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...

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,...

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...

From the IRS Newsroom: Filing in 2022, guidance regarding the ERC, National Tax Security...

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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

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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...

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 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...

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...

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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...

IRS Guidance on the Employee Retention Credit (ERC)

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The IRS published additional guidance on the Employee Retention Credit (ERC) this week. This guidance is helping advisors navigate the waters of taking the...

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It’s not the CRM, it’s you — How to make tech work for you

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Scene: You already have tried multiple pieces of software to solve a problem and each time you’re sold a bill of goods that does...

Child Tax Credit woes continue

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Not all that surprising to tax professionals, the IRS finally has announced it has sent incorrect notices to many married filing joint couples who...

Why your practice can benefit from more structure

CPA firms typically have been organizations with well-defined structure. As COVID drastically changed working environments, more remote work and flexible schedules started shifting how...