On Friday, Governor Ron DeSantis signed House Bill 7071 which provides more than $1.2 billion of tax relief for Floridians. The bill provides for ten sales tax holidays for a variety of items commonly purchased by Florida families, including fuel, diapers, disaster supplies and, tools. A one-pager on the bill can be found here. The […]
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 […]
Since its inception, the COVID–EIDL program, a federal disaster relief loan, has allocated more than $351 billion in relief aid to 3.9 million borrowers, including to the smallest of small businesses from historically underserved, disadvantaged communities. Funds can be used for any normal operating expenses and working capital includeing prepaying commercial dept. In 2021, the SBA lengthened […]
The IRS will require business owners to amortize Section 174 research expenses over multiple years instead of deducting them in the year incurred unless a provision in the Tax Cuts and Jobs Act changes before December 31. Through 2021, businesses could deduct Section 174 expenses in the year in which they were incurred or capitalize […]