Renner Individual News; July 13, 2022 If you’re like many individual taxpayers, you probably find quarterly estimated tax payments a fundamental challenge. You owe tax on your income as you earn it, throughout the year. However, you don’t know for sure how much tax you owe until you complete your return, after the year is … Continued
Renner Business News; July 11, 2022 If the statistics tell us anything about fraud — and they tell a lot — it’s that businesses of all sizes, and in all industries, fall victim to fraud. And, typically, the perpetrator turns out to be a trusted employee. That’s a surprise that hits the victim company almost … Continued
Renner Individual News; July 5, 2022 There’s nothing easy about losing a loved one. Filing his or her final tax return doesn’t have to be difficult, though. “Gather what (documents) you have and then call us,” said John J. Renner, II, CPA and founder of Renner and Company. “It’s difficult because it’s mysterious. It’s the … Continued
Renner Business News; June 27, 2022 As a result of the COVID-19 pandemic, several new programs were created to help businesses survive and continue to pay employees. One of these programs was the Employee Retention Tax Credit (ERTC), which was created with the CARES Act of 2020. ERTC provides a refundable credit on certain employment … Continued
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
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
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
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
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