The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of…
The Internal Revenue Service urges taxpayers to use the Get My Payment tool to provide direct deposit information to receive their Economic Impact Payment by noon on Wednesday, May 13. If your 2019 tax return has been e-filed and included…
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief is retroactive. These provisions can affect 2018 and 2019 returns that have already been…
With much of the country currently on lockdown due to the novel coronavirus (COVID-19) crisis, many nonessential businesses have been shuttered. As a result, millions of small business owners find themselves on the brink of financial disaster. For those with business…
Zoom, WebEx and other video conferencing services are certainly helpful during the COVID-19 pandemic. And scammers are exploiting the tremendous growth of video conferencing services by launching phishing campaigns aimed at getting users to hand over login credentials. Another newer…
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as…
If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the…
President Trump has signed the latest relief bill totaling $484 billion into law. The intent of the bill is to replenish two depleted small business-relief programs, offer additional assistance to hospitals and fund an expansion of testing capacity nationwide. The…
At long last, Congress passed legislation to correct a drafting error related to real estate qualified improvement property (QIP). The correction is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27,…
Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.…