stimulus check and you’re eligible for one, the deadline to claim it is 3:00 p.m. Eastern on November 21, 2020 – that's tomorrow! So, if you're eligible to receive a check, you didn't file a 2019 tax return, and you haven't already received a payment, you need to go to irs.gov, click on the "Non-Filers: Enter Payment Info Here" link and send the required information to the IRS right now. If you receive Social Security benefits, Supplemental Security Income, Railroad Retirement benefits or Veterans Affairs benefits, you also have to use the IRS's Non-Filers tool before tomorrow's deadline to receive an extra payment for any dependent children if it wasn't already included in the stimulus check you received earlier this year.

10/17/2020

The Social Security wage base rises next year to $142,800, a $5,100 hike.
The Social Security tax rate on employers and employees stays pat at 6.2%.
Both will continue to pay the 1.45% Medicare tax on all compensation, with no cap.
Individuals also pay the 0.9% Medicare surtax on wages and self-employment income
over $200,000 for singles and $250,000 for couples. The surtax doesn’t hit employers.
The nanny tax threshold is $2,300 for 2021, a $100 increase from 2020.

10/17/2020

Nonfilers get more time to request stimulus payments on IRS’s website.
The nonfilers tool is for individuals who are eligible for a stimulus checkbut did not file a 1040 for 2018 or 2019 because their income was under the threshold
to file a return. IRS has extended the original Oct. 15 date for filling in the information
to Nov. 21. If you believe you qualify to use the nonfilers tool, go to www.irs.gov
and look for the box “Non-Filers: Enter Payment Info Here” to begin the process.

Get My Economic Impact Payment Non-Filers: Enter Payment Info Here Get Coronavirus Tax Relief Get Your Refund Status Do Your Taxes for Free Get Your Tax Record View Your Account Make a Payment Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Information About....

10/15/2020

Government loves to drag their feet!

On October 2, 2020, the Internal Revenue Service (IRS) announced an extension of the due date to furnish 2020 health coverage information forms to...

10/13/2020

Some good news

On October 8, 2020, the Treasury Department and Small Business Administration (SBA) released a simplified Payroll Protection Program (PPP) forgiveness...

10/02/2020

They are getting there very slowly, but what do we expect from the government?

HomePayrollExpectations Rise for Swift Processing of PPP Loan Forgiveness ApplicationsGail Perry, CPAOct 1st, 2020Reports from the U.S. Treasury Department have begun surfacing indicating that the federal agency expects to step up the pace of processing Payroll Protection Program (PPP) loan forgiven...

07/13/2020

If you still can't meet Wednesday's deadline, you can request an automatic extension to file until October 15. This will give you more time to file your return, but it won't give you more time to pay any tax due. You still must estimate your tax liability and pay any amount due by July 15 to avoid penalties and interest. You can request an extension by filing Form 4868 or making an electronic tax payment. But, either way, you need to act by Wednesday's filing deadline.