2020

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)

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

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

The U.S. Senate and House of Representatives passed the much anticipated $900 billion COVID-19 relief bill late Monday night.  The nearly 5,600-page Consolidated Appropriations Act, 2021 bill includes many key provisions.  Here are some of the more notable provisions that may have an impact on you or

Did you apply for a PPP loan before April 21, 2020, but did NOT apply for an EIDL loan? PPP loans are part of the SBA 7(a) program that usually does not require a credit check, but on the other hand, Economic Injury Disaster Loans (EIDL) do. 

Do you have an SBA Loan?  Did the SBA make payments for you for six months this year?  If yes, the Small Business Administration (SBA) recently issued SBA Information Notice, Control No. 5000-20067, regarding the tax reporting for the SBA payments made on the borrower’s behalf.   Under

The Arizona Department of Revenue began sending out renewal letters to businesses to renew their licenses for 2021.  If you are selling a product or engaging in a business activity subject to TPT (sales tax), the business must renew their license.  The license renewal should be completed

A highlight of a few Tax Law Changes that are likely to impact you… Individual Taxes Economic impact payments. The $1,200 paid to each eligible taxpayer during 2020 was considered an advance of a 2020 tax credit.  Taxpayers will reduce the amount of the credit available on

The IRS and its Security Summit partners are warning taxpayers to be aware of a new text message scam.  The goal of this scam is to trick people into revealing bank account information under the guise of receiving the $1,200 Economic Impact Payment.  Click the link below

As of today, there are three separate bills in Congress addressing a second round of stimulus, including language regarding the deductibility of PPP expenses, simplified forgiveness for PPP loans less than $150,000, and PPP Round 2. We are staying on top of the legislation and will be