VT Tax & Finance Blog

Meet The Expert: Matt Cleare

Aug 23, 2021
Matt Cleare has been advising Davis & Hodgdon business clients for 8 years. He brings a wealth of experience to the table having worked in the private and public sector and specializing in accounting, business management and strategy, tax, and finance.

PPP Borrowers File for Forgiveness

Aug 19, 2021
The Small Business Administration Vermont District Office is reminding Paycheck Protection Program (PPP) borrowers to submit their "forgiveness" paperwork. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.

Department of Education Announces Fourth Student Loan Payment Pause

Aug 18, 2021
On August 6, 2021, the U.S. Department of Education announced an extension of the pause on federal student loan payments to January 31, 2022. The payment moratorium, currently in effect for millions of…

IRS provide additional guidance to employers claiming the employee retention credit

Aug 12, 2021
The Treasury Department and the Internal Revenue Service issued further guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and additional guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021.

How to Know When Your Growing Business Needs a CPA Firm

Aug 11, 2021
Your small business is taking off and life is good! With growth comes the need to effectively manage and analyze your business’ (and your own) finances, and a lower-end or online tax service can only take you so far. Furthermore, a poorly prepared tax return and a well-prepared tax return can look identical to most business owners. But they’re not, and the stakes can be high when it’s not done well.

National Publication Names Davis & Hodgdon as a Best Accounting Firm to Work for in 2021

Aug 02, 2021
We are VERY excited to announce that for the fourth time Davis & Hodgdon Associates CPAs is included in Accounting Today's list of "Best Accounting Firms to Work for"! “We are extremely honored to be…

Inflation – What Investors Need to Know

Jul 29, 2021
As investors most of us have not dealt with sustained inflation for more than 40 years. However, many economists, such as former Treasury Secretary Larry Summers are now worried about the heightened risk of or rising inflation caused by massive fiscal and monetary stimulus provided by the federal reserve. Our economy is already seeing signs of strong recovery and every day we see evidence of increased prices on items like washing machines, lumber and even used cars.

Ready to Retire As a Business Owner? You Need an Exit Strategy

Jul 22, 2021
When you are ready to retire and sell your business, it is imperative to know what your company is worth, what documents you need to have ready, and who the potential buyer could be.

The Upside of Tax Season: Davis & Hodgdon’s 2021 Community Donation

Jul 16, 2021
Thanks to the responsiveness of our wonderful clients we are excited to announce that this year our firm will be donating $850 to two local nonprofits. This amount was split in half and based on input from clients and staff, $425 was given to Mercy Connections’ Women’s Small Business Program of Chittenden County and the Center for Women and Enterprise of Rutland County.

Mercy Connections Women's Small Business Program: Start Up

Jul 16, 2021
Mercy Connections Women's Small Business Program has a program called Start Up, which is a semester-long deep dive into business planning.

Meet Molly Passalacqua

Jul 15, 2021
We are very excited to introduce our new Wealth Advisor, Molly Passalacqua! Molly’s passion is to help Copper Leaf clients define their financial and lifestyle goals and develop customized plans for how those objectives can be achieved. The ultimate goal is a customized wealth management plan designed to integrate every aspect of their lives.

IRS Backlog

Jul 14, 2021
If you submitted your tax returns and are now waiting for your refunds or amended returns - don’t worry just yet. These may be taking so long because the IRS is experiencing a backlog.

Steps to Take to Walk Into Your First Home-Buying Experience with Confidence

Jul 12, 2021
Buying a home is a rite of passage for most Americans. If you are planning on taking this major step within the next year, Davis & Hodgdon Associates shares some things you can do now that will help you…

Legislative Update

Jul 08, 2021
The Department of Taxes has published its annual Legislative Highlights, summarizing the legislative initiatives that the Department followed closely and which became law this session.

VT Department of Tax Compliance & News Tips for Businesses and Nonprofits

Jul 01, 2021
The Agency of Administration Department of taxes knows that tax law presents a learning curve for businesses. To make it easier for operators to understand the law, the Audit division has started a campaign to educate businesses about common tax errors before they happen. This approach saves money and time for both businesses and the State. Throughout this campaign, Audit will be reaching out to different business sectors to provide guidance directly related to their work, and when applicable, point them to specific materials on the Department’s website.

When does your business need a valuation?

Jun 17, 2021
Generally, it is wise to have a valuation performed every few years. A thorough valuation includes several complex steps including a careful analysis of the company's historical earnings and a calculated determination of a capitalization rate which corresponds to an appropriate rate for a safe return.

Economic Impact Payments Disbursed Under the American Rescue Plan

Jun 10, 2021
The Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they have disbursed more than 1.8 million additional Economic Impact Payments under the American Rescue Plan.

Business Owners: Use QuickBooks Online to Create and Manage Your Budget

Jun 07, 2021
Creating an annual budget for your business can be challenging, and that’s why many small businesses avoid it. In fact, a recent survey of small business owners showed that 50% did not operate with a documented…

Which QuickBooks Online is Right for Your Business?

May 27, 2021
With all of the QuickBooks Online subscription levels it can be difficult to know which one is right for your business. Perhaps you started out at one subscription level but as your business has grown you are finding that the features of that plan no longer fit your business’ needs. The goal of this blog post is to help you make the right choice so you can balance having the features you need while not paying for those that you don’t.

Is it Time to Consider Outsourcing Your Veterinary Practice’s Accounting?

May 06, 2021
As the owner of a veterinary practice you have always loved seeing and treating your patients, but there isn’t much love for all of the time you spend doing paperwork and bookkeeping. After all, that isn’t…