The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. For each employee, wages up to $10,000 can be counted toward the 50% credit.

The second round of PPP opens today (01-11-21). For those looking for guidance, Community CPA has summarized the rules. Follow the latest news and updates to support your business during this time.

Charitable contributions – a new way to do it in 2020! CARES Act changed deducting charitable contributions. You can deduct additional $300 for single and $600 for joint return in 2020. See line 10b of the DRAFT Form 1040: https://www.irs.gov/pub/irs-dft/f1040--dft.pdf DRAFT Instructions to Form 1040, see page 29 for info on line 10b https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf

Do you have an Individual Taxpayer Identification Number (ITIN)? Do you know whether yours is expiring? Read this guideline to determine if yours needs to be renewed. Under the Protecting Americans from Tax Hikes (PATH) Act, ITINs that have not been used on a federal tax return at least once in the last three consecutive years and those issued before 2013 will expire. In 2020 ITINs with middle digits 88 will expire Dec. 31, 2020. Additionally, ITINs with middle digits 90, 91, 92, 94, 95, 96, 97, 98 or 99, that were assigned before 2013 and have not already been renewed, will also expire at the end of the year. Make sure you contact Community CPA to get it renewed. Community CPA is federal authorized agent to assist IRS in ITIN renewal and insurance. To schedule an appointment, call 515-288-3188 or email cpa@communitycpa.com. Tiene un Número de Identificación Individual del Contribuyente (ITIN)? ¿Sabe si el suyo está expirando? Lea esta guía para determinar si su número ITIN necesita ser renovado. Bajo la Ley de Protección a los Estadounidenses contra las alzas de Impuestos (PATH), los ITIN que no se han utilizado en una declaración de impuestos federal al menos una vez en los últimos tres años consecutivos y los emitidos antes de 2013 expirarán. En 2020 los ITIN con dígitos medios 88 expirarán el 31 de diciembre de 2020. Además, los ITIN con dígitos medios 90, 91, 92, 94, 95, 96, 97, 98 o 99, que fueron asignados antes de 2013 y no han sido renovados, también expirarán al final del año. Asegúrese de ponerse en contacto con Community CPA para renovarlo. Community CPA es un agente autorizado para ayudar al IRS en la renovación y la aplicacion de ITIN. Para programar una cita, llame al 515-288-3188 o envíe un correo electrónico cpa@communitycpa.com.

As a CPA firm, we are proud of our Firm’s founder Ying Sa. We work hard as a team to contribute more to the wellbeing of our taxpayers. During this COVID-19 pandemic, we expanded our outreach through webinars. Join us on webinar to learn more. Please claim your family membership with Community CPA by becoming our clients!   PDF Version