NEWS & RESOURCES
1099 & Year-End Reporting/Compliance Requirements for 2021 and What’s Changing in 2022
What you should know about 1099 changes for 2021, as well as year-end reporting and compliance requirements if you have employees.
Kernutt Stokes Joins BDO Alliance USA
Kernutt Stokes has joined BDO Alliance USA, a nationwide association of independently owned local and regional accounting, consulting, and service firms with similar client service goals.
Simplifying the New Lease Standard
Under the new lease accounting standard, ASC 842, private companies are required to adopt for annual financial reporting periods beginning after December 15, 2021, which is 2022 for calendar year-end companies. It’s essential that businesses start planning now if they haven’t already.
We’ve put together a quick reference guide which simplifies the new lease standard and answers commonly asked questions.
Oregon Pass-Through Entity Tax Rate Modifications
Oregon has allowed a reduced tax rate for qualifying income for sole proprietorships, partnerships and S corporations that is taken on your individual return. The qualifying income must be from a business you materially participated in and the business must have employed at least one non-owner employee worked a minimum of 1,200 hours.
Kernutt Stokes Names New Partners
Kernutt Stokes is pleased to announced that Brent P. Laird, CPA, and Jennifer L. Cranford, CPA, have been named partners in the firm.
Kernutt Stokes Relocating Corvallis Office in June
Kernutt Stokes is relocating from its current downtown Corvallis location to the Kings Crossing professional offices in June. The new office will be 6,000 square feet, much larger than the current office, and will have space for up to 21 employees. The new office address will be 2273 NW Professional Drive; the firm will occupy the entire second floor of the building.
Restaurant Revitalization Fund Summary
As a part of the American Rescue Plan of 2021, passed in early March, a $28.6 billion Restaurant Revitalization Fund (RRF) was established. This fund was established to assist the hardest hit industries during the pandemic.
Tax Credits Available for Providing Employees Paid Leave for COVID-19 Vaccinations
Earlier this year, Congress passed the American Rescue Plan Act of 2021 (ARP). The Act provides a refundable tax credit for eligible employers that provide paid sick and family leave to their employees due to Covid-19.
More Details Available About May 17 Extension
The IRS recently issued Notice 2021-21, providing more details about the extension of individual tax filings to May 17. The notice is summarized in this Journal of Accountancy article.
IRS Extends Tax Deadline for Individuals Until May 17
IRS Extends Tax Deadline for Individuals Until May 17The IRS has announced that the deadline for federal tax filings and payments for individuals for the 2020 tax year has been extended to May 17, 2021. Individuals who owe tax payments for the last tax year, including...