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News and Events

American Rescue Plan Act is Passed

On March 11, 2021 – H.R. 1319, the American Rescue Plan Act (ARPA) of 2021 was signed into law. The ARPA will provide financial relief of approximately $1.9 trillion to individuals, businesses, not-for-profit organizations, and state and local governments during the pandemic. We want to highlight several tax items that will affect federal income taxes …

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Congratulations Kelly!

Kelly Gooderham, Audit Manager, CPA, has recently earned a digital badge upon completion of the Advanced Single Audit Certification Program. The program is administered by the American Institute of Certified Public Accountants (AICPA) and is geared towards “auditors with seven or more years of experience in performing and reviewing single audits” and tests individuals on …

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Treasury Department and IRS Extend Federal Income Tax Filing Due Date to May 17, 2021

On March 17, 2021, the Treasury Department and Internal Revenue Service (IRS) announced that the federal income tax filing due date for individuals will be automatically extended from April 15, 2021 to May 17, 2021.   Individual taxpayers can also postpone federal income tax payments for balances due for the 2020 tax year due on …

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Which PPP Borrowers Can Use Gross Income?

A new Paycheck Protection Program (PPP) rule was issued last week by the U.S. Small Business Administration (SBA). This ruling allows individuals who are self-employed and file Form 1040, Schedule C, Profit or Loss From Business, or Schedule F, Profit or Loss from Farming, to calculate their maximum loan amount using gross income instead of …

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Is Your PPP For Forgiven Loan Subject to State Income Tax?

In 2020, the Small Business Administration (SBA) Payroll Protection Program (PPP) was created to assist for-profit and non-profit employers in maintaining their payroll during the COVID-19 pandemic. This program provides 100% federally insured loans for certain covered expenses and are normally forgiven in full if employees are retained at salary levels comparable to those before …

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IRS Form 941-x

Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund,  is the form employers use to correct errors on a previously filed IRS Form 941. There have been new laws and recent IRS changes making this form necessary. A couple of examples would be a missed tax credit related to COVID for sick …

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What Does Tax Season Look Like for You and Your Accountant?

As we enter the one-year anniversary period of the pandemic, business as usual continues to be no such thing right now. Following the 2019 tax season, which required the most significant changes to our tax laws since 1986, tax preparers were met during the 2020 tax season with a pandemic and resulting economic crisis. As the …

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Welcome Bill and Brenda!

Bill Cathey is a North Carolina native, originally from Kings Mountain, but has lived in Hickory for about 10 years. He is a graduate of the University of North Carolina in Charlotte but went back to school at Catawba Valley Community College to get a second degree in Accounting. For the past five years, Bill …

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Did you receive Economic Impact Payments (EIP) one and two from the Internal Revenue Service? It is very important to communicate the dollar amount you have received thus far with your tax preparer for the completion of your 2020 tax return. Sharing this information will save preparation time, help to expedite your return quickly, and …

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2020 was a tough year for many people who found themselves supplementing their income to survive financially. It is very important to not forget that this gig economy income must be reported on your tax return. Many of these types of jobs helped people to connect with customers providing goods or services, such as renting …

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