Make Every Day "Account"

Issue 8.12

March 25, 2022

Let's Get Fiscal

CHILD TAX CREDITS

HOW EXPANDED BENEFITS & ADVANCE PAYMENTS

WILL IMPACT 2021 TAX RETURNS

Many Americans received advanced payments in the second half of 2021 as part of legislation focused on providing additional benefits to taxpayers eligible to claim child tax credits (CTC). The following is an overview of the old rules, the new rules for 2021, and a review of the related tax implications. Read more >

THERE'S AN APP FOR THAT

If you're a small business owner and use payment apps like PayPal, Venmo, Zelle,

or Cash App to receive payments for

goods or services, it is more likely that your sales information will be reported

to the IRS by these third-party settlement organizations (TPSOs) beginning with

the 2022 tax year. Read more >

STATE PASS-THROUGH ENTITIES

Business owners may be eligible

for a relatively new tax benefit in

many states known as pass-through

entity taxes. This tax benefit is available

to pass-through entities such as S corporations, partnerships, and

LLCs taxed as S corporations or partnerships. Read more >

NEED TAX HELP?

CONTACT ONE OF OUR MEMBER ACCOUNTING FIRMS >

BUSINESS SPOTLIGHT

ASSOCIATES INTERNATIONAL, INC.

Print remains an important industry that many still utilize, which makes printing businesses like Wilmington-based Associates International, Inc. all-the-more important. Read more >

President's Message

Last week at our Spring Manufacturing & Policy Conference, our speakers took a hard look at Delaware's labor market, identified the challenges, and offered ideas on opportunities and solutions. I apologize in advance for this lengthy message, but there was more than one key takeaway that I believe is important to share... Read more >