IRS says improperly forgiven PPP loans are taxable

The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan), which states that improperly forgiven Paycheck Protection Program loans are taxable, as federal investigators uncover billions of dollars in fraud tied to pandemic relief programs. The PPP loan program was originally established by the CARES Act in […]

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Penalty Relief for Taxpayers Filing 2019, 2020 Returns

The IRS is providing penalty relief to certain taxpayers who filed their 2019 and/or 2020 tax returns late. The penalty relief also extends to certain domestic and international information return filers. Under  Notice 2022-36 released by the IRS, the Internal Revenue Service is providing penalty relief to most individual and business taxpayers who filed their […]

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IRS Statement on balance due notices

The IRS is aware that some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount. Who is affected: Generally, these are payments made by the spouse (second taxpayer listed) on a married filing […]

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Payment Card and Third Party Network Transactions: 1099-K

January 1st signaled the start of the new year as well as the start date for a number of new laws, rules, and regulations. Among them is one that will impact business owners utilizing third-party network payment providers, such as PayPal, Venmo, and Zelle and services by which independent contractors like Uber and Lyft received […]

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IRS Delays Continue

A processing backlog at the Internal Revenue Service (IRS) continues to leave countless taxpayers in the dark about the state of their returns. As of March 4, 2022, the IRS had 7.2 million unprocessed individual returns. This includes 4.2 million unprocessed individual returns, which include tax year 2021 and prior returns with errors and those […]

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IRS Provides Guidance on Schedules K-2 and K-3

The IRS has provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the new schedules for tax year 2021. The new schedules K-2 and […]

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Tax Reminders

Tax Filing Deadline Date Changed for 2022   In 2022, it will be a federal holiday changing the traditional tax filing deadline, not the COVID-19 pandemic. Emancipation Day falls on Saturday, April 16th, but the holiday is observed in Washington D.C. on Friday, April 15th.  Because April 15th is a federal holiday, the tax filing deadline […]

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2021 Year End Tax Planning for Individuals, Businesses & Business Owners

With year-end approaching, it is time to start thinking about moves that may help lower your tax bill for this year and next. This year’s planning is more challenging than usual due to the uncertainty surrounding pending legislation that could, among other things, increase top rates on both ordinary income and capital gain starting next […]

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Planning Ahead for Tax Credits and Deductions

Everybody wants to pay as little in taxes as possible. Most people use software or hire an accountant to help them find all the deductions they can subtract from their taxable income and all the credits they can subtract from their final bill. But most tax breaks require you, the taxpayer, to plan ahead. Even […]

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Estate Planning for the High-Net-Worth

President Biden’s proposed infrastructure plan does not explicitly raise estate taxes. Instead, it ends the step-up in basis that wealthy taxpayers often use to minimize the tax on inherited wealth. The step-up in basis allows heirs to calculate their capital gains rate using the fair market value of assets at the time they are transferred […]

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