Paycheck Protection Program
Both First and Second Draw PPP Loans can now be (generally) forgiven. There are deadlines that must be met: if you have not applied for forgiveness yet, please do so as soon as possible. Contact us if you need assistance.
Additional information can be found at the link below:
Loan Forgiveness Application and Guidance
Advance Child Tax Credit
Taxpayers meeting certain criteria will receive a Child Tax Credit with their 2021 tax return. Eligible Taxpayers begin in July to receive monthly payments in anticipation of this credit, of up to $300/month for each qualifying child age 5 or younger, and $250/month for each qualifying child aget 6 to 17. For more info: Advance Child Tax Credit
Biden Income Tax Proposal
The Biden Administration has released a summary of anticipated Income Tax law changes. Highlights include:
- The top rate for high income Individuals would increase to 39.6%
- Capital Gains for high income Individuals would be at Ordinary Rates, not the current favorable Capital Gains rates
- The top Corporate income tax rate would increase from 21% to 28%.
Biden Estate/Gift Tax Proposal
The Biden Administration has released anticipated changes to Gift and Estate Taxes. In general, appreciation of assets would be subject to tax upon transfer by gift or upon death. The most significant exception would be transfers to a spouse.
At Baum & Baum Certified Public Accountants, P.C. we work tirelessly at maintaining the high standards and ethics clients should expect in a certified public accounting firm. To augment the personalized, professional service our clients have come to depend on, we now offer an online community and resource to keep up with the growing need for simplified and efficient online services.
Click here for Fast Support
Click here for Drop Box
Tax Refund Status:
You can check on the status of your IRS tax refund here.
You can check on the status of your NYS tax refund here.
You can check on the status of your CT tax refund here.
You can check on the status of your NJ tax refund here.
Please check our Alerts page for information on scams you should be aware of.
Through the ShareFile Login box above you can access a secure platform through which you can upload files to and download files from us. ShareFile has critical advantages:
- Access to vital documents immediately from any location with internet access via a secure, private repository.
- Easily upload documents of all sizes.
- The portal is a convenient electronic storage space in which files can be downloaded and uploaded, while maximizing the security of sensitive information
- Can be used with both PC’s and MAC’s (running an Intel-based processor).
Many clients like to have a “pdf” version of their tax return available in their portal; it is readily available if needed for refinancing, etc. Others have started to use their portal to upload documents or QuickBooks files to us, rather than mailing them.
If you don’t yet have a Sharefile user account, please email Alanna@baumtax.com to request one. If you have any questions, please call. Alanna is our firm expert, but we are all familiar with it.