Paycheck Protection Program FAQs as of May 13, 2020

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The Small Business Administration (SBA), in consultation with the Department of the Treasury have updated their FAQs as of May 13, 2020....

Common Form 7200 Errors

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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....

May 5 Deadline for SSI and VA Beneficiaries

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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

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The IRS launched its Annual Filing Season Program to recognize unenrolled tax return preparers who voluntarily increase their knowledge and improve their filing season...

Economic Impact Payments – Who, What, When, Where & Why

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Last week the IRS began distributing economic impact payments to millions of Americans as part of the Coronavirus Aid, Relief and Economic Security...

Beware of Scammers in the COVID-19 Era

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The IRS released COVID-19 Tax Tips that preparers need to ensure they are sharing with their clients.  The key points of the tip: 

SSI Payments are on the Way

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The Internal Revenue Service, Treasury Department and the Social Security Administration announced that recipients of Supplemental Security Income (SSI) will automatically receive...

IRS Taxpayer Advocate Service Gets New Leader

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Source: IRS Taxpayer Advocate Service The IRS announced the appointment of Erin M. Collins to the position of National...

April 15 Tax Payment Deadline Postponed

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The IRS has officially announced as of March 21, 2020, that the federal income tax filing due date has been extended from...

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Don’t Tell the Fraudsters

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Have you heard that Economic Impact Payments for approximately 4,000,000 people will be issued via prepaid debit cards? Fortunately for those who...

Paycheck Protection Program Flexibility Act – Passed by the House

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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...