Be on the lookout for two very important letters coming in January from the IRS. The Third Stimulus Payment (Letter 6475) and Advanced Child Tax Credit payments (Letter 6419). Preparation of your tax return could be delayed without these letters.…
Issuing 1099’s in January may seem like it was months ago but eventually the IRS sorts through all of the forms and is able to identify mismatches or missing information on the 1099’s that were issued. For many businesses, the…
Today, on October 3rd, 2021, we are celebrating TEN YEARS in business!! As we look back over the past 10 years we are so thankful for all of our amazing clients and team members who have helped us get to…
As we see COVID cases and hospitalization rates increase in recent weeks, we would like to remind employers in Central Iowa that COVID relief legislation includes payroll tax credits (available through September 30, 2021) to help reduce the spread of…
Its July 15th 2021, and if you have kids under 17, the IRS may have sent you the first advance payment of the Child Tax Credit. As a reminder, the advance payment for kids under six is $300 monthly. The…
Assume for a moment, you have a 14 year old child. Here are the two options the IRS is giving you to claim the child tax credit in 2021: Option A: Receive a $3,000 child tax credit when you file…
As seems to be the ongoing trend….the Paycheck Protection Program (PPP) has changed again. Here’s what we know as of now! The Biden administration announced new rules, changing eligibility for self-employed (schedule C) businesses. PPP loans can now be based…
The Iowa Restaurant and Bar Relief Program will provide financial relief to some of the most impacted businesses during the COVID-19 pandemic, restaurants and bars. Eligible businesses must show a decrease in gross sales of at least 15% during the…
Attention Farmers! The time is here, and the Beginning Farmer Tax Credit application is now available. If you are a beginning farmer renting from or crop sharing with someone this might be for you. Don’t wait to check it out,…
The Paycheck Protection Program is reopening for applications again today. Please review the important information below outlining updates to the Paycheck Protection Program. If you would like BakerStarrett’s assistance determining eligibility and applying for a PPP loan (this is a…