New bill would change tax rules for cryptocurrency purchases
A group of lawmakers teamed up Thursday to introduce bipartisan legislation that aims to create a workable structure for taxing purchases ma
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Adam Borman
- Jan 21, 2022
- 3 min
DOES FARM BUSINESS ACCOUNTING MATTER?
What is one of the most important jobs on the farm that is also the most neglected job? Without a doubt, it is the farm business...
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ELO CPAs & Advisors
- Jan 11, 2022
- 5 min
Tax season to start on Jan. 24
The Internal Revenue Service said Monday that it will begin processing and accepting 2021 tax returns on Monday, Jan. 24, and the filing...
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ELO CPAs & Advisors
- Oct 20, 2021
- 1 min
Mitchell Workforce Development Grant Applications Due By Nov 1st, 2021
Mitchell Area Development Corp. was awarded $50,000 in matching funds from the Governor’s Office of Economic Development for workforce...
33 views0 comments
ELO CPAs & Advisors
- Oct 18, 2021
- 1 min
Social Security wage base to increase in 2022
The Social Security wage base will increase from $142,800 to $147,000 in 2022, higher than the $146,700 high-cost estimate and lower than...
102 views0 comments
ELO CPAs & Advisors
- Aug 19, 2021
- 1 min
Truckers must file highway use tax form this month
Clients who’ve registered or who are required to register large trucks and buses must file the 2021 Form 2290, “Heavy Highway Vehicle Use Ta
26 views0 comments
ELO CPAs & Advisors
- Aug 9, 2021
- 2 min
IRS Gives New Guidance on Employee Retention Credit
Those changes include, among other things, (1) making the credit available to eligible employers that pay qualified wages after June 30,...
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ELO CPAs & Advisors
- Jul 19, 2021
- 2 min
IRS issuing more refunds for taxes paid on excludible unemployment compensation
The IRS, in a News Release, announced it is issuing another round of refunds to taxpayers who paid taxes on excludible unemployment...
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ELO CPAs & Advisors
- Jun 1, 2021
- 4 min
President's budget contains many tax proposals
President Joe Biden’s administration unveiled its proposed budget for fiscal year 2022 on Friday. Treasury says the $6 trillion proposed...
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ELO CPAs & Advisors
- Jan 18, 2021
- 1 min
1099/W-2 Filing Deadline is Approaching Fast
Copies of 1099s & W-2s must be mailed to recipients by January 31st. Complete information is due to ELO by this Friday, January 22nd or...
82 views0 comments
ELO CPAs & Advisors
- Dec 7, 2020
- 1 min
COVID-19: IRS Issues Guidance on Forgiven PPP Loans; Congress Reacts
In new guidance, the IRS clarified that a taxpayer that received a Paycheck Protection Program (PPP) loan may not deduct expenses if, at...
82 views0 comments
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- Sep 29, 2020
- 5 min
The Various Tax Plans
With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s position on issues.
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