Translations from Your Trusted Advisor.
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.
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.
The American Rescue Plan Act of 2021 was signed into law on March 11, 2021 and included changes to the law that impact 2020 taxes. As some tax returns have already been filed, there are many questions about how resolve or when to file affected tax returns.
Yesterday, the American Rescue Plan Act (HR 1319) passed in the US House of Representatives. The bill now goes to the president for signature. There are many tax components included in the act, some of which are coming as a surprise as the were added late to final versions of the bill.
If your business received Main Street Funds in 2020 and performed better than anticipated, there is a looming question of whether your business will need to repay any of those funds. Taylor Caswell, Executive Director of the Governor's Office for Emergency Relief Recover, recently spoke with WMUR and provided some important clarification.
Alyssa Hodges, CPA •
After your business taxes are done and any adjusting journal entries have been provided by your accountant, a best-practice is to officially close the books. QuickBooks makes this easy by having a closing date feature which can either warn you or require a password before prior-year data is changed.
To enable a closing date:
Yesterday, the IRS announced that all first and second round Economic Impact Payments (EIP) have been issued. For those who should have been eligible but did not receive payments, you can now take the Recovery Rebate Credit on your 2020 tax return. You can also take the credit on your tax return if you received payments that were too low.
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