Taxpayers who did not receive their first or second stimulus payments in 2020, were allowed to claim it as a credit on their 2020 income tax returns if their income (AGI) was below the phaseout thresholds. This credit is called the Recovery Rebate Credit and was claimed by a large number of taxpayers. However, those…
What this means for you: Federal deadline for filing tax returns moved to May 17th. We expect states will soon follow If you owe 2020 taxes, payments are now due May 17th We expect Q1 2021 tax estimates to be due on May 17th, rather than April 15th Why did the IRS extend the tax…
New Partnership to Provide Healthcare Strategic and Financial Consulting (Indianapolis, IND.) – March 10, 2021 – Donovan CPAs announces a new strategic partnership with JD Martin Healthcare Advisors to launch a total end-to-end Healthcare Strategic and Financial Consulting Service. As a result of this partnership, healthcare business clients will secure a complete service offering, including…
Monday evening, the United States Congress passed a second COVID-19 relief bill. The new legislation totals $900 billion and will need to be signed by President Trump to take effect. Trump indicated on Tuesday evening that he would like to see certain modifications before signing the bill, so it remains to be seen whether this…
“You must confront the most brutal facts of your current reality, whatever they might be.” Jim Collins, in Good to Great We thought it would be over by now. Working from home. Wearing a mask. The fear of handshakes and hugs. It was only temporary until we could flatten the curve, likely in the summer. But…
The COVID-19 pandemic has created significant economic hardships for individuals and businesses. As a result, some have received concessions related to the payment of lease obligations. The Financial Accounting Standards Board (FASB) has issued a Q&A document to provide guidance regarding the accounting for these scenarios. Because the effective date of the new lease accounting…
UPDATED 4/3/2020 The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was approved by both houses of Congress and signed by the President on Friday, March 27. The CARES Act is the most expensive piece of legislation ever passed in the history of our country. It provides approximately $2 trillion in financial assistance to…
Recent changes and adoptions of Rural Development’s financial reporting requirements for fiscal year 2018 have led to confusion about how to submit financial statements to RD’s offices. After talking with officials in Washington, DC, Lemler Group is here to clarify what you need.
Starting with FY 2018, Rural Development properties report their financial statements a little differently than before. Fortunately, these changes bring simplification and alignment with other government agencies, like HUD. Some low-risk properties don’t even need to perform a yearly audit anymore.
Congress passed a bill this week which includes several retroactive tax law changes for 2017. Over 30 extender provisions, which are tax laws that have not been made permanent and need to be approved by Congress each year, are included in the bill. Many of the extenders offer tax breaks to individuals and businesses. We…