PPP Interim Final Ruling Summary

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 To our valued clients:  The US Small Business Administration and Treasury recently issued an interim final rule clarifying Paycheck Protection Program forgiveness issues surrounding owner-employee compensation and the eligibility of rent…

IRS Extends the Opportunity to Defer Capital Gains

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IRS Extends the Opportunity to Defer Capital Gains Article Highlights: Tax Benefits Investment Period Qualified Opportunity Zone Funds Qualified Opportunity Zones Deferral Period 10 Year Election As part of tax reform…
Trump-v-Biden-on-Tax-Plans

Compare the Potential Tax Plans of Trump v. Biden

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As the November elections approach, you might want to know what the two front-running presidential candidates’ tax plans for the future are. The following is an overview of their positions, at least what is known now. However, the political…

IRS makes Form 1040-X amended tax returns available for e-filing

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From   Michael Cohn, Editor-in-chief @ Accounting Today The Internal Revenue Service is now letting taxpayers submit Form 1040-X electronically when they want to file an amended tax return through commercial tax software, in what the agency…

Watch Out for Tax Penalties

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Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are simply not aware of the penalties or the possible impact on their wallets. As tax season approaches, let’s look at some of the more commonly encountered…

What President Trump’s Executive Order Means for You

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We are still waiting for the dust to settle on what President Trump’s executive orders mean for taxpayers and business owners. There is a lot of talk about legal challenges and how Congress may react. But here is a summary of what we know…

IRS Cancels Stimulus Checks Issued to Decedents

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Article Highlights: Stimulus Payments to Deceased Individuals Stop Payments Being Made on Checks Already Issued IRS Authority to Deny Stimulus Payments to Deceased Individuals History of Stimulus Payments IRS Q&A Dealing…

Wealthy Taxpayers May Want to Strategize for Potential Tax Increases

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Article Highlights: Skyrocketing Government Spending Federal and State Deficits Tax Increases in Our Future Tax Strategies The outcome of the November elections could have a significant impact on taxes for the wealthy. The COVID-19…

Is The Government Keeping Your Refund?

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  Article Highlights: Bureau of the Fiscal Service Allowable Refund Offsets Disputing an Offset Injured Spouse Claim We all look forward to receiving our tax refunds, but what if you were expecting a refund and it never…

The July 15th Deadline Is Fast Approaching, and it Isn’t Just for the 2019 Individual Tax Return

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The July 15th Deadline Is Fast Approaching, and it Isn’t Just for the 2019 Individual Tax Return Article Highlights:   Extensions Contributions to IRAs Estimated Tax Payments for the First Two Quarters of 2020 Individual…