The IRS has issued IR-2021-38, which states that all legally permitted first and second round economic impact payments (EIP) have been issued. The IRS notes that some second round EIPs may still be in the mail. Get My Payment was last updated on Jan. 29, 2021, to reflect the final payments and will not update again for first… Read More

The IRS informs taxpayers that they must report their gig economy income on their tax return. In 2020, many people joined the gig economy to help make ends meet during the pandemic. Whether it’s a side business or a primary source of income, all taxpayers need to understand how their gig work affects their taxes.… Read More

The IRS has announced that  eligible educators  can deduct  unreimbursed expenses for COVID-19 protective  items to stop the spread of COVID-19 in the classroom . Click here for an expanded list of protective items that qualify for the tax deduction. Please also refer to IRS Rev Proc 2021-15 for more detailed  information. Our tax firm… Read More

Consejos para ayudar a personas a elegir un preparador de impuestos de buena reputación Hoy el IRS presento el consejo trinutario 2021-14SP. Ya sea que los contribuyentes usen regularmente a un profesional de impuestos para ayudarlos a presentar una declaración de impuestos o decidieron trabajar con uno por primera vez, es importante elegir un preparador de… Read More

Today the IRS has posted Tax Tip 2021-13 listing the reasons taxpayers should file a 2020 federal tax return and why e-file is the best method of filing. Among the reasons: To claim a refund of taxes withheld, to claim certain tax credits line the earned income credit , the recovery rebate credit and others.… Read More

On January 27th, the IRS posted on its website, an important reminder to taxpayers before filing their 2020 tax return. Topics include: Choosing direct deposit, Earned Income Credit, Taxable unemployment compensation, taxable interest, Home office deduction, Workers moving into the gig economy and , the new charitable donation. See IRS Issue Number IR-2021-23 for more… Read More

The U.S. Small Business Administration (SBA) and Treasury issued an 18-page document today Tuesday, January 19th, 2021  detailing how Paycheck Protection Program (PPP) borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans. The guidance also lists the documents borrowers must provide to support each set of calculations. The second-draw calculations guidance is… Read More

On January 12, 2021,the IRS announced it will now offer Identity Protection Personal Identification Numbers (IP PINs) to any taxpayer, not just those at risk of identity theft. An IP PIN is a six-digit code known only to the taxpayer and to the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a… Read More

Borrowers that receive a PPP loan of $150,000 or less will receive forgiveness if the borrower signs and submits to the lender a certification, not more than one page in length, includes a description of the number of employees the borrower was able to retain because of the loan, the estimated total amount of the… Read More

The Treasury Department and the Internal Revenue Service issued guidance PDF today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). Today’s guidance, Revenue Ruling 2021-02 PDF, reflects changes to law contained in the COVID-related Tax Relief… Read More