About Accel

Accel Tax & Business Services combines the dedicated client service expected from a small firm with the experience and capabilities typically found in larger ones. It is this combination that has established our Charleston, Mt. Pleasant based firm for growing businesses, entrepreneurs, professionals and individuals with traditional, special or unique tax, accounting and business advisory needs.

Tax-Free Employee Reimbursements for Covid-19 Costs

Here is a tax-planning opportunity for employers: offer your employees a reimbursement of Covid-related costs. The reimbursement will be fully deductible by you and tax-free to the employee. IRC Section 139 allows employers to  reimburse employees for necessary personal, family, living or funeral expenses incurred as a result of a qualified disaster.  Why is [...]

Tax-Free Employee Reimbursements for Covid-19 Costs2021-10-04T15:48:43+00:00

Continued IRS Refund Delays

Update 8/20/21: In addition to the refund processing delays described below, the IRS is also experiencing delays in processing payments that has led to clients receiving erroneous balance due statements. It seems that IRS is quickly cashing payment checks, but it can take several weeks before IRS credits the payment to the taxpayer's account. [...]

Continued IRS Refund Delays2021-08-20T12:07:15+00:00

Child Tax Credit Expansion Begins July 15

Congress expanded the child tax credit earlier this year, and the IRS will on July 15 make its first batch of monthly payments to about 39 million families with children. Tens of millions of households will receive up to $250 a month per child between age 6 and 17 and up to $300 per [...]

Child Tax Credit Expansion Begins July 152021-05-19T17:05:06+00:00

File Your Tax Returns on Time – Even If You Can’t Pay

Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the full amount due, but if you can't, there are several options. Let's take a look at a few scenarios: 1. An individual taxpayer owes taxes, but can't pay in full by the deadline. If this is the case, file [...]

File Your Tax Returns on Time – Even If You Can’t Pay2021-05-05T17:12:58+00:00

Not All Tax Due Dates Are Extended to May 17

You may have read that the IRS this year has extended the traditional April 15 individual tax deadline to May 17. This extension applies to both the filing due date and the due date to pay any taxes due with the return. However, the IRS has NOT extended the due date for making first [...]

Not All Tax Due Dates Are Extended to May 172021-03-19T18:57:00+00:00

Summary of the COVID-Related Tax Relief Act of 2020

The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate, it was signed into law by President Trump on December 27, 2020. Here are a few [...]

Summary of the COVID-Related Tax Relief Act of 20202021-01-18T15:36:52+00:00

1099-Misc and 1099-NEC Reporting Rules in a Nutshell

Note: Beginning with the 2020 tax year, Form 1099-NEC ("nonemployee compensation") has replaced Form 1099-Misc for payments to subcontractors. Form 1099-Misc remains in use for payments to attorneys and landlords. Businesses that have a Form 1099-Misc or 1099-NEC reporting requirement must issue the forms to recipients by January 31. Here is a brief summary [...]

1099-Misc and 1099-NEC Reporting Rules in a Nutshell2021-01-20T14:46:07+00:00

All About the Expanded Employee Retention Tax Credit

The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses. One of the bill's key provisions is an expansion of the employee retention credit (ERC), [...]

All About the Expanded Employee Retention Tax Credit2020-12-22T13:20:39+00:00

COVID Relief Bill Extends and Expands PPP Loans

The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses. The legislation, the Consolidated Appropriations Act, 2021, also ensures tax deductibility for business expenses paid [...]

COVID Relief Bill Extends and Expands PPP Loans2020-12-22T13:08:00+00:00

R&D Tax Credits Can Provide a Valuable Tax Benefit

U.S. tax law provides a valuable benefit — in the form of a nonrefundable tax credit — for businesses that engage in qualified research and development activities (see a list below). The Sec. 41 credit, which amounts to as much as 20% of the excess of qualified research expenditures for the tax year over [...]

R&D Tax Credits Can Provide a Valuable Tax Benefit2020-11-25T15:58:48+00:00
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