Jardim & Marotta LLC

Massachusetts Society of CPAs Announces New Board of Directors MassCPAs Board of Directors is a group of elected members that sets policies, manages programs and oversees activities that benefit the 11,500-member organization and accounting profession in Massachusetts.

RMD Age increased to 73 for 2023

The recently passed Secure 2.0 has increased the age at which required minimum distributions (RMD) must begin has increased from 72 to 73 and will increase to 75 in 2033. If you turned 72 in 2022, the RMD began for 2022 but if you turn 72 in 2023 you do not need to take RMDs until you turn 73. In effect, if you already were required to take RMDs keep taking them. If you were not required to before 2023 you won’t have to start taking them until 2024.

At ORR chatting to high school kids about life … money and all the fun stuff in between.

Momentous moments in life - watching clients achieve their dreams. This is our job, our life, our passion.

Exploring New Bedford by foot. We love where we work!

Q1 2021 taxes due April 15.
Gift Tax Returns die April 15.
These have not been extended along with the individual 2020 tax return filing and payment of taxes.

https://www.journalofaccountancy.com/news/2021/apr/aicpa-makes-may-17-tax-due-date-recommendations-for-cpas.html?utm_source=mnl:alerts&utm_medium=email&utm_campaign=08Apr2021&utm_content=button

AICPA recommendations on Q1 estimates and 2020 Form 709 extensions The AICPA has released some recommendations for practitioners concerning various issues that have arisen due to the postponement of the April 15 tax deadline for individuals.

IRS reminds taxpayers to make April 15 estimated tax payment
WASHINGTON –The Internal Revenue Service today reminded self-employed individuals, retirees, investors, businesses, corporations and others who pay their taxes quarterly that the payment for the first quarter of 2021 is due Thursday, April 15, 2021.

Proud to announce that Jardim & Marotta is now a Certified Women Business Enterprise (WBE). www.mass.gov/osd

Getting this certification allows us to assist and provide services and support to small companies that work with the state. Allowing them to meet their goals, open up opportunities for them and in turn we all as small business grow thrive and enrich the community that surrounds us.

Grateful for the opportunity to be acknowledged, to be the advisor, the consultant the firm we dreamed we would be.

Pretty cool that it is International Women's month too!

Operational Services Division Where government meets business and business meets government through procurement, business diversity, and customer focus.

Self Employed Tax Credits:
Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. They’ll claim the tax credits on their 2020 Form 1040 for leave taken between April 1, 2020, and Dec. 31, 2020,

The Consolidated Appropriations Act, 2021 (CAA, 2021) has more than 5,500 pages and comes with a $2.3 trillion price tag – $900 billion in stimulus relief for the COVID-19 pandemic and $1.4 trillion in omnibus spending for the 2021 fiscal year. The law includes a number of payroll-related provisions aimed at helping employers and workers close out 2020 and begin 2021.

The Top Payroll Issues in the Latest COVID-19 Law Let’s run through some of the most impactful provisions of the CAA for the payroll industry. We’ll also touch on some of the more peripheral payroll items that we think are worth a mention too.

PPP first and second draw - some more clarifications issued.

We working on ERC (Employee Retention Tax Credit) and PPP forgiveness maximization. Waiting on more clarification

PPP calculations guidance released The SBA and Treasury issued guidance addressing how Paycheck Protection Program borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans — and what documentation should be provided to support those calculations.

**News Alert**.

Until the. We talk PPP, PPP2, employer tax credits, grants deductions and PPP forgiveness!

The IRS announced that it will start accepting 2020 tax returns on Feb. 12, a later date than usual. The delay stems from programming changes needed to account for year-end tax legislation >> https://bit.ly/2LFf6wF

Some clients could take advantage of both PPP loans and the ERC under the CARES Act. Find out how. https://bit.ly/39xUBtT

You may be entitled to a Stimulus Payment as part of the recent Coronavirus Response and Relief Supplemental Appropriations Act of 2021. According to the Treasury Department, electronic Direct Deposit payments have already started being deposited and will continue into next week. For payments made by check or debit card, the Treasury Department will start mailing them this week and may continue over several weeks.

Congress has reached an agreement and later today is expected to pass important new legislation entitled the Emergency Coronavirus Relief Act of 2020.
This Act is expected to continue and expand the PPP Loan Program and, most importantly, addresses the deductibility of payroll and nonpayroll costs!!!

