The National Conference of CPA Practitioners (NCCPAP), an organization representing Certified Public Accountants (CPAs) and other tax professionals, announces its call to action against IRS Notice 2021-49.
“Last week, the Internal Revenue Service released Notice 2021-49 in response to repeated requests by the accounting and business communities to provide clarification regarding rules governing the Employee Retention Credit (ERC). In so doing, the IRS issued a damaging blow to those businesses hardest hit by the COVID-19 pandemic—small family-owned businesses.”
The letter continues, “Under this guidance, the wages of the owner and their spouse no longer qualify for an ERC if the owner has ANY CLOSE LIVING RELATIVE, regardless of them being employed by the business. A close relative is defined as your child, sibling, parents, uncle, aunt, niece, nephew, or any in-law. It does not have to be a relative you employ; the existence of any living relative disqualifies a small business owner and their spouse from claiming an ERC on their earnings.”
Check out Proconex’s new line card which features their state-of-the-art process analysis, measurement, and control instrumentation solutions.
Long term care planning experts, Natalie Karp and Rona Loshak, will speak at ATS 2021 about leveraging tax incentives for the mass affluent. Watch the video below to learn more about their presentation and the Symposium.
NCCPAP Tax Chair, Steve Mankowski, CPA, recently attended the July 2021 IRS meeting. You can read his recap below, highlighting several topics including Office of Promoter Investigations, Fraud Enforcement Office Update, and the introduction of several new Office Directors.
This year’s 19th Annual Accounting & Tax Symposium (formerly LITPS) will again be virtual and national. Based on the success of the first virtual event last year, ATS is offering relevant & timely topics, nationally recognized speakers, an enhanced Lunch & Learn for networking, and up to 32 CPE Credits! ATS has spent hundreds of hours enhancing your Tax Symposium to make this a memorable event with the quality and exceptional education experience that you deserve. The event will take place on November 9, 12, 16, and 18, 2021.
The new President & CEO of Control Associates Inc., Scott Shields, introduces their 2021 Line Card. He explains how they are well-prepared—with more inventory, improved internal systems, a rich array of services and support, and a tightly integrated network of Emerson Impact Partners to provide the products, services, and turnkey solutions that customers are demanding.
The American Rescue Plan Act changed the way that the Child Tax Credit is paid to eligible parents for 2021. Instead of being claimed as a credit on your income tax return as was previously the case, starting July of 2021, one-half of the amount of the credit will be paid monthly via a direct deposit to your checking account or a physical check mailed to you. If you decide to opt out of receiving the advanced Child Tax Credit, the IRS has created a portal you can use to indicate that change.
Proconex’s global pharmaceutical manufacturing client was installing nearly 100 bioreactors and small benchtop units at their single-use facility when COVID hit. The Proconex DeltaV™ project implementation team immediately went to work rethinking their project plan to determine how to use remote technologies to pull this off, and stay on schedule.