by Samantha Suozzi | Jul 15, 2022 | COVID-19 Services, Tax, Tax Consulting, Tax Watch
When the Coronavirus Aid, Relief and Economic Security Act (CARES Act), was released, it provided taxpayers with the ability to defer an employer’s portion of Social Security taxes, as well as some self-employment taxes. For most employers, these taxes are reported on...
by DMJPS PLLC | Jun 27, 2022 | Hospitality & Restaurants, Tax Watch
If there’s one thing that’s true about the restaurant industry, it’s that it can be very volatile at times. But the pandemic and many additional factors have created an even more extreme roller coaster of issues than usual. Shutdowns, restrictions, reopening and...
by DMJPS PLLC | Jun 27, 2022 | Tax Watch
The IRS recently released its annual list of the “worst of the worst” tax scams currently affecting U.S. taxpayers, which it calls the “Dirty Dozen.” The agency monitors tax scams throughout the year. It notes that taxpayers may encounter the scams on the Dirty Dozen...
by Mason Barringer, CPA, CFE | Jun 21, 2022 | Tax Watch
When considering how to account for cryptocurrency (crypto) on a company’s financial statements, the simplest conclusion might be to classify it as a cash equivalent. After all, it is “currency,” right? U.S. Generally Accepted Accounting Principles (GAAP) defines cash...
by Milton Howell, CPA | Jun 8, 2022 | Healthcare, News, Tax Watch
WHAT IS IT? Under Obamacare (The Patient Protection and Affordable Care Act of 2010, or the “ACA”) a PCOR fee is applied to certain health plans. PCOR stands for “Patient Centered Outcomes Research.” A PCOR fee applies annually for 1/1/2013 through 12/31/2021. WHO HAS...
by Mason Barringer, CPA, CFE | May 10, 2022 | Hospitality & Restaurants, Tax Watch
The American Rescue Plan Act of 2021, signed into law on March 11, 2021, by President Biden, is a $1.9 trillion economic stimulus package enacted to assist with the United States’ recovery from the COVID-19 pandemic. While this Act addressed many key elements,...
