Real estate professionals who own short-term rental properties that are managed by a third party may find it more difficult to escape the grasp of the passive loss rules.
Short-Term Rental Property Generated Passive Losses Read More »
The revised Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, allows employers to correct COVID-19 related employment tax credits and other tax relief related to COVID-19.
Correct COVID-19 Related Employment Tax Credits Read More »
On October 8th, the SBA and Treasury rolled out a simpler PPP forgiveness process for loans $50,000 or less.
SBA and Treasury Issue Simplified PPP Forgiveness Process for Loans of $50k or Less Read More »
The IRS reminds taxpayers that criminals and scammers often try to take advantage of generous taxpayers who want to help disaster victims. Everyone should be vigilant. These scams often pop up after a hurricane, wildfire or other disaster.
Help Taxpayers Avoid Post-Disaster Scams Read More »
The Internal Revenue Service set Nov. 10 as “National EIP Registration Day,” as the agency and partners across the country launch a final push to encourage everyone who doesn’t normally file a tax return to register to receive an Economic Impact Payment.
November 10 is National EIP Registration Day Read More »
The Treasury Department and the Internal Revenue Service today released the last set of final regulations implementing the 100% additional first-year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business.
IRS Finalizes Regulations for 100 Percent Bonus Depreciation Read More »
IRS provides final regulations on deductions for estates and non-grantor trusts, including excess deductions on termination
IRS Provides Final Regulations on Deductions for Estates Read More »
Victims of the Oregon wildfires and straight-line winds that began on Sept. 7 now have until Jan. 15, 2021 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
IRS Provides Tax Relief for Victims of Oregon Wildfires Read More »
Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service.
Drought-stricken Farmers, Ranchers Have More Time to Replace Livestock Read More »
Victims of Hurricane Sally that began on Sept. 14 now have until Jan. 15, 2021 to file various individual and business tax returns and make tax payments.
IRS Provides Tax Relief for Victims of Hurricane Sally Read More »