EZ PPP loan forgiveness application released. https://content.sba.gov/sites/default/files/2020-06/PPP%20Forgiveness%20Application%203508EZ%20%28%20Revised%2006.16.2020%29.pdf?utm_medium=email&utm_source=govdelivery The great news for self-employed individuals like myself is that it confirms that the full amount of the loan can be forgiven in that they allow to an a half months of “compensation” which is the maximum amount we could have applied for a loan: “The dollar amount …

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The IRS has released a flowchart with the details of the Employer Retention Credit and sick and family leave credit https://www.irs.gov/pub/irs-pdf/p5419.pdf

The IRS and SBA will be updating their rules based on the new tax law.

According to Forbes the new bill on the Paychex Protection Program has been signed. Finally some bipartisanship #PPPProgam https://www.forbes.com/sites/allbusiness/2020/06/05/trump-signs-new-law-relaxing-ppp-rules-what-you-need-to-know/#7b56e8b031e3

Here is a great article discussing the PPP program from Accounting Today#PPPProgram https://www.accountingtoday.com/list/10-takeaways-on-the-ppp-loan-forgiveness-application

Beginning the week of January 22, 2018 the IRS will begin certifying Seriously Delinquent Taxpayers (SDT) that owe more than $51,000 (amount adjusted for CPI annually) and the taxpayer is not working with the IRS to settle the debt with the IRS. Taxpayers will begin receiving the first round of CP508C notices around February 19 …

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IRS: 2018 property taxes deductible if assessed and paid in 2017 – Says the headlines, but you really need to look closer. Here are 2 examples that the IRS gives and the 2nd one says the property taxes are not deductible   The following examples illustrate these points. Example 1: Assume County A assesses property …

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The new tax bill increases the standard deduction to $12,000 for individuals and $24,000 for married couples. As a result, some taxpayers may wish to accelerate their itemized deductions into 2017 because they will no longer be able to itemize in 2018. In addition, in the future, grouping your deductions into one year and taking …

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The IRS has announced that it will allow taxpayers to file their 2015 tax returns, even though they may not receive their Health Care information, and will not have to will file an amended return if there are discrepancies, as long as they rely on other reasonable sources. IRS Notice 2016–4 states “Nonetheless, some employees …

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Following up my previous post, the IRS has now sent out new letters telling everyone they had the wrong date on the previous letter, as I discussed. I wonder how much that cost in postage? Or are they just subsidizing the U S Postal Service?