SBA rules PPP borrowers can use gross income
The U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that allow self-employed individuals who file Form 1040, Schedule C, Profit...
New 20% Deduction for Schedule C Filers
here’s a lot of confusion and buzz around the new 20% deduction for small business owners. Who does it apply to? How does it work? When...
IRS to recalculate taxes on unemployment benefits; refunds to start in May
To help taxpayers, the Internal Revenue Service announced yesterday that it will take steps to automatically refund money this spring and summer to people...
Publication 5419: New Employer Tax Credits
The IRS released a flow chart that clearly explains The Employee Retention Credit, which is designed to encourage employers to keep employees on their...
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 file their Form 1040-X,...
IRS Issues Rev Rul: Year of Deductibility for Expenses Paid with PPP Dollars
The IRS issued Revenue Ruling 2020-27 that addresses when a borrower should exclude the expenses used to obtain forgiveness of their payroll protection program...
Seize this Pre-PTIN Renewal Opportunity to Keep Your Tax Practice Compliant with IRS Requirements...
Here we are... literally almost two months away from the IRS opening up PTIN renewal in October.
It’s the perfect opportunity to make sure you...
Biden-Harris Administration Increases Lending to Small Businesses in Need & Announces Changes to PPP
The official White House website released a fact sheet surrounding the Biden-Harris Administration's several changes to the PPP to aid small businesses amid the...
Meet the all new Form 7203
S Corporations may take you a little longer this tax season. Form 7203 is now required for shareholders of S Corps. It is important to...
Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment...
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year...
Latest article
Top 10 Federal Tax Implications of Rescheduling Cannabis as a Schedule III Drug
In a letter dated August 29, the Department of Health & Human Services made an official recommendation to the Drug Enforcement Administration (DEA) to...
1099-K Delay Announced by IRS
Early last week the IRS announced another in the changes to 1099-K reporting requirements. The requirements have been plaguing tax preparers for the last...
Protect Your Clients, Protect Yourself
The IRS and Security Summit partners have developed the following "Tip Sheet" for tax professionals, businesses, taxpayers
Earlier this year the Security Summit’s Protect Your Clients;...