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:
Following are a few of their notable tips:
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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.
The accounts receivable and payable aging reports are helpful tools in QuickBooks to find out who you owe and who owes you quickly. The reports show the age of the receivables and payables so you know if you’re behind on a payment or if a customer is behind on a payment. However, you may have noticed that you have some zero balance lines.
As we quickly approach the deadline for filing 1099-MISC or 1099-NEC, it is time to consider whether your business is ready to file.
Note that Form 1099-NEC is utilized to report amounts of nonemployee compensation, while Form 1099-MISC is utilized to report other forms of compensation. The due date for furnishing 1099-MISC or 1099-NEC statements to recipients and to the IRS for the 2021 tax year is Monday, January 31, 2022. Today the IRS announced the mileage reimbursement rates for 2022. Beginning on January 1, 2022, the standard mileage rates for the use of a car, van or truck will be:
Late last Friday the House passed the Infrastructure Investment and Jobs Act, the Senate had passed the bill back in August. While there are few immediate tax provisions in this bill, it opens up the way for the reconciliation bill, the Build Back Better Act, which has significant tax impacts.
Tax impacts related to the Infrastructure Investment and Jobs Act: With the many tax-centered incentives and other COVID-19-related credits comes an increased threat of scammers attempting to steal your money or personal information. As we head into the fall season, M+R would like to remind clients to remain vigilant.
Most of the more prevalent IRS scams fall into one of three categories including: Back in July we posted an update about several New Hampshire Tax updates and changes, most stemming from the passing of NH’s biennial budget. Last week the Governor signed Senate Bill 101 which will impact the NH Business Profits Tax (BPT).
Last week the IRS updated the frequently asked questions (FAQs) on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021.The new updates now include information regarding COVID-19 immunizations.
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