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2021 Tax Calendar
To help you make sure you don’t miss any important 2021 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them.
New Law Provides Option to Delay Implementing the Updated CECL Standard
The Consolidated Appropriations Act (CAA), signed into law on December 27, 2020, includes a variety of economic relief measures. One such measure allows certain banks and credit unions to temporarily postpone implementation of the controversial current expected credit loss (CECL) standard. Here are the details.
What's Improved in QuickBooks Desktop 2021
With the beginning of a new year, Intuit has released new versions of QuickBooks 2021. These updated versions are complete with new and improved features to help you run your business. The tools are to empower you and help you work more efficiently. Continuing reading to see what is improved. 
Form 1099-NEC
Businesses that generally report payments to workers on Forms 1099-MISC will need to adapt. Beginning with the 2020 tax year, payments of at least $600 made for services performed by a non-employee must be reported on the new Form 1099-NEC (Nonemployee Compensation). Previously this information was reported on Form 1099-Misc, box 7.
Employee Retention Tax Credit
COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Employers that keep workers on their payrolls might be eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law.
Make Your Legacy Last by Educating Your Children About Wealth Management
If you’ve worked to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive.
Prevent and Detect Insider Cyberattacks
In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization, then used stolen customer lists to start his own mortgage business. The perpetrator hacked the protected records by sending an email containing malware to a coworker.
The Right Entity Choice: Should You Convert From a C to an S Corporation?
The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in some circumstances, there are potentially costly tax issues that you should assess before making the decision to convert from a C corporation to an S corporation.
Economic Impact Payments
The Internal Revenue Service urges people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers.  The IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as stimulus payments, last week. The direct deposit payments may take several days to post to individual accounts.
Consolidated Appropriations Act 2021
At the end of 2020, Congress passed and President Trump signed the Consolidated Appropriations Act, 2021 (“CAA”). Attached are letters covering specific tax provisions included in the CAA that may be of interest to you.
2021 Q1 Tax Calendar: Key Deadlines For Businesses And Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
Illinois Minimum Wage Change
Beginning January 1, 2021, Illinois minimun wage is increasing to $11 an hour. This follows the path that Governor JB Pritzker signed into legislation in 2019. Minimum wage employees received increases on January 1, 2020 to $9.25 an hour and July 1 to $10 an hour.

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