BRINKER SIMPSON BLOG

Tax Alert To All Employers Effective January 1, 2021

Hiring Employees, Payroll

Tax Alert To All Employers Effective January 1, 2021


Income Tax Withholding

IRS will issue new withholding tables (Publication 15) to reflect changes as of January 1, 2021. When available, the new withholding tables can be obtained at the Internal Revenue website, www.irs.gov.

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2020 TAX PLANNING STRATEGIES

2020 Tax Planning Strategies

In addition to saving income taxes for the current and future years, effective tax planning can reduce eventual estate taxes, maximize the amount of funds you will have available for retirement, reduce the cost of financing your children’s education, and assist you in managing your cash flow to help you meet your financial objectives.

Tax planning strategies can defer some of your current year’s tax liability to a future year, thereby freeing up cash for investment, business, or personal use. This can be accomplished by timing when certain expenses are paid or controlling when income is recognized. Tax planning allows you to take advantage of tax rate differentials between years. However, if tax rates rise in a subsequent year, extra caution may be necessary.

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2020 Accounting Today’s Best Accounting Firms to Work for

Best Place to Work

2020 Accounting Today’s Best Accounting Firms to Work for

Brinker Simpson & Co, LLC was recently named as one of the 2020 Accounting Today’s Best Accounting Firms to Work for. Accounting Today has partnered with Best Companies Group to identify companies that have excelled in creating quality workplaces for employees.

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Trump & Biden Tax Proposals

Tax Questions

With the Presidential election 9 weeks away, we prepared the following guideline to illustrate where each of the candidates stand on certain tax laws. Biden’s proposed changes would repeal different aspects of Trump’s 2017 Tax Cuts and Jobs Act (TCJA). Please note, these are proposed changes and Congress often makes the final decision.

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NEW SCAMS

New Scam, Stimulus, Covid-19

Sadly, it did not take long for scammers to take advantage of the programs being offered to help individuals and businesses through this current situation. Don't let your guard down! Remember, the IRS and banks will not contact you for bank account information or to verify social security numbers or information on your tax return. Also, you should not pay anyone a fee to process your stimulus check. The Federal Communications Commission (FCC) is receiving reports of potential scams, warning on their website:

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Families First Coronavirus Response Act

President Trump signed the Families First Coronavirus Response Act (FFCRA H.R. 6201) shortly after it passed through the Senate on March 18, 2020. The legislation applies to companies with 500 employees or less employees. The employer cost of these expanded programs will be absorbed by available tax credits included in the bill.

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APRIL 15TH FILING AND PAYMENT DEFERRAL INFORMATION

Yesterday, Treasury Secretary Mnuchin announced plans for the federal government to allow a deferral of tax payments for individuals up to $1 million and Corporations up to $10 million originally due April 15th to be paid by July 15, 2020 without incurring penalty and interest charges. The filing deadlines of those returns have not been automatically extended, so individual and C Corporation returns without a filing extension, are still due on April 15th .

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Benefits of Outsourcing

Outsourced Accounting

Business clients often ask us:  Should we outsource our accounting needs?  What exactly are the benefits we can expect?

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2019-2020 Tax Tips and Planning Strategies

Year-End Tax Planning

As we near the end of 2019, we are sharing an overview of the most significant changes under the Tax Cuts and Jobs Act (TCJA) and other key tax provisions you need to be aware of moving into 2020 with strategies for your individual and business situation. For a copy of our planning guide, contact us at info@brinkersimpson.com.

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Important Changes Coming on the Fair Labor Standards Act

As we near the beginning of the end (of 2019), it is crucial that employers account (literally and figuratively) for changes in the law.

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