To File or Not to File: IRS Extends Some Tax Deadlines

This week the U.S. Treasury Department announced it is delaying the income tax deadline for individuals from April 15, 2021 to May 17, 2021. This includes 2020 Form 1040 tax returns, extensions thereon and any remaining 2020 federal tax liabilities. While the IRS stated that the purpose is to help taxpayers navigate the unusual circumstances…

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What You Need to Know About the American Rescue Plan

The American Rescue Plan Act of 2021 (ARPA) was signed into law on March 11. The $1.9 trillion ARPA is the latest U.S. legislation package designed, among other things, to address the ongoing impacts on Americans and our economy of the coronavirus pandemic. Following are key tax-related provisions of the ARPA that are likely to…

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COVID-19 Business Support

The coronavirus pandemic has introduced uncertainty into every facet of our lives. We are concerned about the health and safety of our families and friends, and many of us are grappling with significant business issues such as cancelled orders, slow collections of accounts receivable, layoffs, supply chain interruptions and other sudden and unforeseen impacts to…

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A New Boss is in the (White) House: Possible Tax Changes that Could Affect Multinationals Doing Business in the U.S.

As the dust settles from an ugly political season, the inauguration of Joe Biden as the new U.S. president set in motion what many believe will be tax law changes that could impact multinational corporations doing business in the U.S. With Mr. Biden’s Democrat party maintaining its majority in the House of Representatives and the…

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Partner Patricia Yeager Retires from Williams Benator & Libby

Assurance Services Partner Patricia A. Yeager, CPA, retired from Williams Benator & Libby, LLP (WBL) at the end of December 2020. Patricia joined the firm in 1989 and became a partner in 2000. During her tenure, she led the assurances services department and served as the director of the firm’s nonprofit practice. “Patricia set a…

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CAA Extends the Employee Retention Credit to More Struggling Businesses

The $900 billion Consolidated Appropriations Act, 2021 (CAA), which became law in December, provides additional pandemic-related financial relief to individuals and small businesses and addresses the disputed tax deductibility of business expenses paid with forgiven loans. Of particular interest to businesses are the changes the CAA makes to the 2020 CARES Act rules related to…

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New Legislation Provides More Forgivable Loans to Small Businesses and Other Tax Benefits

The President has signed into law the $900 billion Consolidated Appropriations Act, 2021 (CAA). It provides one-time relief payments to adults and children, adds to extended weekly unemployment benefits, and provides aid for small businesses with new Paycheck Protection Program (PPP) funding, along with a number of other targeted relief programs. It also addresses the…

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CARES Act Revisited: Expenses Paid with PPP Loan Now Deductible

Just in time to throw our year-end tax planning on its head, Congress overwhelmingly passed a $900 billion COVID-19 relief bill just before midnight on Monday that ensures tax deductibility for business expenses paid with forgiven Paycheck Protection Program (PPP) loans. The legislation, the Consolidated Appropriations Act, 2021, also provides $600 stimulus payments to certain individuals, adds $300…

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WBL Promotes Benny Herman to Assurance Services Partner

The partners of Williams Benator & Libby, LLP (WBL) are pleased to announce that Leroy “Benny” Herman, Jr., CPA, has been named as the firm’s newest partner. Benny Herman joined WBL in 2018 as a senior manager in WBL’s Assurance Services department. He specializes in providing strategic accounting and business advice on mergers and acquisitions, accounting…

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How to improve the strength and value of your business

Could your business use a tune-up? Just like your car, your business can benefit from a periodic peek “under the hood” to uncover problems or inefficiencies that might jeopardize its value down the road. A business owner relies on his or her business to provide financial security. The business is also typically the largest asset…

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