The ongoing coronavirus pandemic has caused a lot of disruption in people’s lives. Some have lost jobs, others have started side jobs, and coronavirus relief has changed the tax laws for everyone. With this in mind, we wanted to share some possible surprises that might be waiting for you on your 2020 tax return. TakeRead more about Possible Pandemic Tax Surprises[…]

The Small Business Administration (SBA), and the Treasury Department have published updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms, including a one-page form that borrowers who received no more than $150,000 can use to apply for forgiveness. The newly released form, called the PPP Loan Forgiveness Application Form 3508S, can be used byRead more about Updated PPP Loan Forgiveness Applications Released[…]

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 was needed to program and test its computer systems after the the passage of theRead more about Tax Filing Season to Begin February 12[…]

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 generally $600 for singles and $1,200 for married couples filing a joint return. In addition,Read more about New Round of Stimulus Payments Authorized[…]

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 clarifies that “no deduction shall be denied, no tax attribute shall be reduced, and noRead more about New Law Permits Deduction of PPP Expenses[…]

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 the first round of PPP loans that were authorized early in 2020, but there areRead more about New Round of PPP Loans Authorized by Congress[…]

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 aid for small businesses. It also ensures tax deductibility for business expenses paid withRead more about New COVID-19 Relief Bill Signed Into Law[…]

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 expenses were paid if, at the end of that tax year, the taxpayer reasonably expectsRead more about IRS Confirms Expenses Paid with PPP Loans Not Deductible in 2020[…]

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 or itemize? Every taxpayer can take the Standard Deduction to reduce their income. However, ifRead more about Tax Savings for Non-Itemizers[…]

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 opportunities to set aside income on a pre-tax basis. Some examples of these opportunities include:Read more about Six Ideas to Lower Your Taxes This Year[…]