Extended Tax Deadline

The Treasury Department and Internal Revenue Service have announced that the federal income tax filing and payment due dates for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. Individuals do not need to take any...

Employee Retention Credit Expansion

Dear Valued Clients and Friends of Burkhart & Company, The Consolidated Appropriations Act, 2021 extends and expands the employee retention credit first created under the CARES Act. As these new rules allow many previously ineligible employers to qualify for the...

Consolidated Appropriations Act, 2021

Dear Valued Clients and Friends of Burkhart & Company, On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021. The bill consists of $300 billion in aid for small businesses, stimulus payments to individuals, additional unemployment...

Individual Year-End Planning

Each individual taxpayer’s year-end planning should consider the unique challenges and opportunities that this year presents. By the Numbers The tax rates for 2020 are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The standard deduction for 2020 is $24,800 for married filing...

Business Year-End Planning

Each business should consider the unique challenges and possible opportunities that this year presents. Please see below a list of potential strategies and provisions that you may be able to utilize and should keep in mind as we approach year end. Deferring Income and...

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...