Blog

The Latest from Us

Tennessee SERG Program

Dear Valued Clients and Friends of Burkhart & Company, 2020 has certainly been a year to remember. As challenges related to COVID-19 continue, it is important to stay informed as new relief measures are released. Even as Congress continues to work on a new round...

read more

COVID-19 Relief Provisions

Dear Valued Clients and Friends of Burkhart & Company, The COVID-19 crisis has given rise to unprecedented economic relief legislation. It is important that every business owner and individual, whether employed or not, come to understand what provisions apply to...

read more

Paycheck Protection Program

A major component of the CARES Act is the Paycheck Protection Program.  It is aimed at keeping workers employed during this pandemic and economic decline.  The initiative provides for 100% federally guaranteed loans to small businesses.  If borrowers maintain their...

read more

Tennessee Extends Hall Income Tax Deadline

The Tennessee Department of Revenue has extended the due date for filing and paying the Hall income tax from April 15, 2020 to July 15, 2020. Taxpayers will have until July 15, 2020, to file returns and make any payments originally due on April 15, 2020. Interest and...

read more

Tennessee Extends Franchise and Excise Tax Deadline

The Tennessee Department of Revenue has extended the due date for filing and paying franchise and excise tax from April 15, 2020 to July 15, 2020. Taxpayers will have until July 15, 2020, to file returns and make any payments (including quarterly estimated payments)...

read more

IRS Allows Businesses to Recoup Virus-Related Leave Costs

Small and mid-size businesses will be able to recover some of their coronavirus-related costs under new guidelines from the IRS and the Treasury and Labor departments. IRS and Treasury announced in a news release Friday that those businesses would be able to take...

read more

COVID-19 Update from Burkhart & Company, P.C.

Dear valued clients and friends of Burkhart & Company, In response to COVID-19 and governmental and health agency guidelines, we are writing to update you on our Firm’s adjustments. Effective today, March 17, 2020, Burkhart & Company team members will be...

read more
IRS updates rules for mileage-related deductions

IRS updates rules for mileage-related deductions

The IRS has issued new guidance updating the rules for using optional standard mileage rates when calculating “above-the-line” deductions for the costs of operating an automobile for certain purposes. IRS Revenue Procedure 2019-46 also lays out rules for establishing...

read more
Business year-end tax planning in a TCJA world

Business year-end tax planning in a TCJA world

The first tax-filing season under the Tax Cuts and Jobs Act (TCJA) was a time of uncertainty for many businesses as they struggled with the implications of the law’s sweeping changes for their bottom lines. With the next filing season on the horizon, you can...

read more
It’s not too late to trim your 2019 tax bill

It’s not too late to trim your 2019 tax bill

Fall is in the air and that means it’s time to turn your attention to year-end tax planning. While several clear strategies and tactics emerged during the first tax filing season under the Tax Cuts and Jobs Act (TCJA), 2019 and subsequent years bring potential twists...

read more
IRS issues final QBI real estate safe harbor rules

IRS issues final QBI real estate safe harbor rules

Earlier this year, the IRS published a proposed safe harbor giving owners of certain rental real estate interests the opportunity to take advantage of the qualified business income (QBI) deduction. The QBI write-off was created by the Tax Cuts and Jobs Act (TCJA) for...

read more
DOL expands retirement plan options for smaller businesses

DOL expands retirement plan options for smaller businesses

The U.S. Department of Labor (DOL) has released a final rule which should make it easier for smaller businesses to provide retirement plans to their employees. According to the DOL, the rule will enable more small and midsize unrelated businesses to join forces in...

read more
IRS wheels out additional guidance on company cars

IRS wheels out additional guidance on company cars

The IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for passenger automobiles — including light trucks and vans — used in their businesses. Revenue Procedure 2019-26 includes different limits for purchased...

read more
The Department of Labor proposes updated overtime rule

The Department of Labor proposes updated overtime rule

The Trump administration has released its long-awaited proposed rule to update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. The rule increases the minimum weekly standard salary level for both regular workers and...

read more
2019 tax calendar

2019 tax calendar

To help you make sure you don’t miss any important 2019 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like...

read more