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COVID-19 Updates & Resources
We are Here to Help you Navigate Through the COVID-19 Pandemic
The spread of COVID-19 has caused confusion, uncertainty and insecurity for just about every company throughout the United States and across the globe. Holbrook & Manter is here to help you navigate through these troubled times with up-to-date accounting resources, useful online tools and simplified explanations that tell you exactly what these government-issued updates mean for you, your business and your employees.
Helpful Resources and Websites:
…When selling your family business is your only option
For some business owners approaching retirement age, the next step is clear: Transfer the business to a son, daughter or other family member who knows the company and is eager to run it. But many owners don’t have that option. Their relatives may not be interested in or qualified for the job, or the owner may need the proceeds from a sale to retire in comfort.
Selling a family business, however, can be harder than selling other types of closely held companies. It’s important, therefore, to get good professional advice as soon as you make the decision to sell.
Advisors…
IRS delays start of tax season by two weeks
While tax season usually kicks off before we see the end of January, that won’t be the case this year. The IRS has announced a two-week delay to the season start date. February 12, 2021 is now the official opening day of tax season. It is important to note that this does not delay the deadline for filing your taxes. That date is still April 15, 2021.
Ways and Means Committee Chairman Richard R. Neal (D-Mass.) explained in a recent statement that he is disappointed that filing season would start later than usual, but is not surprised given the pressures…
IRS Prepares to Finalize Rules for 2020 Partnership Capital Reporting
After several rounds of revisions and reversals, the IRS is about to release its final version of instructions for partnerships to use when calculating and reporting their partners’ capital accounts on Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc. The instructions, which the IRS is expected to finalize within a few weeks, will apply to the 2020 tax year—the tax preparation season that is already underway for most organizations.
Although the IRS says it will provide penalty relief for the 2020 requirement as long as the partnership “takes ordinary and prudent business care in following the form…