because talking taxes shouldn't be taxing
because talking taxes shouldn't be taxing
Right now, the IRS says you can’t deduct the expenses related to your PPP loan forgiveness but it doesn’t have to be that way. Write to your Congressperson and Senators and tell them to allow PPP Expense deductions for small businesses. See the sample letter at the end of this post from the AICPA. There […]
How to deduct you PPP expenses under the CARES Act? Read More »
Summary: IRS releases guidance on deductibility of expenses related to loans forgiven under the Paycheck Protection Program. It’s been a while since the Internal Revenue Service issued a late night batch of tax rules, but they did it again last night on November 18, 2020. They released their Revenue Ruling 2020-27 and Revenue Procedure 2020-51.
By now you know that the IRS is in the process of delivering stimulus payments to most American. That process began this week and will continue for a while. The IRS has created a new web page to give taxpayers more information about the payments and allow taxpayers to update their information to be able
IRS updates Coronavirus Stimulus Payments information 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 »
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 »