The federal tax implications of PPP loan forgiveness are straightforward: businesses that have received PPP loan forgiveness can now exclude the forgiven amounts from income and deduct all the expenses paid using the PPP loan.
Recent legislative and executive actions have created new ways to help small and mid-sized employers with delivering more effective and efficient retirement plan solutions for their employees.
Taxpayers have a great deal of questions on how those payments will impact their tax return and what will happen if they have not received them yet.
Taxpayers can take advantage of a program to help ensure tax returns fraudulently filed using their social security number are not processed.
In continuing with our look at the Consolidated Appropriations Act (CAA) that was passed the other week, we wanted to bring attention to another area that may be relevant to many taxpayers.
The new COVID-19 relief bill contains provisions that incentivize businesses in the coming year to spend on business meals.
Although the PPP Loan Forgiveness is a huge subsidy for many businesses during this hard time, it does come with a few downsides.
In this article, we wanted to take the time to go through the main aspects of this legislation that will impact taxpayers and businesses most going into the 2020 tax reporting season.
Recent budgetary increases at the IRS signal an effort to restore and increase the agency's enforcement.
The two major party candidates have vastly different tax proposals, with one keeping things as we know it from the recent tax law changes and the other wanting to change the approach taken since the Tax Cuts and Jobs Act (TCJA).