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

Starting this week, the Treasury Department and the Internal Revenue Service are sending approximately 8 million second Economic Impact Payments (EIPs) by prepaid debit card. These EIP Cards follow the millions of payments already made by direct deposit and the ongoing mailing of paper checks that are delivering the second round of Economic Impact Payments… Read More

Employers must file Form W-2 and other wage statements by Monday, February 1, 2021. This is also the date Form W-2s are due to employees. By law, employers are required to file copies of their Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31.… Read More

The IRS announces that the Economic Impact Payments (EIP) are being sent this week. The IRS encourages taxpayer to visit their website: irs.gov to obtain the most current information on the second round of  EIPs. For information on eligibility, status of a payment, changing bank account information and more info go to: https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments… Read More

Please read IRS Tax Tips, it  provides valuable information on new things taxpayers should consider as they get ready to file taxes in 2021. Click here for IRS Tax Tip If you need help with your 2020 taxes, please contact or tax office, we will be happy to assist.… Read More

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