Bush and Associates CPA can assist clients with new laws and deductions
Bush and Associates CPA opened in 2020 as an alternative to the larger national firms in terms of talent and resources while providing quicker and personalized service for clients. Tax season is coming soon with many changes and deductions that Bush and Associates CPA can assist in accounting and tax needs.
The Employee Retention Credit is designed for businesses that continued paying employees during shutdowns due to Covid-19 or had a significant decline in gross receipts between March 13, 2020, and December 31, 2021. To be eligible, employers must have the following:
- Sustained a full or partial suspension of operations due to orders from a governmental authority.
- Experienced a significant decline in gross receipts during the period.
- Qualified as a recovery startup business for the 3rd or 4th quarter of 2021.
Bush and Associates CPA can assist with an amended quarterly federal tax form (941x). Clients may qualify if they received PPP, but a phase-out will be used. Qualified clients can receive up to $26,000 per eligible employee.
As for the Credit for Sick & Family Leave for Certain Self-Employed Individuals. This is a credit that was enacted through the Cares Act and extended through the American Rescue Plan. This credit allows for a qualifying self-employed individual (paid via 1099/cash/partner in a partnership), to claim reimbursement from the IRS for days they may have missed for being out sick with covid, caring for another with covid, or taking care of their dependent child who was forced to stay home.
- Sick Leave – You were out sick with covid; or taking care of another with covid (MAX 10 days per qualifying period, capped at $511/day)
- Family Leave:
- Period 1 – Taking care of your dependent child (MAX 50 days, capped at $200/day)
- Period 2 – Taking care of your dependent child; or another (MAX 60 days, capped at $200/day)
- Period 1 – 3.1.20 – 3.31.21 (Can claim 2020 or retroactively in 2021)
- Period 2 – 4.1.21 – 9.30.21
In addition to extensive work in the accounting profession, Bush and Associates is actively involved in the community. It is our passion to contribute to Nevada and all its residents.
For information, visit bushandassociatescpa.com or call 702.703.5979. Follow on Facebook and Instagram @ bushandassociatescpa, and Twitter @ bush_cpa.
About Bush and Associates CPA
In 2020, Bush and Associates CPA opened its first location in Henderson, Nevada. Since its inception, Bush and Associates has been actively involved in providing the most reliable and relevant accounting, consulting, and tax services for businesses across all industries. They have always practiced at the profession’s highest level, upholding the highest level of ethics and values. Bush & Associates is registered with the Public Company Accounting Oversight Board (PCAOB). In addition to extensive work in the accounting profession, Bush and Associates is actively involved in the community with a passion for contributing to Nevada and all its residents.