The U.S. Department of the Treasury has released information related to the Paycheck Protection Program (PPP) for small businesses. This Program consists of loans to small (and not so small) businesses to help cover expenses like payroll, rent, and utilities. Background on the loans: The loans provide businesses with funds to pay up to 8 […]
Paycheck Protection Program loan details revealed Read More »
Update: CCH sent out an update on Monday 3/23/2020 with a correction to the fiduciary section. The fiduciary estimate cannot be changed at this time and needs to be done in Word. The instructions below are updated to match their corrected instructions I’m throwing this post out into the internet to help fellow tax professionals
How to fix tax deadline changes in CCH Axcess & ProSystem fx Tax Read More »
What a crazy week we’ve had in the tax world. I’ve been trying to stay on top of the developing situation and even I find myself trying to remember what is the most current status of the tax deadlines. Here’s some help if you’re in the same boat. On the afternoon of Friday, March 20,
It’s official, the IRS extends tax returns due April 15, 2020 Read More »
Update March 21, 2020:The IRS released Notice 2020-18 on the evening of March 20, 2020 and I have a new post about that notice. It is the IRS’s interpretation and formal guidance on the Twitter tweet from Secretary Mnuchin. There isn’t a formal announcement yet, but Treasury Secretary Mnuchin announced via Twitter this morning (3/20/2020)
Mnuchin annouces tax deadline extension Read More »
Update March 21, 2020:The IRS released Notice 2020-18 on the evening of March 20, 2020 and I have a new post about that notice. Notice 2020-18 extends the time to file and to pay your taxes from April 15, 2020 until July 15, 2020. Well, we’ve been waiting for the IRS to give us formal
IRS releases formal guidance for taxpayers affected by Coronavirus and COVID-19 Read More »
This is the email we sent out to clients yesterday. Yes, we’ve gone to working from home during the COVID-19 outbreak, and yes, we’re still open for business – just in a different setting. Dear clients and friends, Given the COVID-19 pandemic and its ongoing impact, Calhoun, Thomson + Matza, LLP is taking precautions necessary
Coronavirus & tax update for Calhoun, Thomson + Matza, LLP Read More »
The IRS released a notice today IR-2020-54 which states that high-deductible health plans can cover the costs related to testing and treatment of the 2019 Novel Coronavirus (COVID-19). This is important for a number of reasons. First, a high deductible health plan is setup so that the person insured usually has to pay a high
IRS Rules High-Deductible Health Plans can cover Coronavirus costs Read More »
Update March 21, 2020:The IRS released Notice 2020-18 on the evening of March 20, 2020 and I have a new post about that notice. Notice 2020-18 extends the time to file and to pay your taxes from April 15, 2020 until July 15, 2020. The New York Times and Wall Street Journal are reporting today,
IRS could extend April 15, 2020 deadline due to Coronavirus Read More »
Last year there was a big dust up in the tax world when ProPublica published a number of articles showing how the Free File option for American taxpayers is being hidden in a concerted effort to trick the taxpayers into paying for a similar product. Due to this revelation, the IRS and the tax preparation
When Free File isn’t Free Read More »
If you have a small business, or are an accountant working for a small business, chances are you use a tax professional to prepare your tax returns. Now that we’re in the heart of “Busy Season”, I thought I’d take a moment to talk about the information you send to us and what you can
What tax pros want from their small business clients Read More »