SBA Releases PPP Forgiveness Application
Last week, the SBA released the PPP forgiveness application. This application can be found here. The application did not...
What is 1099-NEC?
2020 tax reporting has a new requirement that will impact tax professionals and business owners. The new requirement, Form 1099-NEC has replaced...
SBA provides safe harbor for PPP loans under $2 million
Businesses that together with their affiliates accepted Paycheck Protection Program (PPP) funds of less than $2 million will be assumed to have...
Paycheck Protection Program FAQs as of May 13, 2020
The Small Business Administration (SBA), in consultation with the Department of the Treasury have updated their FAQs as of May 13, 2020....
SBA Extends Deadline to Repay PPP Loans to Avoid Having to Demonstrate Good Faith...
Yesterday (May 5, 2020), Ed Zollars published an article on the Current Federal Tax Development blog that there are just two days...
Common Form 7200 Errors
The IRS has issued a list of common errors seen in filings that tax preparers should avoid when preparing Form 7200, Advance Payment...
PPP Forgiveness: Deducting Associated Expenses Is A No-Go
Last night, IRS issued Notice 2020-32. Under the CARES Act, PPP loan amounts that are forgiven, are specifically excluded from taxable income....
Additional IFR Released – Paycheck Protection Program
The Treasury Department released an additional IFR to support the CARES Act and specifically the Paycheck Protection Program. This IFR addresses questions...
May 5 Deadline for SSI and VA Beneficiaries
This “SPECIAL ALERT” may not be applicable to most of your clients, but you may have a friend, family member or other...
IRS Annual Filing Season Program
The IRS launched its Annual Filing Season Program to recognize unenrolled tax return preparers who voluntarily increase their knowledge and improve their filing season...
Latest article
Paycheck Protection Program Flexibility Act – Passed by the House
Earlier today the House of Representatives passed H.R.7010 - Paycheck Protection Program Flexibility Act of 2020 that would favor many small business owners. This bill is now sitting on the Senate to vote on and move forward.
How to “Cloud Accounting” for Tax: The Template for Change Management
In the last article, I address the three pillars of change management. Please read that here. Once you have a good, fundamental...
IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for...
The Internal Revenue Service announced today, May 28, that later this summer taxpayers will for the first time be able to...