WHAT'S NEW + BLOG

The latest from the IRS   Two very important items were released by the IRS on November 18, 2020 that impact taxpayers with PPP loans.   IRS Revenue Ruling 2020-27 In ruling 2020-27 the IRS restates that expenses paid with PPP funds will not be deductible in...

     With school having started around the country, the Department of Labor has released new guidelines about qualifying for paid sick leave related to the reopening of schools through the Families First Coronavirus Response Act (FFCRA). The new DOL guidelines explain...

The Corona Relief, Aids, and Economic Security (CARES) Act that passed through legislation provides additional relief to individuals. Listed below are key points to be aware of. 1. Recovery Rebates – all individuals are eligible for recovery rebates of up to $1,200...

The Corona Relief, Aids, and Economic Security (CARES) Act that passed through legislation provides additional relief to small businesses (businesses with 500 or less employees). Listed below are key points to be aware of. 1. Paycheck Protection Program (PPP) – Loans...

Today the Treasury Secretary, Steven Mnuchin, announced that the tax payment deadline has been delayed by 90 days. This means that if a taxpayer owes either at filing of your individual return or filing of an extension for your individual return, you can delay paying...

https://www.nerdwallet.com/blog/taxes/avoid-irs-scams/ The latest IRS scams Have any of these happened to you? 1. ‘We’re calling to tell you your identity was stolen; you need to buy some gift cards to fix it’ In this trick, a criminal calls the victim and poses as an...

As the use of virtual currency increases, the IRS has continued to issue guidelines for the tax treatment of virtual currency, along with clarification of what it is considered virtual currency.  The IRS has stated "in general, the sale or exchange of convertible...

As the TCJA removed exemptions in favor of an increased standard deduction, many taxpayers found themselves under withheld on their wages. To transition from the old tax system into the new one, the IRS recently released new withholding tables and updated Form W-4 for...

https://www.irs.gov/newsroom/tax-treatment-for-family-members-working-in-the-family-business One of the advantages of someone running their own business is hiring family members. But when including family members in business operations, certain tax treatments and...