Renner Business News; June 14, 2021—Mary Ann Dougherty, CPA The Commonwealth of Virginia has a new, one-time filing requirement for corporations, including nonprofits, operating in Virginia. The report’s purpose is informational, but the penalty for not filing timely is significant. What is a Unitary Business? Virginia defines a “Unitary Business” as a single economic enterprise made … Continued
Renner Firm News; May 26, 2021 Andrew Young, a shareholder at Renner & Company, has been selected as a member of the Alexandria Chamber of Commerce’s 2021 Class of 40 Under 40. The program, in its sixth year, recognizes top individuals, less than 40 years of age, from Alexandria and the surrounding region in a … Continued
Renner Individual News; March 22, 2021—Joan M. Renner, CPA, CGMA Virginia has moved the deadline for filing 2020 individual tax returns to May 17, aligning the Virginia due date with the new due date for federal returns. Last week, the IRS gave individual taxpayers until May 17 to file their 2020 federal returns. While many … Continued
Renner Individual News; March 19, 2021—Joan M. Renner, CPA, CGMA Amid the second tax season of the pandemic, the IRS is giving individual taxpayers another month to file their 2020 returns. While many taxpayers will benefit from this extra time, others will not. How will this change affect your tax filing deadlines? More time to … Continued
Renner Business News; January 18, 2021–Joan M. Renner, CPA, CGMA To address devastating losses from the COVID-19 pandemic, new laws will bring businesses some relief on their 2020 federal tax returns. The CARES Act has loosened limits on deducting 2020 business interest and net operating losses, and the Consolidated Appropriations Act of 2021 (CAA) has clarified favorable tax treatment … Continued
Renner Business News; January 13, 2021—Joan M. Renner, CPA, CGMA The Consolidated Appropriations Act of 2021 (CAA) includes a number of provisions to help small employers affected by the pandemic. One of the biggest features is the expansion of the Paycheck Protection Program (PPP) originally created by the CARES Act. The new law extends the … Continued
Renner Business News; January 11, 2021—Joan M. Renner, CPA, CGMA The Consolidated Appropriations Act of 2021 (CAA) includes a number of provisions to help small employers affected by the pandemic. If you have had employees who were unable to work due to COVID-19 illness, quarantine or school closings, the Families First Coronavirus Response Act (FFCRA) funds up to 12 … Continued
Renner Firm News; November 2, 2020 The Virginia Society of CPAs (VSCPA) champions the accomplishments of women in the accounting profession and has created the Women to Watch Awards for established and emerging female leaders in the accounting profession. Winners will be recognized at the second annual Women’s Leadership Forum in December. In 1898, when … Continued
Renner Business News; April 27, 2020—Joan M. Renner, CPA, CGMA A new COVID-19 relief package is expected to provide $310 billion additional Paycheck Protection Program (PPP) funding very soon to help small businesses and charities amid the COVID-19 crisis. Organizations can use PPP loans to pay rent, payroll, utilities and existing mortgage interest. After eight … Continued
Renner Business News; April 14, 2020—Joan M. Renner, CPA, CGMA The IRS has provided guidance for employers who want to take advantage of the Employee Retention Credit. Small businesses and nonprofits experiencing economic hardship related to the COVID-19 crisis can claim a refundable credit for half the amount of wages paid to employees from March 13 through … Continued