Holt & Patterson
@H_P_CPAMedium sized CPA firm since 1960 in the greater St. Louis area looking to help with your tax, audit, valuation, and payroll needs.
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05/28/20 The House overwhelmingly passed a bill proposing extending the time in which businesses must use their PPP funds, amending the 75/25 rule, pushing back the deadline to rehire workers, & extending the 2 year term for loans among other provisions.
Relief is available for Federal income tax payments, including payments of tax on self-employment income, otherwise due on 04/15/20. It applies to the payment of taxes for the 2019 tax year, as well estimated income tax payments for the 2020 tax year due on 04/15/20.
US Treasury announced 03/17/20 an effort to help mitigate the effects caused by the spread of the COVID-19 pandemic, the 04/15 tax payment deadline will be extended by 90 days. This will allow for up to $1 million dollars in taxes for individuals to be deferred for 90 days.
apnews.com/95b0a0bcf0d27e… Recognizing that this is a rapidly evolving situation, we are dedicated to regularly reviewing any updates provided by the IRS and federal government. If you have any questions regarding these updates please do not hesitate to call us at (636)530-1040.
*Timely Filing of Partnership, S Corp Returns & Extensions-To be considered timely, your return/extension must be filed before midnight 03/16/20. If the IRS rejects your return, you have 10 days to resubmit the return. If your extension is rejected, you have 5 days to resubmit.
What Is Withholding and What Does It Mean in 2020? #taxes #withholding a.msn.com/00/en-us/BB10a…
Do You Owe #Taxes on Debt Forgiveness? a.msn.com/00/en-us/BB10d…
2019 personal income tax return organizers have been mailed out. Please let us know if you have not received yours (636)530-1040.
IDOR reminds businesses about Minimum Wage Credit designed to help offset the state's minimum wage rate, which gradually increases to $15/hour over the next 6 years. Starting 01/01/20, businesses may claim the credit on their quarterly IL-941 returns.
$9.45 Missouri Minimum Wage in Effect for Private Employers for 2020. Missouri Minimum Wage law doesn't apply to public employers, nor allow Missouri's minimum wage rate to be lower than federal minimum wage rate.
Here are five powerful business tax deduction strategies you can easily understand and implement before the end of 2019: holtpatterson.com/2019-tax-plann…
09/24/19 the DOL announced a rule to make 1.3 million American workers eligible for OT pay. DOL is: raising the “standard salary level” to $684/week; raising "highly compensated employees" to $107,432/year The final rule is effective on January 1, 2020.
IRS said 11/14/19 the limit on elective deferral contributions to Sec. 401(k) plans, Sec. 403(b) plans, most Sec. 457 plans, and the federal government’s Thrift Savings Plan will increase from $19,000 in 2019 to $19,500 in 2020.
Missouri bases its standard deduction on federal amounts. For 2019, the standard deduction amounts are: •single: $12,200; •married filing combined: $24,400; •married filing separate: $12,200; •head of household: $18,350; and •qualified widow(er): $24,400.
Missouri bases its standard deduction on federal amounts. For 2019, the standard deduction amounts are: •single: $12,200; •married filing combined: $24,400; •married filing separate: $12,200; •head of household: $18,350; and •qualified widow(er): $24,400.
Missouri bases its standard deduction on federal amounts. For 2019, the standard deduction amounts are: •single: $12,200; •married filing combined: $24,400; •married filing separate: $12,200; •head of household: $18,350; and •qualified widow(er): $24,400.
IRS urged business owners to e-file payroll tax returns with the 10/31 quarterly due date approaching fast. E-filing saves taxpayers time by performing calculations and populating forms and schedules using a step-by-step interview process. irs.gov/businesses/e-f…
7 changes coming to Social Security in 2020 a.msn.com/00/en-us/AAJ3X…
2019 IL Tax Delinquency Amnesty Act provides the opportunity for taxpayers to pay outstanding eligible tax liabilities & to have penalties & interest forgiven on taxes paid in full during the amnesty period: www2.illinois.gov…/bu…/Documents/2020/FY2020-05.pdf
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