Scott and Company Advisor
Recordkeeping Tips to Keep the IRS Away
With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most commonly encountered pitfalls. Here are some tips to help keep the proper records. Receipts – Even though the IRS does not…
How Biden’s Proposed American Families Plan Might Affect You
President Biden presented his proposed American Families Plan (AFP) during his Joint Session of Congress address on April 29, 2021. What follows is an overview of what is included in the plan. But this is only his wish list; Congress will need to draft proposed legislation that will have to pass in both the House…
Employee Spotlight – Mike Aponte
Where did you go to college?I attended University of South Carolina. What year did you join Scott and Company? I joined Scott and Company as an intern in January 2018. I became a full-time team member in the firm’s Assurance and Advisory practice in December 2018 Why did you choose Scott and Company?I was drawn to…
Tax Court Decision Holds Potential Impact for Travel Deductions
There are many professions that require taxpayers to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by the Tax Court – Soboyede, TC Summary Opinion 2021-3, 1/26/21 – has apparently established a new standard for what the IRS is…
Big Increase in Child Tax Credit For 2021
An increased child tax credit is part of President Biden’s stimulus package to help tackle the coronavirus pandemic and stimulate the economy. This stimulus package, which was passed by Congress on March 10, 2021, and is known as the American Rescue Plan Act, will provide lower-income parents with substantial financial assistance and support various other…
Recent Blog Posts
- What to Expect from Potential Tax Changes Under President Trump’s New Term — and How to Prepare
December 6, 2024 - Holiday Gifts That Offer Tax Benefits for You and Your Loved Ones
December 6, 2024 - The SCALE Method for CECL: A Streamlined Approach to Expected Credit Losses
October 16, 2024 - Avoiding the Scavenger Hunt for Your Estate
October 16, 2024
Correcting Potential Errors Relating To CARES Act Loans
Scott and Company Advisor, Volume 6 Issue 3
During the first year of the COVID-19 pandemic, Congress provided plan sponsors with a broad toolkit to help employees access retirement assets and manage loan repayments. However, many of the provisions associated with retirement plan loans in the Coronavirus Aid, Relief and Economic Security (CARES) Act have now expired. Plan sponsors should work with their…