• Turner's Tax Service
  • Contact Us
  • Directions
  • Recent Tax Updates
  • Fees and Policies
  • Forms

POTENTIAL NEW PAYROLL TAX CREDIT

12/29/2020

0 Comments

 
Did you take a Payroll Protection Plan (PPP) loan?  If so, you weren't able to claim an Employee Retention Credit (ERC) on your payroll tax forms.  That changed when the newest COVID relief bill was signed by the President over the weekend - you may now claim both.

The credit covers payroll taxes paid between March 12, 2020 and December 1, 2020 by employers impacted by government orders that caused a full or partial closure of their business due to COVID-19 or who experienced a significant decline in revenue because of COVID-19.  The credit can be claimed when fourth quarter payroll tax forms are completed.

Turner's Tax Service does not provide payroll tax services but is highlighting this change to be of help to our small-business income tax clients.  We recommend you immediately contact your payroll tax provider for eligibility details and instructions on how to claim this additional credit.



0 Comments

PREPARATION OF 2020 TAXES

12/28/2020

0 Comments

 
For your safety and the safety of my staff and me, the 2020 tax season will start with no face-to-face appointments.  Instead, tax preparation will be done remotely, as it was for much of the 2019 tax season.  You will drop off your tax materials in our outside drop box or mail them to our PO box, draft returns will be prepared and transmitted to you for review, you will call with any questions and once the returns are prepared to your satisfaction, you will sign the necessary forms to electronically submit your returns.

There are numerous changes to tax rules and regulations for 2020 so it is imperative that we gather complete information from you in order to accurately prepare your returns.  Normally, information is shared with us during a face-to-face meeting.  Since that meeting cannot happen, please submit the annual organizer that will be mailed to you in early January with your tax materials with at least the first three pages completed.  Returns will not be prepared until that organizer has been provided to us.

As tax season progresses, there may be additional changes that occur to federal and state rules and regulations.  Our ability to offer face-to-face appointments may also change as vaccines for COVID 19 become available.  Please check this website regularly and like us on Facebook for updates.

0 Comments

     

    Federal and state tax laws and regulations change regularly.  As we become aware of changes, we will post them here and, if you are a client who has provided us with an email address, we will also email them to you.

    Archives

    December 2022
    July 2021
    January 2021
    December 2020
    April 2020
    March 2020
    October 2019
    January 2019
    November 2018
    June 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    July 2017
    May 2017
    April 2017
    January 2016
    June 2015
    May 2015
    July 2014
    March 2014
    December 2013
    November 2013
    October 2013
    September 2013
    February 2013
    January 2013
    August 2012
    January 2012
    June 2011
    August 2010
    January 2010
    September 2009

    Categories

    All

    RSS Feed

Powered by Create your own unique website with customizable templates.