The IRS announced that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing season. Get My Payment was last
Before the December 27, 2020, enactment of the new COVID-19 relief law, you may have chosen the Paycheck Protection Program (PPP) loan and given no thought to the employee retention credit. Remember, under the original law, you had to choose
Eligible educators can now deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to: face masks; disinfectant for use against COVID-19; hand soap; hand sanitizer;
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted on December 27, 2020, deals with the annual tax extenders. Congress made some of them permanent, while others got short- or long-term extensions. These are the big five Form
The IRS can waive penalties it assessed against you or your business if there was “reasonable cause” for your actions. The IRS permits reasonable cause penalty relief for penalties arising in three broad categories: Filing of returns Payment of tax
After an unpredictable year with many changes and challenges, the IRS shared important reminders for taxpayers who are about to file their 2020 federal tax returns. Navigating these changes can be confusing, so don’t trust apps or cookie-cutter tax preparers
The IRS has announced that the nation’s tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. There are several important dates taxpayers should keep in mind for
Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash? Many did miss out. Why? One reason: the word “loan.” Who wants a loan? No one. Well, almost no one. But who
Question. If you have an office outside your personal home—say, downtown—can you have a tax-deductible office inside your home for the same trade or business? Answer. Yes. Q. Who says that? A. The IRS. Q. Show me where they say
The Treasury Department and the IRS issued guidance allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). Revenue
