The AB&P journal
Useful answers for the decisions owners make every week.
Clear guidance on the financial, payroll, and people questions that tend to become urgent when no one explains them early.
Business · 2 min read ·
Expect Sales Tax to Proliferate Post-Pandemic
As we come to the middle of 2021, the fears of many state and local government brought about by the pandemic have lessened. Many regions were rattled as the economy shut down, and for good reason. Mike Bernard, the ch…
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COVID-19 · 3 min read ·
Senate Plans to End Employee Retention Tax Credit Early
During the pandemic Congress created a tax break to help businesses that were having a hard time which is known as the Employee Retention Tax Credit (ERTC). However, not many businesses took advantage of it and the bi…
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Bookkeeping · 4 min read ·
How to Identify Scams and Protect Yourself From Fraudsters
In the last video, I shared the 2021 Dirty Dozen Tax Scams the IRS specified. Each year, they identify the top 12 methods used for stealing data and other nefarious tactics to get money from unsuspecting victims. Toda…
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Business · 4 min read ·
IRS 2021 Dirty Dozen Scams
As you probably know, there are many scams to be aware of from people who would like to steal your identity and access your accounts. The IRS identifies the top ones each year, and they announce a “Dirty Dozen” list t…
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Business · 3 min read ·
Families Began To Receive Child Tax Credit Payments July 15
The IRS and Treasury stated that in mid July many families with children should begin to receive money in their accounts. This is, of course, applying to low and mid income families and is regarding receiving monthly…
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Business · 4 min read ·
Tax Hikes for Small Businesses
During COVID-19 many small businesses had the opportunity of tax benefits being available to help them out during the pandemic. However, now that we see the end of the pandemic in sight, they are being faced with the…
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Business · 3 min read ·
Calculating Your Home Office Expense Deduction
Are you an entrepreneur using a home office for business purposes? Are you aware of the deduction allowing you to expense the use of this space, and that there are two different ways to calculate it? The home office d…
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Business · 3 min read ·
Proving You've Moved to Avoid Tax Surprises
Have you recently moved out of state? Or are you living in one location but working in another? Are you aware you may be taxed in both states? With the ability of many employees to work remotely, some families moved f…
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Business · 3 min read ·
Sales Tax Rates Reached 10-Year High in 2020
According to Accounting Today , sales tax has increased to levels that haven't been seen in over ten years. This means that during the pandemic, many companies had to collect even more tax revenue from online shopping…
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Business · 2 min read ·
Senators Propose to Make Work Opportunity Tax Credit Permanent
The Work Opportunity Tax Credit (WOTC) is currently in the works to become a permanent part of the tax code and is being led by a bipartisan group of Senate lawmakers. It is offering employers tax credits per worker d…
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Business · 2 min read ·
Working with a Tax Pro is Even More Important in 2021
In 2020, there were quite a few changes to tax laws due primarily to COVID-19. Because of this, the NATP, the National Association of Tax Professionals, recommends that as a taxpayer you work with tax professionals to…
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Business · 2 min read ·
IRS Provides Cafeteria Plan Relief for the Pandemic
Due to the continuing COVID-19 Pandemic, Congress had allowed for special rules regarding health FSAs (Flexible Spending Arrangements) under Section 125 Cafeteria Plans. They have also extended these to dependent care…
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