When choosing a tax professional, taxpayers should:

• Check the IRS Directory of Preparers.
• Check the preparer’s history with the Better Business Bureau.
• Ask about fees.
Taxpayers should avoid tax return preparers who base their fees on a percentage of the refund or who offer to deposit all or part of your refund into their financial accounts.
• Be wary of tax return preparers who claim they can get larger refunds than others.
• Ask if they plan to use e-file.
• Make sure the preparer is available. People should consider whether the individual or firm will be around for months or years after filing the return. Taxpayers should do this because they might need the preparer to answer questions about the preparation of the tax return.
• Ensure the preparer signs and includes their preparer tax identification number. Paid tax return preparers must have a PTIN to prepare tax returns.
• Check the person's credentials. Only attorneys, CPAs and enrolled agents can represent taxpayers before the IRS in tax matters. Other tax return preparers who participate in the IRS Annual Filing Season Program have limited practice rights to represent taxpayers during audits of returns they prepared.

On this Giving Tuesday, taxpayers are reminded there’s a special tax deduction available through Dec. 31, 2020 for the many people who give cash donations up to $300 to qualifying charities.

It’s the little things, the small signs of appreciation that makes all the difference. Take the time, make someone smile today! And the best part - support your friends, neighbors, small business, create that community we dream of!

Small Business Administration

Please be aware of a recent scam involving people impersonating the Small Business Association. The imposters claim to be conducting "site visits" on behalf of the SBA. When contacted, the SBA states that they do not conduct site visits.

SBA does not initiate contact on either 7a or Disaster loans or grants. If you are proactively contacted by someone claiming to be from the SBA, suspect fraud.
Additional scams involving the SBA and loans have sprung up since the COVID-19 Relief Act. You can read about other scams at:

www.sba.gov/document/...

sba.gov We support America's small businesses. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business.

PPP forgiveness: No need to rush, and other tips

A big reason for these delays is that Congress is debating a new round of COVID-19 relief, which is expected to include a second PPP initiative more targeted than the first one, said Mark Peterson, the executive vice president who heads the AICPA’s advocacy team in Washington, D.C. Those discussions also may include major changes relaxing the forgiveness requirements for the smallest loans, possibly those up to $100,000 or $150,000.

journalofaccountancy.com Borrowers and their CPA advisers may be eager to move ahead with the Paycheck Protection Program forgiveness process, but there are still many unsettled issues to consider.

Tax Day

No, you're not dreaming. It's your last chance to file your taxes this year. While the deadline is usually April 15, the federal gov pushed it because of COVID-19.

Today is the day.

July 15th the IRS and most state treasury departments are expecting the following:
- 2019 Individual Tax Return filed / or extension filed
- 2019 Individual Tax Due PAID
- 2020 1st Quarter Estimated Tax Payment PAID
- 2020 2nd Quarter Estimated Tax Payment PAID

IRS unclaimed refunds of $1.5 billion waiting for tax year 2016... if you haven't filed you yet you leaving $$ on the table!

Paycheck Protection Program was scheduled to close tonight with $130 billion still available for loans to small businesses seeking to maintain their payrolls, the Senate approved extending the application period and allowing businesses to receive aid until Aug. 8.

For our clients who withdrew their Required Minimum Distributions (RMD) earlier this year and have since decided that they do not wish to take the RMD for 2020, you have until August 31, 2020 to redeposit those funds. The IRS issued this guidance last week in Notice 2020-51. The repayment opportunity applies to IRAs, 401ks, 403bs and those taking a first distribution using the April 1, 2020 rule. This opportunity also applies the beneficiaries of these plans. It does not apply to anyone receiving a defined benefit plan payments.

SBA published a new EZ version of the forgiveness application that applies to borrowers that:

- Are self-employed and have no employees; OR
- Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
- Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.

The EZ application requires fewer calculations and less documentation for eligible borrowers.

Senate Passes Changes to Small Business PPP Loan Program

The Senate cleared changes to the popular Paycheck Protection Program on Wednesday that will allow small businesses more flexibility in using the rescue loan funds. The bill, which passed the House last week on a 471-1 vote, now heads to President Donald Trump’s desk for his signature.