IRS Small Business/Self-Employed Division (SB/SE) temporarily modifies levy procedures for Paycheck Protection Program loans whereby employees are to (1) if the taxpayer secured a PPP loan, the amount; and (2) where and when the funds were deposited. Further, SB/SE...
IRS Updates
COVID tax relief causes IRS to change 1040
Recent COVID tax legislation has led to changes in the 1040 and 1040-SR instructions for the 2020 tax year. The new draft has recently been released by the IRS, incorporating the changes from the CAA, 2021. Among the changes is new information regarding the handling...
Tax News
MAILBOX RULE For COVID & Beyond? According to the IRS, with the July 15 filing and tax returns possibly sitting in mail facilities for several days because of COVID-19, by following IRC §7502 Mailbox Rule, a return will be treated as filed on the date of the...
The IRS will need to recoup lost revenue from somewhere
In recent months, the United States has come up with a number of solutions to help taxpayers and corporations keep their heads above water. With tens of millions of families losing their stream of income and businesses shut down, the revenue stream is at a critical...
Remember to file form 8300 correctly to protect yourself
Form 8300 is an important tax document. It is required to fill out this form if your business accepts a cash payment over $10,000. This form provides information to the Internal Revenue Service, which helps it fight against money laundering. Anyone in a trade who...
The corporate tax rate has been lowered for 2018
It is important for business owners to know that the federal corporate tax rate has dropped for 2018. It used to sit at a full 35 percent. Thanks to the new Tax Cuts and Jobs Act, also known as the TCJA, the government cut that down to 21 percent.Worth noting is the...
If you profit from trading cryptocurrency, you must pay tax
In the last six months, cultural awareness of cryptocurrency has become a powerful cultural and economic force. What was once only used to fund untraceable purchases of items on the dark web is now used by some to purchase homes or even fund new business operations....