News

Jane Qu is the winner of the 2020 scholarship drawing from Yaeger CPA Review! Continue Reading

The IRS recommends 7 things taxpayers should do in 2020 before the end of the tax year. Continue Reading

This week's topics: A taxpayer is denied permission to file a late mark to market election as a trader; final regulations are issued related to the TCJA unrelated business income changes; like kind exchange regulations finalized by the IRS. Continue Reading

This week's topics: IRS rules taxpayers can't deduct expenses that qualify for PPP loan forgiveness if expect forgiveness; Revenue Procedure issued for taxpayers who don't get the entire expected forgiveness; IRS adds request for additional information on Schedules K-1 for Form 1120-S for 2020; IRS Commissioner indicates no broad relief for late filing and late payment of taxes; No relief for late filing when CPA firm submitted efile return a few seconds late; IRS updates ERC FAQ to deal with acquisition of employers who had taken out PPP loans. Continue Reading

The IRS reiterated its position that taxpayers can't claim a deduction for any otherwise deductible expense if the payment results in forgiveness of a PPP loan. Continue Reading

14 year-end tax and financial tips Continue Reading

The IRS provides resources and accessibility services to taxpayers with disabilities. Continue Reading

The IRS today encouraged taxpayers to take necessary actions this fall to help them file their federal tax returns timely and accurately in 2021, including special steps related to Economic Impact Payments. Continue Reading

Employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators. Continue Reading

Be aware of cybersecurity best practices, both in internal operations and interactions with other companies. Continue Reading