Hey NH Nonprofits! Complying with the state’s financial reporting requirements may be getting easier for you.
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Translations from Your Trusted Advisor.
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Alyssa Hodges, CPA •
Do you have business operations in Vermont? The state has recently made some significant changes in how corporations will be calculating and filing their taxes. These changes will be effective for the tax year beginning on or after January 1, 2023. What’s changing? Alyssa Hodges, CPA •
Last week Governor Sununu signed Senate Bill 435 which ends the double apportionment of Net Operating Losses (NOLs). The change goes into effect July 1st, but applies to businesses with tax years ending on or after December 31, 2022. For the first time since 2011, the IRS has increased the mileage rate mid-year to keep up with increasing gas prices. Effective July 1, 2022 both the business and the medical/moving mileage rates are increasing.
For taxpayers still waiting on refunds for 2020 and 2021, you may be waiting a lot longer! Janet Yellen, our US Treasury Secretary reported on June 7th that IRS is very understaffed using antiquated technology and is behind on processing 10.2 million individual returns.
Lena Rozzi, CPA •
Congratulations to the Class of 2022! Graduating from school can mark an exciting time for new graduates as they transition from being a student to becoming a working professional. This article will dive into some helpful information and tips on what to expect as you journey down your career path. Today marks the close of national small business week. The IRS has been sending out daily updates with tax tips geared towards small business owners.
Following are a few of their notable tips: New Hampshire has another grant opportunity available to restaurants. The newest grant awards up to $15,000 per business to reimburse for eligible equipment, infrastructure, and technology purchases that occurred between November 1, 2021 and July 13, 2022 to help businesses deal with COVID 19.
Tuesday, March 15th, the SBA announced that they are providing additional deferment of principal and interest payments for COVID EIDL Loans. This is the third time the SBA has extended payments.
Looking to save for retirement and maybe even save on you 2021 taxes?
While you cannot contribute more to your employer sponsored retirement account after year end, you may be able to contribute to an Individual Retirement Account. The deadline to contribute to an IRA for 2021 is April 18, 2022. Depending on your adjusted gross income, you may be able to take a deduction for a portion of your contribution, even if you are offered a retirement plan at your employer. If only your spouse is covered by a retirement plan at work, the income limits are more generous. |
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