Life insurance proceeds are generally non-taxable, however, if you have a life insurance policy in place you will want to ensure that the benefits your family will receive won’t be in included in your estate after death to avoid federal estate tax. Current exemption amounts For 2021, the federal estate and gift tax exemption is […]
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What to consider when purchasing a vehicle used for business
If you are in the market to purchase or replace a vehicle that you will use in your business you should consider the tax benefits before making your final decision. You may be able to benefit from certain tax rules discussed below if you choose a heavy sport utility vehicle (SUV). Bonus depreciation Under current […]
American Rescue Plan Act (ARPA) includes COBRA assistance
It is well known that COVID has made times tough for many businesses. The recently passed American Rescue Plan Act could help lighten the burden for employers required to offer continuing health care coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA). 100% subsidy Under the ARPA, assistance-eligible individuals (AEIs) may receive a 100% […]
Boosted Child Care Credit may make child care less expensive
There has not been many upsides to COVID, but an enhanced child care credit for 2021 could be one for eligible families. The credit is available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so that the taxpayer can be gainfully employed. The real benefit is that […]
If starting a new business, could an S-Corporation be the best choice of entity?
One of the most important and impacting decisions a business owner makes is deciding what type of entity is best suited for their company. Below are benefits from electing to be an S Corp, but also items to be aware of. Anticipating losses If you expect that the business will incur losses in its […]
IRS Extends Some April 15th Filing Deadlines
In a news release, the IRS and Treasury Department announced an extension of the April 15th deadline to May 17th for the filing of 2020 individual income tax returns and the associated tax payments. In a news release, the IRS and Treasury Department announced an extension of the April 15th deadline to May 17th […]
ARPA extends the ERC. All these letters getting you scrambled… Don’t worry, lets break them down to what they really mean for your business.
ARPA, the American Recovery Plan Act signed into law on March 11th has extended the ERC, Employee Retention Credit. Employee Retention Credits can be a very useful tool to aid in the recovery from the COVID-19 pandemic. Read on to find out more about ERC and how they can help you. The original credit As […]
Parents and other eligible taxpayers to receive direct payments under ARPA. What does this mean for you?
ARPA, the American Rescue Plan act that was signed into law on March 11th added a major change to the Child Tax Credit. The most drastic of the changes are direct payments to parents in certain tax brackets. We bet you are curious if are eligible? Rudler, PSC has you covered. Below are answers to […]
Small business highlights in the new American Rescue Plan
We have all heard the benefits for individuals that were included in the act signed by President Biden on March 11. However, there are also some potential benefits for businesses to be aware of. Here are a few tax highlights that may help many business owners. The Employee Retention Credit (ERC). This valuable tax credit […]
Update on COVID-related deadline extensions for health care benefits
The DOL recently issued EBSA Disaster Relief Notice 2021-01. Employers should be particularly interested in Notice 2021-01. It clarifies the duration of certain COVID-19-related deadline extensions that apply to health care benefits plans. Extensions to continue The DOL and IRS issued guidance last year specifying that the COVID-19 outbreak period — defined as beginning […]