Taxpayer Relief Initiative aims to help those financially affected by COVID-19
The IRS reviewed its collection activities to see how it could provide relief for taxpayers who owe taxes but are struggling financially because of the pandemic. The agency is expanding…
How the CARES Act changes deducting charitable contributions
Whether you are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that’s personally meaningful to you, your charitable donations may be tax deductible. These deductions basically reduce the…
Here’s who qualifies for the employee business expense deduction
Employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators, according to the IRS. Taxpayers can no longer claim unreimbursed employee…
The Effect of COVID-19 on Business Valuations
It is no surprise that the COVID-19 pandemic has created tremendous uncertainty regarding the current value of businesses. Earlier this year, our country witnessed major stock indexes lose more than…
Beware of Gift Card Scam
Gift cards are a popular and convenient gift for all occasions. They’re also a tool that scammers use to steal money from people. Scammers often target taxpayers by asking them…
Federal Beneficiaries Have More Time to Register for an Economic Impact Payment
Federal beneficiaries who got their Economic Impact Payment but didn’t register to receive a $500 supplemental payment per qualifying child can still register for this additional payment using the Non-Filers:…
New Income Ranges for IRA Eligibility in 2021
There are cost of living adjustments that may affect a taxpayer’s pension plan and other retirement-related savings next year. It is important to be familiar with these adjustments, so you…
SBA ROLLS OUT “LOAN NECESSITY QUESTIONNAIRE” FOR BORROWERS WITH PPP LOANS OVER $2M AND STARTS AUDIT REVIEW PROCESS
Earlier in the year, the Small Business Administration (SBA) announced in an updated FAQ on the program that it will be auditing all Paycheck Protection Program (PPP) loans of $2 million or more. Borrowers…
Questions about PPP Expense Deductions?
One of the most disappointing developments in the Paycheck Protection Program loan guidance was related to the non-deductibility of the expenses paid for by the forgiven loans. Many organizations, including…
Property Taxes – Are you exempt as an Exempt Entity?
Some leaders of Exempt Organizations assume that once the entity is granted an exemption for from taxes, such as a 501(c)(3) exemption for a charity, that the organization will pay…
