The IRS Goes Easy on Taxpayers Who Owe Back Taxes

The IRS Goes Easy on Taxpayers Who Owe Back Taxes

Jan 19, 2021 | Income Tax

Are you one of the over 11 million Americans who owe the IRS back taxes? The IRS temporarily suspended most collection efforts during the first wave of the coronavirus pandemic through its “People First Initiative.” This initiative expired July 15, 2020. The IRS is...
New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses

New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses

Jan 14, 2021 | COVID-19

From what we know, when lawmakers originally passed the PPP they thought that under its provisions, • you did not pay taxes on the forgiveness amount, and • you also could deduct the expenses that you paid with the PPP money. Obstacle In late April, the IRS issued...
Good News if Your PPP Loan is for $50,000 or Less

Good News if Your PPP Loan is for $50,000 or Less

Jan 7, 2021 | COVID-19

As you likely know by now, the Paycheck Protection Program (PPP) loan and its forgiveness process have been an ever-changing (and often confusing) ride so far. With the new rules for PPP loans of $50,000 or less, you escape the most difficult part of the loan...
2020 Last-Minute Year-End Medical Plan Strategies

2020 Last-Minute Year-End Medical Plan Strategies

Dec 29, 2020 | Income Tax

All small-business owners with one to 49 employees should have a medical plan in their business. Sure, the tax law does not require you to have a plan, but you should. Most of the tax rules that apply to medical plans are straightforward when you have fewer than 50...