Love and Taxes
Valentines Day is February 14th. While most of us are thinking about roses and chocolates, your tax accountant is thinking about the connection between love and taxes. Here is a quick summary of some of the ways marriage will affect your taxes.
Expanded Eligibility for the Employee Retention Credit
Under the Act, employers can receive a maximum credit of $14,000 per employee for the first two quarters of 2021.
Safeguarding Plan Assets with Internal Controls
Minimize opportunities for errors or fraud and discover small issues before they become big problems in your employee benefit plan with an effective system of internal control.
Tax Filing Season Statistics Announced
The Department of the Treasury issued $317,692,000,000 in tax refunds during the first 10.5 months of 2020, with the average refund totaling $2,535. Schreiber Accounting and Advisory can help you get your maximum tax refund possible with comprehensive tax compliance and tax planning services.
IRS Employee Plan Compliance Resolution System (EPCRS)
If you make mistakes in your retirement plan, you can use the EPCRS to fix the mistakes and avoid the consequences of your plan being disqualified.
There are three ways to correct mistakes under EPCRS: