Biden's Tax Plan: Infrastructure Growth Through Increased Spending and Corporate Taxes
How will President Biden's plans for our country change your company's strategy for taxes? With big plans for making changes to our country's infrastructure, as well as modernizing and improving our transportation system, these changes will have a big impact on new jobs in our country and how we invest in new infrastructure. Planned tax code changes are expected to impact both individuals and corporations. Here's an overview of the planned changes to help you prepare.
*Please note, we will continue to provide updates as information develops. This information is current as of publication.
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IRS Issues Additional Guidance on Employee Retention Credit for 2021
The ERC was originally passed in March 2020 as a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The legislation, at that time, provided a credit for up to 50% of qualified wages per employee, per quarter, for wages paid between March 13, 2020, and December 31, 2020. Qualified wages were not to exceed $10,000 per employee for each quarter the employer qualified for the credit. The maximum credit was $5,000 per employee.
This tax article has been prepared by Samantha Suozzi, CPA, Supervisor, DMJ Wilmington.
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Restaurant Revitalization Fund
The American Rescue Plan Act of 2021, signed into law on March 11, 2021, by President Biden, is a $1.9 trillion economic stimulus package enacted to assist with the United States’ recovery from the COVID-19 pandemic. While this Act addressed many key elements, including expanded unemployment benefits, additional stimulus payments, emergency paid leave for employees, COVID-19 response funding, and other tax provisions and small business grants, one key aspect of the Act is the Restaurant Revitalization Fund (RRF).
This audit article has been written by Mason Barringer, CPA, CFE Manager, Audit and Accounting DMJ Greensboro.
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DMJ Wealth Advisors Joins Beacon Pointe
Mike Gills, CPA, DMJ & Co., PLLC Managing Partner says, “Our mission and focus will carry forward. This is a tremendous opportunity for DMJ Wealth Advisors and together we will continue to place our clients' needs first and continue to provide the proactive service they deserve.” The complimentary working relationship will remain intact between DMJ & Co., PLLC and Beacon Pointe North Carolina (formerly DMJ Wealth Advisors).
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News & Notes
- Mike Gillis, CPA, DMJ's Managing Partner, has been appointed to the AICPA PCPS Executive Committee.
- Mike Smith CPA, CHBC, Healthcare Practice Manager, has earned the AICPA Cybersecurity Certificate a program that provides finance and accounting professionals with the knowledge needed to develop fluency in cybersecurity, learn to help clients navigate threats, and use the AICPA’s new cybersecurity risk management reporting framework.
- On Saturday, May 1, DMJ presented Special Olympics North Carolina with a donation of $13,039, marking a 20-year partnership. The Polar Plunge for Special Olympics, now known as the Triad Chill, raises the bar year after year making a difference in the lives of nearly 40,000 individuals in North Carolina. Team DMJ included David Mize, Jeff Hwang, Jeff Marko, Leia Williams, Drew Steel, Alexias Searcy, Jess Bankhead, and Courtney Jones (and their families) We thank you for the many generous contributions!
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