Pension Plans 101 – What You Need to Know
A pension plan is a type of retirement plan where employers promise to pay a defined benefit to employees for life after they retire. This is different from a defined contribution plan, like a 401(k), where employees put their own money in an...
Stitely & Karstetter Sponsors October Networking Event – “Life as an S Corp Owner”
Are you a business owner who is looking to learn more about becoming an S Corp? Then you won’t want to miss Stitely & Karstetter CPA’s upcoming networking event : “Life as an S Corp Owner. ” The event is FREE and will be held at The Capital Grill in Fairfax,...
CPA Q&A: Child Tax Credit
Now that July is here, many of our S&K clients who are full-time parents or caregivers to school-aged children, have begun receiving their Advance Child Tax Credit payments from the IRS. Most families will receive the first half of the credit in advance monthly...
Foreign Bank and Financial Account Holders Have Until October 15 to file FBAR Report
Any U.S. citizen, resident or domestic legal entity who missed the April 15 deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) will receive an automatic extension until October 15, 2021 – and an extension need not be requested. Who must...
IRS Issues Refunds on Unemployment Insurance Taxes to Certain Taxpayers
In mid-May, the IRS began issuing refunds on 2020 unemployment insurance taxes to some taxpayers. The refunds have been sent on a rolling basis, with single filers receiving theirs first, including those without children and those who did not claim any refundable tax...
Which Meals Qualify for the 100 Percent Expense Deduction?
In early April, the IRS released guidance explaining when the temporary 100 percent deduction for restaurant meals is available, and when the 50 percent limitation on the deduction for food and beverages continues to apply. Under section 274(n) (1) of the tax code, a...
$3,600 Child Tax Credit: What S&K Clients Should Know
Many of our S&K clients are parents of eligible dependents and qualify for the child tax credit which President Biden included in his American Families Plan earlier this spring. This plan offers parents a credit of up to $3,600 per eligible child, and payments...
Need to File Previous Years’ Tax Returns? S&K Can Help
Although many businesses are starting to get back on track, with the descent of COVID and an ensuing economic upheaval in our country - your company may not have filed tax returns in a few years. While life DOES happen – NOT filing your required tax returns is serious...
Shuttered Venue Operators Grant Portal Opens on Monday at Noon
The U.S. Small Business Administration (SBA) will reopen the Shuttered Venue Operators Grant application portal on Monday, April 26 at 12:00 PM. The application portal for the SVOG program ran into technical difficulties almost immediately on April 8, with venue...
Restaurant Revitalization Fund Grants – Does Your Business Qualify?
One of the hardest-hit industries during the COVID-19 pandemic has been restaurants, with shutdowns and restrictions cutting off revenue opportunities. The newly passed American Rescue Plan Act (ARPA) aims to help restaurants, bars and related businesses with a new...