On April 29, 2022, the Oklahoma Health Care Agent Act was signed by Governor Stitt and became law in the state. The act codifies the right for Oklahomans to name an agent (power of attorney) of their choice to make healthcare decisions on their behalf. The act reinstates the rights … Continued
Advance Child Tax Credit The Internal Revenue Service began issuing advance Child Tax Credit letters to Taxpayers in late December and will continue throughout January. The letter will include the total amount of advance Child Tax Credit payments Taxpayers received in 2021 and the number of qualifying children used to … Continued
2021 Client Year-End Tax Planning Considerations
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Due to the enactment of legislation to offset the economic burden wrought by COVID-19, there is a lot to consider when reviewing year-end tax planning options. Pandemic-related tax breaks include an expanded dependent care assistance, payroll tax credits for self-employed individuals, substantial increases in the child tax credit and the … Continued
2021 tax year-end business updates
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Several significant tax law changes took effect in 2021 that may affect your business’s federal tax filings. As the year draws to a close, we should review these changes, as well as your business’s projected taxable income or loss to see what actions might be appropriate before year end to … Continued
Recent changes due to the American Rescue Plan Act have significantly expanded employer eligibility to claim the Employee Retention Tax Credit (ERTC). The ERTC was created to encourage employers to maintain current staffing throughout the pandemic by providing a payroll tax credit based upon wages you pay each employee. Originally … Continued
EMERGENCY FAMILY AND MEDICAL LEAVE ACT Effective date: Effective April 2, 2020; the law expires on December 31, 2020 Covered Employer: An employer with fewer than 500 employees. Eligible Employee: Any full-time or part-time employee that has been on the employer’s payroll for 30 calendar days. Reasons for FMLA Leave: … Continued
More specifics about the implementation of these provisions will be shared soon. Highlights of the key actions in the IRS People First Initiative include: Existing Installment Agreements –For taxpayers under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are suspended. Taxpayers who are currently unable … Continued
As a year-end holiday gift, Congress included a number of individual and business friendly tax provisions in its year-end spending package that was signed into law by President Trump on December 20, 2019. The “Further Consolidated Appropriations Act, 2020” (2020 Act) brought back to life many deductions and credits that … Continued
2019 Tax Planning
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As the end of the year is fast approaching, we should consider any last-minute strategies that might help reduce your 2019 tax bill. Last year was the first year to be impacted by the Tax Cuts and Jobs Act of 2017 (TCJA). While there was no significant new legislation in … Continued
Victims of the May 7, 2019 flooding and severe storms that took place in Oklahoma may qualify for tax relief from the Internal Revenue Service. Individuals who reside or have business in Canadian, Cherokee, Creek, Delaware, Kay, Le Flore, Logan, Mayes, Muskogee, Noble, Nowata, Okmulgee, Osage, Ottawa, Payne, Pottawatomie, Rogers, … Continued