Blog

Expanded Child Tax Credit for the year 2021

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The Legislation passed March 11, 2021 has expanded the amount of Child Tax Credit (CTC) available to taxpayers. Here is a short synopsis of these changes. The new law changes the “qualifying child” age to one who has not turned 18 as of 12/31/21, or 17 and under.  This age requirement is only for 2021 […]

Summer Hours

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Starting July 2nd, our office will begin our summer hours. We will be open 8am-5pm Monday through Thursday and will be CLOSED on Fridays through September 3rd. We look forward to continuing to serve your needs throughout these summer months while also giving our staff the opportunity to spend more time with their friends and […]

CRYPTOCURRENCY INVESTING AND EXPENDING AND THE IRS: Important Rules You Need to Know

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The cryptocurrency market sure has been volatile and exciting over the past several months.  The dramatic increase in values, plus the ease of trading cryptocurrencies on well-established cryptocurrency exchanges have drawn many new investors to take a chance and dip their toes into the cryptocurrency markets.  The IRS has noticed this too and is looking […]

TAX UPDATE – APRIL 2, 2021

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Tax return filing deadline You may have heard already, but if not, the IRS pushed back the filing deadline for individual tax returns to May 17, 2021.  Thus, you have an extra month to file and pay any tax owed with your personal 2020 tax return.  There is nothing you must do to request the […]

The Employee Retention Credit Can Be A Significant Boost for Qualifying Employers

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The Consolidated Appropriations Act signed by President Trump on December 27, 2020, had various COVID-19 relief provisions for small businesses.  One of the more significant provisions was the eligibility revisions for the Employee Retention Credit.  The Act made it possible for many small businesses to be able to take advantage of this refundable tax credit […]

PPP LOAN AND TAX UPDATE

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Congress passed and President Trump signed the COVID-Related Tax Relief Act of 2020 (COVIDTRA).  COVIDTRA includes updates on rules concerning the original PPP loans allowed under the CARES Act as well as allocating $284 billion to additional PPP loan funding for both first and potentially second-time borrowers. Expenses paid with PPP loan proceeds ARE tax-deductible […]

WYOMING BUSINESS COUNCIL AGRICULTURE FUND AND ENDURANCE FUND

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The Wyoming Business Council (WBC) has announced two more Covid-19 Business Relief Programs, one called the Agriculture Fund and the other is the Endurance Fund.  Both may be applied for at www.wyobizrelief.org starting Nov 2 through Nov 18.  There is $90 million allocated to the Agriculture Fund and at least $24 million to the Endurance […]

PPP LOAN FORGIVENESS UPDATE

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Time for an update on PPP loan forgiveness rules and procedures.  Unfortunately, there is still much unknown about the PPP loan forgiveness application (App) and approval process so we will try to differentiate between what is known and what is speculation/possible. There is a bill in Congress to allow streamlined forgiveness for PPP loans less […]

Net Operating Loss Rule Changes

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The CARES Act has changed many items for taxpayers.  One of these has to do with Net Operating Loss (NOL) rules.  Prior to the CARES Act losses incurred for years starting with 2018 were only allowed to be carried forward to the next tax year with a limit on the amount that could be deducted […]

Required Minimum Distribution Change For 2020

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The federal government has met the current COVID pandemic with a multitude of financial assistance programs and tax law changes in order to alleviate the financial burden many individuals and businesses are currently feeling as a result of the various public orders to combat the disease.  A lot of the tax law changes are time-sensitive […]