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Didn’t Get Your Economic Impact Payment? You Can Claim It on Your 2020 Return.

by Admin | Jan 11, 2021 | COVID-19, Individual Taxes

One of the more tax-troubling issues this year has been the distribution of what Congress referred to as the recovery rebates. You may know these payments as the Economic Impact Payments (EIPs) or stimulus payments, names that the IRS took the liberty of creating....

Effect of PPP Loan Forgiveness on Taxable Income

by Admin | Nov 20, 2020 | Business Taxes, COVID-19, PPP Loans & EIDL Loans

We now have official guidance from the I.R.S. that the advice provided by our Firm related to not being able to deduct eligible expenses related to PPP loans in 2020 is confirmed.  While most PPP loans will not be forgiven in 2020 due to the time provided between...

Don’t Miss Out on Year-End Tax-Planning Opportunities

by Admin | Nov 19, 2020 | Business Taxes, COVID-19, Individual Taxes, PPP Loans & EIDL Loans

To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. In response to the economic slowdown and losses of income, Congress passed several extensive laws to benefit individuals and businesses that suffered financial hardship...

Payroll Tax Deferral – Should You Participate?

by Admin | Nov 6, 2020 | Business Taxes, COVID-19

The IRS released guidance recently (IRS Notice 2020-65) that provides some clarification on the payroll tax deferral for employees that can be withheld starting September 1, 2020 through December 31, 2020. The Notice indicates that the employer would recapture this...

Social Security Tax Deferral – Benefit or Nightmare?

by Admin | Nov 6, 2020 | Business Taxes, COVID-19

This deferral, which was intended to put more money in people’s pockets, is troublesome for all.  For example, an employee making $800 per week, would see an extra $49.60 in their weekly paycheck until December 31, 2020.  Let’s assume their take home net pay...

Wondering What Happened To Your Correspondence To the IRS?

by Admin | Oct 23, 2020 | Business Taxes, COVID-19, Individual Taxes

If you’re wondering what happen to your completed tax return you mailed in months ago or the tax payment you made a few weeks ago hasn’t been cashed yet,  do not fret.  As of October 2, the IRS is experiencing an unopened mail backlog of around 5 million pieces of...
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