Some of you may be wondering, why are things taking so long with the IRS? Why am I receiving notices 6 months late? When I call the IRS, why is my call dropped due to high call volume? As you probably would have guessed, the operations of
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To prepare your 2020 Individual Income Tax return (Form 1040), we will need the exact amount(s) you received in Economic Impact Payment (stimulus payments) in 2020 and recently in 2021. Knowing these amounts will determine if you are eligible for any additional credits during the preparation process.
Read more →It has been reported to the IRS and various State Unemployment Agencies that some taxpayers are receiving 2020 1099-Gs reporting taxable unemployment benefits, even if they did not file for unemployment benefits. In 2020, identity thieves used stolen personal information to file fraudulent unemployment claims with money
Read more →The SBA issued a procedural notice clarifying that borrowers who received loans above the amounts allowed under PPP will be held responsible for repaying the loan’s excess amounts. Some borrowers were approved for PPP loans above the amounts allowed under SBA guidance during the program. The problem
Read more →Did you receive a debit card in the mail for your most recent stimulus payment? If yes, please don’t throw it away, thinking it is a scam. The link below from the IRS shows a picture of the envelope and debit card. Please confirm what you have
Read more →At the end of 2020, the Consolidated Appropriations Act, 2021 (CAA 2021) added a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans).
Read more →You have probably heard that IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. These payments are in addition to the $1,200 payments ($2,400 for married couples)
Read more →The recent COVID relief bill brings many provisions to taxpayers. Below is a summary of these changes that may impact your tax return filing for 2020: Direct-to-taxpayer recovery rebate. This was covered in one of our last posts; please click here to read more. DEDUCTIONS $250 educator expense
Read more →You may have heard the recent stimulus legislation included removing the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals 100% deductible. In general, ordinary and necessary food and beverage expenses of operating your business are deductible. However, the
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