Contact Us Follow Us :      | Find Us |
CBIZ Tofias

Subscribe to Our Blog

Client Satisfaction Survey Results

ClientSatisfaction_new

Follow Us

How Quickly Can President Biden Pass His American Jobs Plan?
Posted by Bill Smith on Thu, Apr 8, 2021 @ 03:58 PM

President Biden recently unveiled his $2.29 trillion dollar plan to invest in transportation infrastructure and other capital projects, The American Jobs Plan (AJP). Although designed to stimulate the economy, the AJP may come with unfavorable tax provisions. Biden’s proposed eight-year AJP would be funded over the next 15 years through increases to corporate taxes and changes to U.S.-international business taxation. These permanent tax increases would offset the cost of the infrastructure and capital projects, and would begin to reduce federal deficits thereafter.

Read More

Topics: Taxes, COVID19, tax extension, Coronavirus, American Jobs Plan, AJP, Reconciliation, Budget Reconciliation

Mass. Governor signs bill that ends state tax on PPP grants for individuals and business owners
Posted by Tarra Curran on Wed, Apr 7, 2021 @ 01:28 PM

The Paycheck Protection Program (PPP) created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and extended by the December 2020 year-end appropriations bill provides a direct incentive for small businesses to keep their workers on payroll. It is backed by the Small Business Administration (SBA) and provides potentially forgivable, low-interest loans for small to medium-sized organizations who can demonstrate expenses were used toward retaining their headcount.

Read More

Topics: Tarra Curran, Independent Contractor, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, PPP Loan, Small Business Administration, PPP Loan Forgiveness, Payment Protection Program

Business Impacts to New England Professional Services Companies: Follow-Up Survey Results
Posted by Bob Smith and Kevin Higgins on Tue, Mar 30, 2021 @ 04:38 PM

The coronavirus pandemic has continued to create unparalleled levels of uncertainty across the U.S. economy and business community. In response, we conducted a follow-up survey of some of the top professional services companies, alongside other private companies, in the Greater Boston area to determine how the impact of COVID-19 has shifted since June, and gauge how local leaders are currently responding to the pandemic.

Read More

Topics: private companies, private company, Bob Smith, survey, Kevin Higgins, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, American Rescue Plan (ARP) Act, ARP Act

2021 Accounting Preview
Posted by Kevin Higgins on Thu, Mar 25, 2021 @ 03:03 PM

As we start a new year, it is important to look ahead to those upcoming accounting standards to plan for their application. Whether a company is a public company that must be prepared for first quarter interim reporting or a private company that needs to plan for its year-end financial statements, accounting standards take time to work through and implement, so it’s advisable to have a roadmap of what changes will affect financial reporting.

Read More

Topics: accounting, private company, Kevin Higgins, COVID19, Coronavirus

IRS Extends Filing Season for Individual Taxpayers to May 17
Posted by Bill Smith on Thu, Mar 18, 2021 @ 06:35 PM

On March 17, the IRS announced that the tax filing and payment due date for individual taxpayers is postponed until May 17. Lawmakers and lobbying groups previously sought a longer postponement, but the additional one month provides welcome relief to many.

Read More

Topics: IRS, Taxes, COVID19, tax extension, Coronavirus, tax day

Business Impacts to New England Private Companies: Follow-Up Survey Results
Posted by Tarra Curran and Larry Kaplan on Thu, Mar 11, 2021 @ 12:59 PM

The coronavirus pandemic has continued to create unparalleled levels of uncertainty across the U.S. economy and business community. In response, we conducted a follow-up survey of some of the top private companies in the Greater Boston area to determine how the impact of COVID-19 has shifted since June, and gauge how local financial leaders across various industries are currently responding to the pandemic.

Read More

Topics: Tarra Curran, Larry Kaplan, private companies, private company, survey, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, American Rescue Plan (ARP) Act, ARP Act

Small Businesses Granted Priority for Remaining PPP2 Funds
Posted by Jenna Peabody on Wed, Feb 24, 2021 @ 05:14 PM

On February 22, the White House announced changes to the Paycheck Protection Program that give exclusive access to certain small businesses.

Year-end legislation provided additional funding and an extension of the Small Business Administration’s Paycheck Protection Program (PPP) for the first quarter of 2021. Effective February 24, the Biden-Harris administration is instituting a 14-day holding period on new PPP applications (sometimes referred to as PPP2 loans) for businesses with 20 or more employees. The goal of the hold is to lessen the PPP competition for small businesses and sole proprietorships that may have had difficulty accessing the federal funds previously.

Read More

Topics: Election, COVID19, Coronavirus, employees, CARES Act, Paycheck Protection Program, PPP Loan, PPP Loan Forgiveness, Biden, PPP2

Biden Administration’s $1.9 Trillion Stimulus Plan Outlined
Posted by Bill Smith on Thu, Jan 28, 2021 @ 06:17 PM

The new Biden administration has many priorities and some ambitious goals. Perhaps none is more immediate than an additional stimulus package to mitigate the deepening impact of a pandemic that has dragged on for nearly a year. After months of declines, initial jobless claims rose again in December to 782,000, which remains above the previous record of 665,000 set in March 2009 (excluding years prior to 1967 when unemployment was measured differently). State legislatures may also implement additional spending cuts in the coming months that could also lead to deleterious effects on unemployment.

With these challenges in mind, it is time to look at the Biden administration’s “American Rescue Plan” to aid in the economic recovery.

Read More

Topics: IRS, Taxes, Election, Tax Reform, COVID19, Coronavirus, Stimulus, #taxplan, Covid vaccine, loans and grants

Don’t Miss Out on the Newly Supercharged Employee Retention Tax Credit
Posted by Carrie Gizienski on Fri, Jan 22, 2021 @ 12:01 PM

The Employee Retention Tax Credit (ERTC) was established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, but limitations on its availability tempered interest in the relief measure. That is about to change, thanks to significant changes made on Dec. 27, 2020, by the Consolidated Appropriations Act, 2021 (the Act). The ERTC is now available to employers that received loans under the Payroll Protection Program (PPP), so any employer meeting ERTC eligibility criteria can benefit. Because employers potentially benefit from the enhanced ERTC on a retroactive basis, employers should immediately begin analyses to identify and calculate the value of retroactive or prospective ERTC benefits.

Read More

Topics: IRS, tax relief, tax credit, COVID19, Coronavirus, CARES Act, PPP, PPP Loan Forgiveness, Consolidated Appropriations Act, Employee Retention Tax Credit, The Act, ERTC

4 Tax and Legislative Developments to Monitor in the New Legislative Session
Posted by Bill Smith on Wed, Jan 13, 2021 @ 12:44 PM

Amid a chaotic week in Washington D.C., final election results came in that determined the composition of the Senate. Both Georgia Senate seats went to the Democratic candidates, which tipped the balance of power in the Senate to the Democratic party, with Vice President-Elect Kamala Harris presiding as the presumed tie-breaking vote in a chamber evenly split 50-50. This assumes that the Senate Democrats vote along party lines, which is far from certain.

Read More

Topics: election year, IRS, Taxes, Election, Tax Reform, senate, COVID19, Coronavirus, Republican Party, Biden, Harris, #taxplan, Filibuster, democratic party, Legislative Session

Popular Posts