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πƒπˆπ’π€π’π“π„π‘ ππ‘π„ππ€π‘π€π“πˆπŽπ (πŸ–/πŸ‘πŸŽ/𝟐𝟎𝟐𝟏)

It’s storm season. Here are some helpful tips: β€’ Update emergency plans. A disaster can strike at any time. Personal and business situations are constantly evolving, so taxpayers should review their emergency plans annually. β€’ Create electronic copies of documents. Taxpayers should keep documents in a safe place. This includes bank statements, tax returns and […]

π”ππ„πŒππ‹πŽπ˜πŒπ„ππ“ ππ„ππ„π…πˆπ“π’ ππ„π˜πŽππƒ π’π„ππ“π„πŒππ„π‘ πŸ” (πŸ–/πŸπŸ“/𝟐𝟎𝟐𝟏)

Emergency Unemployment Insurance Programs are scheduled to expire on September 6. But we still have a large number of unemployed and the Covid-19 Delta variant disabling a large part of the country. Responding to the above, the US Treasury has stated that the $350 billion allocated to state and local governments in the American Rescue […]

π’πŒπ€π‹π‹ ππ”π’πˆππ„π’π’ & ππˆπƒπ„π 𝐓𝐀𝐗 𝐀𝐆𝐄𝐍𝐃𝐀 (πŸ–/πŸπŸ‘/𝟐𝟎𝟐𝟏)

According to a US Treasury Department analysis, President Biden’s tax agenda will protect 97 percent of small business owners from income tax rate increases, while delivering tax cuts to more than 3.9 million entrepreneurs. It will make the tax code fairer while protecting millions of small businesses from tax increases. For example, President Biden’s proposal […]

π‚π‘π„πƒπˆπ“ 𝐟𝐨𝐫 π„πŒππ‹πŽπ˜π„π„ 𝐋𝐄𝐀𝐕𝐄 𝐭𝐨 𝐇𝐄𝐋𝐏 πŽπ“π‡π„π‘π’ πŽππ“π€πˆπ 𝐨𝐫 π‘π„π‚πŽπ•π„π‘ 𝐟𝐫𝐨𝐦 π•π€π‚π‚πˆππ€π“πˆπŽπ (πŸ–/𝟏𝟐/𝟐𝟎𝟐𝟏)

The IRS has updated frequently asked questions (FAQs) on the paid sick and family leave tax credits. The updates clarify that eligible employers can claim credits for providing leave to employees to accompany a family or household member or certain other individuals to obtain immunization relating to COVID-19 or to care for a family or […]

𝐒𝐓𝐔𝐃𝐄𝐍𝐓 π‹πŽπ€π 𝐏𝐀𝐔𝐒𝐄 𝐄𝐗𝐓𝐄𝐍𝐃𝐄𝐃 π”ππ“πˆπ‹ π‰π€ππ”π€π‘π˜ 𝟏, 𝟐𝟎𝟐𝟐 (πŸ–/𝟏𝟎/𝟐𝟎𝟐𝟏)

The U.S. Department of Education has extended, for a final time, the pause on student loan repayment, interest, and collections until January 31, 2022. Hopefully, this additional time and a definitive end date will help borrowers plan for the resumption of payments and reduce the risk of delinquency and defaults after restart. The Department will […]

𝐏𝐏𝐏 πƒπˆπ‘π„π‚π“ π…πŽπ‘π†πˆπ•π„ππ„π’π’ π’π“π‘π„π€πŒπ‹πˆππˆππ† (πŸ–/πŸ’/𝟐𝟎𝟐𝟏)

The Small Business Administration (SBA) is streamlining direct forgiveness of Paycheck Protection Program (PPP) loans of $150,000 or less. SBA’s interim final rule streamlines the forgiveness process for PPP loans of $150,000 or less by: a) allowing lenders to use a COVID Revenue Reduction Score at the time of loan forgiveness to document the required […]

𝐏𝐏𝐏 πƒπˆπ‘π„π‚π“ π…πŽπ‘π†πˆπ•π„ππ„π’π’ ππŽπ‘π“π€π‹ (πŸ–/𝟐/𝟐𝟎𝟐𝟏)

The Small Business Administration (SBA) is working on a portal for direct forgiveness of Paycheck Protection Program (PPP) loans of $150,000 or less. The portal will allow PPP borrowers with loans of $150,000 or less to apply for forgiveness directly to the SBA by submitting a simple pre-filled application. MS Edge and Google Chrome will […]

πŸπŸŽπŸ’πŸŽ 𝐭𝐨 π€π’πŠ π€ππŽπ”π“ π•πˆπ‘π“π”π€π‹ π‚π”π‘π‘π„ππ‚π˜ (πŸ–/πŸπŸ”/𝟐𝟎𝟐𝟎)

The draft 2020 Form 1040 inquires about Virtual Currency. On the top of the page below the Name Section, the following question appears: β€œAt any time during 2020, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?” Taxpayers who file Form 1040 should check the appropriate box to […]

π’πŒπ€π‹π‹ ππ”π’πˆππ„π’π’/𝐒𝐄𝐋𝐅 π„πŒππ‹πŽπ˜π„πƒ (𝐒𝐁/𝐒𝐄) π†π‘πŽπ”π π€π”πƒπˆπ“ 𝐓𝐀𝐑𝐆𝐄𝐓𝐒 (πŸ–/πŸπŸ’/𝟐𝟎𝟐𝟎)

The SB/SE group of the IRS focuses on small businesses and self employed taxpayers. The group’s annual report (Publication 5409 6/2020) details the following audit targets: β€’ NON-FILERS. Non-filers are one of the three major contributors to the tax gap with an estimated contribution of $39 billion. To remedy the situation, the SB/SE group is […]

𝐍𝐄𝐖 𝐂𝐇𝐀𝐍𝐂𝐄 𝐭𝐨 𝐆𝐄𝐓 $πŸ“πŸŽπŸŽ 𝐩𝐞𝐫 π‚π‡πˆπ‹πƒ (πŸ–/𝟐𝟎/𝟐𝟎𝟐𝟎)

IRS has reopened the registration period for federal beneficiaries who didn’t receive $500 per child payments earlier this year. The IRS urges certain federal benefit recipients to use the IRS.gov Non-Filers tool starting Aug. 15 through Sept. 30 to enter information on their qualifying children to receive the supplemental $500 payments. Those eligible to provide […]