IMPORTANT TAX FILING UPDATE FROM CALDWELL CPAs
Caldwell CPAs is here to help you navigate tax saving opportunities. Please be aware of two opportunities for which you may be eligible.
Should you need support in understanding how to apply for the Employee Retention Credit or set up your account to verify eligibility for the Child Tax Credit, please do not hesitate to reach out to us. Contact Lisa Curtin at lcurtin@caldwellcpas.com
Sincerely,
Should you need support in understanding how to apply for the Employee Retention Credit or set up your account to verify eligibility for the Child Tax Credit, please do not hesitate to reach out to us. Contact Lisa Curtin at lcurtin@caldwellcpas.com
Sincerely,
William J. Caldwell, CPA
Employee Retention Credit (ERC)
ERC is a win for many and often misunderstood. As a business owner who retained employees, you most likely are eligible for this credit. Understanding how the credit works can be complicated and Caldwell CPAs can help you determine your eligibility. The credit has been expanded and is now applicable to your 2021 payroll taxes, in addition to credits in 2020. Changes to the Employee Retention Credit for the first two calendar quarters of 2021, include:
Child Tax Credit
The IRS has announced a new portal for taxpayers to verify and make changes to child tax credit advance. To check your eligibility, click the link below. You will be asked to create an account and then you can check your status online.
ERC is a win for many and often misunderstood. As a business owner who retained employees, you most likely are eligible for this credit. Understanding how the credit works can be complicated and Caldwell CPAs can help you determine your eligibility. The credit has been expanded and is now applicable to your 2021 payroll taxes, in addition to credits in 2020. Changes to the Employee Retention Credit for the first two calendar quarters of 2021, include:
- an increase in the maximum credit amount,
- the expansion of the category of employers that may be eligible to claim the credit,
- modifications to the gross receipts test,
- revisions to the definition of qualified wages, and
- new restrictions on the ability of eligible employers to request an advance payment of the credit.
Child Tax Credit
The IRS has announced a new portal for taxpayers to verify and make changes to child tax credit advance. To check your eligibility, click the link below. You will be asked to create an account and then you can check your status online.
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Here at Caldwell CPAs, we are proud to be recognized as one of the Top 50 Largest Accounting Firms by the Washington Business Journal. We pride ourselves on being able to provide our individual and business clients with proactive tax and accounting solutions that enable each of them to reach their unique financial goals.
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Do you have further questions about the Paycheck Protection Program (PPP)?
Caldwell CPAs is here to help with all of your business' needs - whether it's applying for the PPP, understanding the loan forgiveness process, or paying back the PPP loan. We know there's a lot going on - so let us help things go as smoothly as possible. We can even conduct financial reviews of your business to see where it stands following COVID-19 and recommend any steps you can take to improve your standing. Give us a call at 301-941-8090 to get started. |
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Our metropolitan Washington, DC location is close to embassies and multinational organizations. This proximity, our multilingual tax experts and our deep expertise in the financial challenges faced by foreign nationals working in the US allows us to specialize in international accounting across a wide spectrum of issues. These capabilities also serve US companies and citizens working abroad.
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