Employee Retention Credit Archives

Summer 2026 Tax Updates Business Owners, Investors & California Taxpayers Should Know

By Office Staff|2026-06-24T14:26:07-07:00June 24, 2026|Categories: Tax Planning|Tags: California Franchise Tax Board, Digital Assets, Employee Retention Credit, Qualified Small Business Stock, Tax Notices|0 Comments

Summer may feel like a quiet time for tax planning, especially after the spring filing rush. In reality, some of the most important tax planning windows open midyear, when business owners, real estate investors, individuals, and families still have time to make informed decisions before the end of the year.

This summer, several federal tax updates deserve attention. Some involve deadlines. Others are focused on Internal Revenue Service (IRS) account access, digital assets, qualified small business stock (QSBS), Health Savings Accounts (HSAs), disaster relief, and Employee Retention Credit claims (refundable tax credits for businesses and non-profits that kept employees on their payroll during pandemic-related government shutdowns or significant revenue declines). And for California taxpayers, the state’s Franchise Tax Board (FTB) identity verification notices deserve a closer look.

In this post, we explain what has changed, who may be affected, and what steps you may need to take before the next tax season catches you by surprise. First up, summer deadlines.

Summer 2026 Tax Deadlines for Individuals and Business Owners

Two July deadlines stand out for taxpayers and business owners.

First, July 6, 2026, marks the deadline for certain Section 174 elections tied to research and experimental expenditures. These rules may matter for businesses with software development, product development, engineering, scientific research, or other innovation-related costs.

Second, July 10, 2026, marks an extended deadline tied to possible COVID-era refund claims for penalties and interest. This deadline stems from litigation involving whether certain filing and payment deadlines received automatic disaster-related postponement during the COVID-19 disaster period (Jan. 20, 2021 – July 10, 2023).

Here’s what that means in plain English: Some taxpayers who paid penalties or interest connected to COVID-era filing or payment timing may have a potential refund claim. The rules remain technical, and the IRS may challenge claims depending on the facts, so it’s best to ask about this during your Summer 2026 Mid-Year Tax Appointment with us here at SWC.

IRS Business Tax Account Access: What Business Owners Should Review in Summer 2026

The IRS has continued to expand online access for business taxpayers. For S corporations and C corporations, certain individuals, known as Designated Officials, can use the IRS Business Tax Account to view information such as Continue reading… Continue reading… Continue reading…

The Infrastructure Investment and Jobs Act: What Taxpayers Need to Know

By Jennifer Shelton, CPA|2021-12-08T14:55:34-08:00December 8, 2021|Categories: Legislation, Taxes|Tags: CARES Act, Employee Retention Credit, Infrastructure Investment and Jobs Act, Jennifer Shelton|0 Comments

Lawmakers in Washington, D.C., are interested in many things, including opportunities for creating generation-defining legislation. So it was in November that Congress passed a bipartisan infrastructure deal with implications that included changing the end date of the Employee Retention Credit and establishing reporting requirements for cryptocurrency transactions.

The Infrastructure Investment and Jobs Act (H.R. 3684), which was signed into law on the Nov. 15 by President Biden, was originally introduced in the U.S. House of Representatives as the INVEST in America Act. It began as a $715-billion infrastructure bill to address provisions related to federal-aid highway, transit, highway safety, motor carrier, research, hazardous materials, and rail programs of the Department of Transportation (DOT).

During congressional negotiations, it was expanded to include funding for broadband access, clean water, and electric grid renewal. The revised version, renamed the Infrastructure Investment and Jobs Act, calls for approximately $1.2 trillion in spending.

In this post, we cover several new tax provisions in H.R. 3684 that may impact you as an individual taxpayer, contractor, or business owner.

New Tax Provisions for Individuals

As a result of the passage of H.R. 3684, the following tax provisions now apply to individual taxpayers: Continue reading… Continue reading… Continue reading…

2021 Year-End Tax-planning Tips for Business Owners

By Office Staff|2021-12-08T14:55:45-08:00November 23, 2021|Categories: Taxes|Tags: American Rescue Plan Act, Build Back Better, Business Meals, Business Taxes, Cryptocurrency, Employee Retention Credit, SBA, Work Opportunity Tax Credit|0 Comments

As we covered in “2021 Year-End Tax-Planning Tips for Individuals,” what you do this year can make a big difference in how much you pay in state and federal tax next year. And perhaps more important if you’re a business owner, it can impact your net worth for decades to come.

Because it stands to reason the more you save on taxes, the more money you have to invest in your businesses and your own future.

Paying attention to tax rules and regulations and how they impact your business finances has become especially important in recent years with the flurry of changes in response to the global pandemic and its economic impact, major shifts in government policies (and spending), business slowdowns and shutdowns, and more.

In this environment of disruption and uncertainty, having a well-thought-out tax plan in place enables you to minimize your obligations while using your tax savings to protect and grow your business and personal wealth.

Here at SWC, we encourage business owners to schedule a year-end tax planning and financial strategy session with your CPA. And if you are a business client of ours, you already know that we can help you reassess your business taxes and finances, adjust your plan to optimize outcomes, and take any year-end steps that can save the business money and protect and grow your personal net worth.

In the meantime, whether you’re a client of ours or you work with another firm, here’s a look at some tax issues for business owners to consider as you approach year-end 2021: Continue reading… Continue reading… Continue reading…

Midyear Tax Planning Tips for Individuals and Businesses

By Office Staff|2021-06-09T14:26:33-07:00June 9, 2021|Categories: Taxes|Tags: Child Tax Credits, Employee Retention Credit, Estimated Taxes, Investment Income, Mid-Year Meeting|0 Comments

If you’re waiting until around the 15th of March — or worse yet, April — to save on your taxes, you’re waiting too long. Sure, you can use certain approaches to trim your taxes when completing your annual tax returns, but the bigger savings come from what you do in the months and years prior to filing.

And with recent changes in the balance of power in Washington, D.C., a little mid-year tax planning is sure to help you avoid some nasty surprises in the Aprils to come. President Biden has released a plan that, if enacted, will result in higher tax rates for certain individual and corporate taxpayers. Only time will tell what will ultimately happen. We’re keeping an eye out for any new tax legislation and will alert you when changes occur. But now is a good time to review your finances, so that if any changes to tax laws do take effect, you’ll be better prepared to act.

In this post, we cover several tax-planning approaches you’ll want to consider now — midway in the year — whether you’re an individual taxpayer or a small-business owner.

SWC Client Reminder: It’s time to schedule your complimentary 2021 Mid-year Tax Planning and Financial Strategy Meeting. Visit www.SteesWalker.com and click on the Contact link at the top of page, followed by the “Schedule Your Appointment Online” button on the next page.

Tax-Planning Strategies for Individual Taxpayers

First, consider some tax-planning approaches for yourself as an individual taxpayer. From revisiting your tax withholding or estimated tax payments and taking advantage of lower tax rates on investment income, to timing your investment gains and losses and taking advantage of expanded credits for kids, there are several strategies you may want to consider.

First up, let’s have another look at your tax withholding and estimated tax payments: Continue reading… Continue reading… Continue reading…