Treasury Department and IRS provide safe harbor for small businesses to claim deductions relating to first-round Paycheck Protection Program loans
Tax information from the IRS and shared by Vernoia, Enterline + Brewer, CPA LLC.
The premium tax credit helps pay for health insurance coverage bought from the Health Insurance Marketplace. Eligible people can choose to have all, some, or none of the estimated credit paid in advance directly to their insurance company on their behalf.
Since many taxpayers have filed their federal tax returns, they’re eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers.
Many of the tax provisions in the American Rescue Plan Act of 2021 are extensions of existing provisions and are meant to provide immediate assistance to individuals and businesses affected by the COVID-19 pandemic.
In 2020, many people joined the gig economy to help make ends meet during the pandemic. Whether it’s a side business or a primary source of income, all taxpayers need to understand how their gig work affects their taxes.
Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes.
When taxpayers complete their tax returns, they may discover they will owe taxes. By law, they have the right to pay no more than the correct amount of tax.
IRS officials issued an alert today concerning amended returns and claims for the Domestic Production Activities Deduction. This provision of tax law was repealed as part of the Tax Cuts and Jobs Act for taxable years after Dec. 31, 2017. In the wake of the repeal, the IRS has received a wave of questionable amended …
The SBA and the Treasury announced that the Paycheck Protection Program (PPP) will re-open the week of January 11, 2021 for new borrowers and certain existing PPP borrowers.
The Internal Revenue Service announced that the nation’s tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.