700 N. Fairfax St. Suite 400 Alexandria, VA 22314

Ph: 703.535.1200 | Fx: 703.535.1205

700 N. Fairfax St. Suite 400 Alexandria, VA 22314 Ph: 703.535.1200 Fx: 703.535.1205

Cryptocurrency and Virtual Currency: Complex and Taxable

 Renner Individual News; December 15, 2021 Virtual currency transactions are taxable by law just like transactions in any other property. The IRS is aware that some taxpayers with virtual currency transactions may have incorrectly reported or failed to report income and pay the related tax. The IRS is actively addressing potential non-compliance in this area. … Continued

The CARES Act—Help for Small Businesses and Nonprofits Amid COVID-19

Renner Business News; April 4, 2020—Joan M. Renner, CPA, CGMA The CARES Act is still very new and, in some ways, its application is still being worked out.  However, business owners and nonprofit leaders should gain familiarity with the CARES Act to determine which provisions can help them, including: The Paycheck Protection Program, Emergency Economic … Continued

Virginia’s Return To Earn Grant Program

Renner Business News; July 29, 2021—Paige Mason, CPA On May 31, 2021, Governor Ralph Northam invested $3 million in the newly launched Return to Earn program for Virginia workers and small businesses. The program matches up to $500 paid to a new employee, up to 25 new employees, for childcare, transportation, or other barriers to … Continued

Child Tax Credit and Other Changes Affect Families with Children

Renner Business News; July 15, 2021—Justyna Zuchmanska, CPA Recent changes in the American Rescue Plan Act of 2021 affect families with children. The tax changes increase the child tax credit, the child and dependent care credit and dependent care flexible spending account limits (DCAP). These are temporary changes and apply only for 2021. Credit Increased … Continued

New Virginia Filing for Unitary Businesses Due July 1

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

Update: Virginia Follows IRS Due Date Move to May 17

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

IRS Moves 1040 Due Date to May 17

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

High-Five for Your 2020 Business Taxes—New Laws Bring Relief

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

New Law Allows PPP Second Draw for Hard-Hit Charities

Renner Nonprofit 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 time … Continued