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Employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators. Continue Reading
Tips for using FSAs before the funds expire. Continue Reading
The IRS announced today that beginning December 13, it will mask sensitive data on business tax transcripts in order to protect from identity theft. Continue Reading
Taxpayers should be aware of changes to charitable contributions made by the CARES Act. Continue Reading
Businesses and not-for-profits that received $2 million or more in Paycheck Protection Program (PPP) loans must complete loan necessity questionnaires being sent to lenders by the U.S. Small Business Administration (SBA). Continue Reading
This week's topics: The IRS releases revised tables to compute required minimum distributions from retirement plan accounts - but not until 2022; taxpayer denied relief from late filing penalties even though he believed his CPA had filed an extension on his behalf; IRS publishes news release indicating relief for certain collection related actions due to COVID-19. Continue Reading
The IRS today issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations. Continue Reading
Businesses and not-for-profits that received $2 million or more in Paycheck Protection Program (PPP) loans must complete one of two new loan necessity questionnaires being sent to lenders by the U.S. Small Business Administration (SBA) for distribution to borrowers. Continue Reading