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...
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,...
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...
From the IRS Newsroom: Filing in 2022, guidance regarding the ERC, National Tax Security...
Below are some of the most recent updates to come out of the IRS:
Get ready for taxes: What's new and what to consider when...
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...
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 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...
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 performed the...
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...
IRS Guidance on the Employee Retention Credit (ERC)
The IRS published additional guidance on the Employee Retention Credit (ERC) this week. This guidance is helping advisors navigate the waters of taking the...