Category: What’s New

Tax Tips September 2020

Tax Tips September 2020

Form 1040-X has been one of the last major individual tax forms that still needed to be paper-filed, but now taxpayers can quickly correct previously filed tax returns by submitting Form 1040-X, Amended U.S. Individual Income Tax Return electronically using commercial tax-filing software.

Approximately 3 million Forms 1040-X are filed by taxpayers each year and taxpayers must mail a completed Form 1040-X to the IRS for processing. The new electronic option, however, allows the IRS to receive amended returns faster while minimizing errors normally associated with manually completing the form. The process is also simplified because the tax-filing software allows users to input their data in a question-answer format. The new form also makes it easier for IRS employees to answer taxpayer questions since the data is entered electronically and submitted to the agency almost simultaneously.

Click the “Read More” button for additional Tax Tips…

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Featured Articles September 2020

Featured Articles September 2020

On August 8, 2020, the President issued a Memorandum allowing employers to defer withholding and payment of an employee’s portion of the Social Security tax (i.e., the 6.2% FICA portion of the federal payroll tax on employees). Medicare taxes, however, are not covered. The payroll tax deferral is effective starting September 1, 2020, and also applies to the employee portion of the Railroad Retirement Act Tier 1 tax. While employers are allowed to defer the withholding and payment of the payroll taxes on employees’ applicable wages, they are not required to do so.

To take a look at how this affects employers and employees, click the “Read More” button below…

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Tax Tips August 2020

Tax Tips August 2020

Starting in tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation to report any payment of $600 or more to a payee. There is a new form that only applies to business taxpayers who pay or receive nonemployee compensation.

Generally, payers must file Form 1099-NEC by January 31. For 2020 tax returns, however, the due date is February 1, 2021. Be advised that there is no automatic 30-day extension to file Form 1099-NEC although an extension to file may be available under certain hardship conditions.

Click the “Read More” button for additional Tax Tips…

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Featured Articles August 2020

Featured Articles August 2020

There is a “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually every year by the IRS, this year it includes many aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. The criminals behind these bogus schemes view everyone as potentially easy prey and everyone should be on guard, especially vulnerable populations such as the elderly.

While tax-related scams usually increase at tax time, this year, scam artists are using pandemic to try stealing money and information from honest taxpayers. As such, taxpayers should refrain from engaging potential scammers online or on the phone.

To read more about these tax scams, and other featured articles for the month click the “Read More” link below…

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Featured Articles July 2020

Featured Articles July 2020

With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, this is unrealistic for most people – especially those of pre-retirement age. Instead, it’s better to start by focusing on managing debt. When you handle debt wisely, you won’t have to shell out every cent of your hard-earned money to your lender or feel like you’re always on the verge of bankruptcy.

The tips in this month’s featured article will help you get started paying off debt the smart way and help you save extra money to pay down those debts even faster. Click the “Read More” button below to find out more.

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PPP Loan Update: 8 Weeks Extended to 24 Weeks!

PPP Loan Update: 8 Weeks Extended to 24 Weeks!

Late Wednesday night, the Senate unanimously passed the Paycheck Protection Program Flexibility Act which makes significant modifications to the provisions of the original Paycheck Projection Program (PPP). These modifications are expected to be signed into law by the President. Among the key provisions is a change in the threshold for the amount of PPP funds required to be spent on payroll costs to qualify for forgiveness to 60% of the loan amount.

To find out more about this update, click the “Read More” button below…

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COVID-19 Updates: Things You Should Know

COVID-19 Updates: Things You Should Know

Click on the links below to jump to each section in this article: Tax Returns & Estimated Taxes Now Due July 15 CARES Act: Information for Individual Taxpayers Tax Breaks Help Small and Medium-sized Employers The Tax-Smart Way to Loan Money to Friends & Family Relief for Other Coronavirus-related Tax Issues   Tax Returns & Estimated Taxes Now Due July 15 Due to the coronavirus pandemic, the federal income tax filing due date is automatically extended from April 15, 2020, to...

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Promotions

We are celebrating several promotions here at Caras & Shulman. We know that our greatest assets are the people who serve our clients everyday. Today we recognize (from left to right) Lindsey Murphy, Lead Associate, Operations, Melissa Astone, Supervisor, Accounting & Audit, Alexandra Binek, Senior Associate, Accounting & Audit, Nancy Cuneo, Lead Associate, Accounting Services, and Raffi Donabedian, Manager, Accounting & Audit. Also, missing from the photo - Danielle Shnaper, Lead Associate,...

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2019 MSCPA Day of Service

Members of the Caras & Shulman team donated their time to the 2019 MSCPA Day of Service. Giving back to our local communities is important to us, and it also provides the opportunity to spend some quality time with colleagues outside the office. This year, the effort was to beautify the grounds of the Town Common in Burlington, MA. It turned out to be a beautiful day! Thank you to those who were able to participate in such a great event. From left to right - Julia Basile, Jaclyn Edwards,...

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Promotion Announcement: Danielle Shnaper

At Caras & Shulman we know that the success of our firm is a result of the success of every one of the members of our team. Today we celebrate Danielle Shnaper who was recently promoted to Lead Associate, Accounting & Audit. Danielle has been with the firm for over five years. She consistently demonstrates the core values that make our firm and our clients successful.  Prior to joining our audit team, Danielle worked in firm operations. Congratulations to Danielle!

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