The IRS has announced that it will begin accepting and processing 2020 tax returns on Friday, Febrary 12, 2021. This is later than the usual January starting date. The IRS says that the delay is due to extra time that […]
The Consolidated Appropriations Act, 2021, which was signed into law on December 27, 2020, directs the Department of the Treasury to deliver additional Economic Impact Payments (known more popularly as “stimulus payments”) to U.S. citizens and residents. These payments are […]
The Consolidated Appropriations Act, 2021, signed into law on December 27, 2020, specifies that business expenses paid with forgiven PPP loans are tax-deductible. This supersedes previous IRS guidance which stated that these expenses could not be deducted. The Appropriations Act […]
Part of the Consolidated Appropriations Act, 2021, signed into law on December 27, 2020, authorizes another round of Paycheck Protection Program (PPP) loans for small businesses. This new round of PPP loans, being called “PPP2” by some, is similar to […]
On December 27, President Trump signed into law the COVID-19 relief bill that was passed by Congress on December 21, 2020. The legislation, the Consolidated Appropriations Act, 2021, extends weekly benefits for unemployed workers, and provides more than $300 billion […]
In guidance issued in late November, the IRS confirmed that taxpayers that received a Paycheck Protection Program (PPP) loan and that paid eligible expenses with proceeds from that loan cannot deduct those expenses in the tax year in which the […]
A common misconception in tax filing is that those who use the Standard Deduction instead of itemizing deductions have few additional benefits available to reduce their tax bill. This is often not the case. Should you take the standard deduction […]
As we approach the end of the year, there’s still time to reduce the taxes you owe in 2020. Here are six ideas that can save money for many taxpayers. 1. Leverage pre-tax savings Be sure to take advantage of […]
The deadline to register for your stimulus check (or more properly, your “Economic Impact Payment”) using the Non-Filers tool has extended to November 21, 2020. If you or a family member typically don’t have to file a tax return and […]
Closing a business is never an easy decision to make. Nonetheless, it’s sometimes necessary and not all that uncommon. If you find yourself in this situation, there are number of steps you should take to shut down your business in […]