Our Blog

Both business owners and individuals who file taxes in the state of New Hampshire have some changes that may affect them for upcoming tax years, particularly 2022. As a result of some recent budget changes and legislation, all Granite State taxpayers can expect some aspect of these recent changes to affect them. 

​Last week legislation was finalized in the State of New Hampshire allowing for Payroll Protection Program (PPP) Loan forgiveness to conform to the federal treatment. This will allow any forgiven funds to be nontaxable.

Dana R. Bull, CPA, MST •

The Department of the Treasury recently issued detailed information regarding the Biden Administration’s budget and tax proposals for fiscal year 2022. This annual publication is known as “the Green Book.” This publication gives a clear picture of tax policies being pursued by the current administration. Many of these proposals have been previously announced in the “Made in America Plan” and “American Jobs Plan.” Keep in mind that these are only proposals and not newly passed tax law. While there are too many proposals to address in this blog, here are some of the highlights that are likely to affect a number of taxpayers:

The SBA has officially set the opening days for the Restaurant Revitalization Fund which is a $28.6 billion program that will provide grants to restaurants impacted by the pandemic.

Lena Rozzi, CPA •

NH Charitable Trusts Unit
 
Nonprofit organizations serve a broad range of industries and are a vital part of New Hampshire by fostering civic engagement, driving economic growth, and encouraging public interests within our communities. The mission of the NH Charitable Trusts Unit is to protect the public’s interest in the organizations and assets committed to charitable purposes in New Hampshire. As a nonprofit organization registered with the NH Charitable Trusts Unit, there are annual filing requirements that are necessary in order to remain in good standing with the NH Charitable Trusts Unit.
​

​For 2021 and 2022 calendar year periods the 50% meals deduction has been increased to 100% when relating to food or beverages purchased through a “restaurant”. Previously the definition of a restaurant was unclear so the IRS has issued guidance.

With so much in the news lately, you may or may not have heard that the individual tax deadline was pushed out until May 17th. However, this extended deadline only applies to a few specific situations, many payments and filings are still due April 15, today!
 
Not sure if there was something you needed to do? The following is a breakout of some of the more common tax types and due dates and when they are due.

Lena Rozzi, CPA •

​So you’ve prepared your return and you owe the IRS but you don’t have the money to pay. Now what? 
​
The feeling of having to pay taxes, especially when you owe more than you were expecting, can be a dreadful feeling and can leave some taxpayers in a financial bind, but there are steps that you can take to reduce the burden and the stress of owing money to the IRS. First off, don’t panic. Instead consider these steps for settling your tax debt and getting yourself back on track with the IRS.

Yesterday, the IRS issued News Release 2021-71 in which they confirm that most taxpayers who filed their tax returns before the excludable unemployment compensation tax change should not amend returns that were filed before the change.
​