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…
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For-profit HUD projects are given the opportunity two times a year to distribute surplus cash to the owners involved in the property. These biannual distributions always depend on calculating the property’s surplus cash and must be in correspondence to the guidelines established in the HUD regulatory agreement.
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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…
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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,…
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2020 has finally ended! We made it. We can breathe a sigh of relief. We all hopefully anticipate a healthier 2021! However, if you are a small business owner, 2020 cannot be fully be forgotten until all business and individual tax returns have been filed, and if applicable, the audit or review engagement is complete. …
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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…
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“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…
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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…
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There are some colleges issuing refunds for college-related expenses due to changes resulting from the COVID-19 pandemic. Many individuals are receiving refunds that can be traced back to payments made from a 529 Plan, which is designed as a tax beneficial savings vehicle if used for college expenses. 529 Plans allow savings to grow tax-free…
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The global COVID-19 pandemic has changed how we live and work at a systemic level. Social distances are maintained in stores and restaurants. Many people continue to wear masks and gloves when they go out in public. And the workplace has potentially changed forever. Many businesses, who valued office space, conference rooms, and in-person meetings…
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