January, 2021
Tax & Accounting Solutions LLC (505) 984-0646
New Relief is in Sight

In addition to vaccines that are making their way into the arms of New Mexicans, the new year brings financial relief to businesses and individuals who have been impacted by the pandemic. Some of the details (such as how to apply for new PPP loans) are still pending SBA rules, but you will find highlights of the legislation below.

January is the time to begin collecting your records in preparation for tax reporting. And businesses get one more day to prepare and submit 1099 and W-2 forms because the usual deadline, January 31, falls on a Sunday.

Questions? We're here to serve you! Just call to schedule an appointment.

Here's to a healthy and happy 2021!

Another economic impact payment is on its way
Some people may have already received a direct deposit from the U.S. Treasury. The new stimulus payment authorized by the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 is quickly rolling out to provide eligible taxpayers with $600.

Time to gather those documents
As you gather your W-2s and other documents in preparation for meeting with us, take a look at last year's taxes to see what might be missing. Previous documents can be a reminder of everything needed for this year.

"Double-dip" into PPP allowed by new relief bill

The Coronavirus relief bill of 2021 authorizes $285 billion in PPP loans to covid-impacted businesses, including businesses that received funding in previous PPP rounds. Forgiveness rules have also been expanded.

Cyberthieves are everywhere

The recently exposed hack of private and government computers underscores the vulnerability of all data - even data managed by small businesses. But there are a few steps you can take.

Jan. 15
Individuals must remit 2020 Quarter 4 IRS tax estimates.

Feb. 1
Employers must distribute and file Form W-2 and other wage statements.
Employers must distribute and file Form 1099 non-employee compensation reports.

We're here to help. Call if you would like assistance filing reports or preparing your documents.