The cherry blossoms are almost ready to pop! The tax deadline was moved! People are getting vaccinated! So many things to be grateful for right now.
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Spring is here! The cherry blossoms are almost ready to pop!  The tax deadline was moved!  People are getting vaccinated!  So many things to be grateful for right now.
There is just one, tiny request that I have for those who are reading…especially my AWESOME clients!  We are a finalist for the Best Bookkeeper in Loudoun again this year!  If we win this one it will be 4 years in a row thanks to YOU!

If you could please take 5 minutes and vote for Yield it would be hugely appreciated!  Voting ends this Friday!
April Fools day idea for the office

- Rochelle Dallons, Owner and CEO of Yield Bookkeeping Services
Individual Federal Income Tax Deadline Extended
On March 17th the IRS issued a statement that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended to May 17, 2021. While we await further guidance from the IRS, below are several key points based off of what we know as of now:

This is for Individual Filers
The initial statement did not include businesses or fiduciary returns (Forms 1120 or 1041), nor does it include gift tax return Form 709. While this may change if further guidance is released, as of this writing, the statement only identifies individual filers.

This is an Automatic 4-Week Extension
Individual taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment relief. If you need to file beyond the May 17th date, you must follow the normal extension process, and file Form 4868.

Q1 Estimated Payments are still due April 15th
This relief does not apply to estimated tax payments that are due on April 15, 2021. First quarter 2021 federal estimated tax payments are still due on the original April 15 due date. In general, estimated tax payments are made quarterly to the IRS by people whose income is not subject to income tax withholding, including self-employment income, interest, dividends, alimony or rental income.
YIELD Client Spotlight
AlphaCOI is COI Management at Your Fingertips.

This app is WONDERFUL for clients who have a lot of contractors who have their own Certificates of Insurance! Businesses such as Construction companies would greatly benefit from having all insurance and contractor docs in one central location for easy tracking.
Check it out!

AlphaCOI Insurance Certificate Management is cloud-based and online 24x7. At the fraction of the cost of an administrative assistant.

Annual audits can add a costly administrative burden to those that have not maintained their insurance certificate tracking throughout the year. A system that manages expiration of policy periods and notifies of out of coverage of your vendors, subcontractors, can significantly save time and money.  AlphaCOI has interfaces for multiple types of small business.  

>> Watch their welcome video here.
Small Business Owners Roundtable Events
Are you a Small Business Owner? Would you like to collaborate and engage with a community of other business owners?

These Roundtable events have been created with the Small Business Owner’s needs in mind. Each month we will process issues to allow for growth.

Our next event will be April 15th, 2021!!
I  would like all of you that are business owners to consider joining our Small Business owners Roundtable group. We meet online via Zoom once a month on the 3rd Thursday of the month from 4-5 pm. 
Extended Employee Retention Credit (ERC)
We want to be sure that our clients are aware of the extended Employee Retention Credit (ERC), a broad-based refundable tax credit from the IRS designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll.

As a result of the newest legislation, eligible employers can now claim a refundable tax credit against the employer share of Social Security tax equal to 70% of the qualified wages they pay to employees after December 31, 2020, through June 30, 2021. Qualified wages are limited to $10,000 per employee per calendar quarter in 2021. Thus, the maximum ERC amount available is $7,000 per employee per calendar quarter, for a total of $14,000 in 2021.

Effective January 1, 2021, employers are eligible if they operate a trade or business during January 1, 2021, through June 30, 2021, and experience either:
  1. A full or partial suspension of the operation of their trade or business during this period because of governmental orders limiting commerce, travel or group meetings due to COVID-19, or
  2. A decline in gross receipts in a calendar quarter in 2021 where the gross receipts of that calendar quarter are less than 80% of the gross receipts in the same calendar quarter in 2019 (to be eligible based on a decline in gross receipts in 2020 the gross receipts were required to be less than 50%).

We hope you find this information useful and as always, we recommend you consult with your tax adviser or counsel to see how your business can take advantage of this newly expanded ERC.
Please visit our website at for more information!
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Yield Bookkeeping Services LLC
42395 Ryan Road
Suite 112 #198
Brambleton, VA 20148
United States

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