SBA rules PPP borrowers can use gross income

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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

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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

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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

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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...

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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

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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...

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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

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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

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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...

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The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year...

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Top 10 Federal Tax Implications of Rescheduling Cannabis as a Schedule III Drug

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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

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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

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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;...