The IRS Clarifies their Position on PPP Loans
The IRS has issued new guidance on tax liability for PPP loan recipients. According to the new guidance, taxpayers cannot claim a deduction for any otherwise deductible expense if the …
Register by Nov. 21 to Get an Economic Impact Payment; Same Deadline for Federal Beneficiaries to Get Missed $500 per Child Payments
From the IRS: “The Internal Revenue Service today reminded people who don’t normally file tax returns that they have until Nov. 21 at 3 p.m. Eastern time to register for …
Taxpayer Relief Initiative Aims to Help Those Financially Affected by COVID-19
Due to the ongoing pandemic, the IRS reviewed its collection activities to see how it could provide relief for taxpayers who owe taxes but are struggling financially because of the …
The IRS Resumes Sending 500 Series Balance Due Notices
From irs.gov: The IRS will resume issuing the 500 series balance due notices to taxpayers later in October. These notices were paused on May 9 due to COVID-19. Although the …
The IRS Confirms that Daily Fantasy Sports are Gambling
The IRS has determined that daily fantasy sports are games of chance, not games of skill. Consequently, entry fees represent wagers, and are deductible under Section 165(d). This decision will …
IRS Adds QR Codes to Key Balance Due Notices
For the first time, the IRS is adding barcode technology to notices sent to millions of taxpayers. Starting this month, the CP14 and CP14 IA notices that inform taxpayers that …
IRS Extends Economic Impact Payment Deadline to November 21
From irs.gov: The Internal Revenue Service announced that the deadline to register for an Economic Impact Payment (EIP) is now November 21, 2020. This new date will provide an additional …
IRAs and the SECURE Act. Should You Change Your Strategy?
Last December, the imaginatively named Setting Every Community Up for Retirement Enhancement (SECURE) Act became law. The SECURE Act was intended mainly to expand opportunities for individuals to increase their …
Landlords: How to Handle Tenants Who Can’t Pay Their Rent, and How It Impacts Your Taxes.
During this COVID-19 pandemic, landlords have two big possible problems: Tenants who can’t pay the rent. Tax losses they can’t deduct. We’ll start with the tenants and then move on …
Millions of taxpayers receive a tax refund interest payment
In mid-August interest payments were sent to nearly 14 million individual taxpayers. People who got these payments filed their 2019 federal income tax returns by the July 15 deadline and …