The Blog

On August 15, 2022 The Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning Oct. 1, 2022. For individuals, the rate for overpayments and underpayments will be 6% per year, compounded daily, up from 5% for the quarter that began on July 1. Here is a complete list of the new rates: 6% for overpayments … Read More

Aims to lower energy costs, increase cleaner production and reduce carbon emissions by roughly 40% by 2030 and; Lowers ACA health care premiums for millions of Americans while extending the expanded ACA coverage through 2025 Introduces a 15% corporate minimum tax and closes the carried interest loophole to make the biggest corporations and the ultra-wealthy pay their “fair share” Funds … Read More

New school year reminder to educators; maximum educator expense deduction rises to $300 in 2022 As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return next year. This is the first time … Read More

New IRS Strategic Plan:Agency issues five-year plan with goal to help taxpayers The Internal Revenue Service today released a new five-year Strategic Plan that outlines its goals to improve taxpayer service and tax administration. The IRS Strategic Plan FY2022-2026 will serve as a roadmap to help guide the agency’s programs and operations. The plan will also help meet the changing needs of … Read More

The IRS has worked hard over the last few years to move taxpayers to electronic filing, and 90% of individual taxpayers e-filed last year. Unfortunately, that still left some 17 million taxpayers to file paper returns. The IRS had processed 5 million taxpayer responses to proposed tax return adjustments. It took an average of more than eight months for a … Read More

Scammers often pose as the IRS to steal taxpayers’ personal information. They may reach out through fraudulent phone calls, emails, texts or social media messages. It’s important for taxpayers to understand how the IRS contacts people, so they don’t fall victim to identity thieves. Generally, the IRS will mail a notice or letter to a taxpayer first. Taxpayers can search … Read More

In an effort to prevent false tax returns from being e-filed the IRS is starting a new registration program for unlicensed tax preparers.  Licensed professionals such as CPAs, & attorneys, are not required to register with the IRS for the new electronic fingerprinting process.   Unlicensed preparers must schedule an appointment with an IRS authorized vendor for fingerprinting. You can schedule your appointment … Read More

There are many ways people plan for retirement. Individual Retirement Arrangements, or IRAs, are a common one. IRAs provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual fund, or stockbroker. Here are some things to know about a … Read More

In today’s economy it is crucial to stay up to date on best practices. Here are two strategies to stay ahead during a market downturn. 1. By a large margin: Convert your IRA to a Roth IRA. If you make the conversion when the market is down, the portfolio conversions aren’t as high in a down market. Two other advantages are that Roth … Read More

Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast. The good news is business travelers may be able off-set some of those cost by claiming business travel deductions when they file their taxes. Here are some details about these valuable deductions that all business travels should know.Business … Read More

Compiled annually, the Dirty Dozen lists a variety of common scams that taxpayers can encounter anytime. The IRS warns taxpayers, tax professionals and financial institutions to beware of these scams. This year’s list is divided into five groups. Here’s an overview of the top twelve tax scams of 2022. Potentially abusive arrangementsThe 2022 Dirty Dozen begins with four transactions that … Read More

Some good news on IRS tax return processing. The IRS has dedicated the past several months on processing a key group of 2020 individual tax returns filed during the 2021 and anticipate having them completed by the end of this week. As of June 10, more than 4.5 million of the 4.7 million individual paper tax returns had been processed.  … Read More

WASHINGTON – The Internal Revenue Service today announced expanded voice bot options to help eligible taxpayers easily verify their identity to set up or modify a payment plan while avoiding long wait times. “This is part of a wider effort at the IRS to help improve the experience of taxpayers,” said IRS Commissioner Chuck Rettig. “We continue to look for … Read More

WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard mileage rate for business travel … Read More

Suspicious communications in all its forms designed to either trick, surprise or scare someone into responding before thinking is No. 7 on the 2022 “Dirty Dozen” scams warning list, the Internal Revenue Service announced today, warning everyone to be on the lookout for bogus calls, texts, emails and posts online to gain trust or steal. Criminals have used these methods … Read More

The Internal Revenue Service’s Employee Retirement Plans is pilot-testing a new pre-examination retirement plan compliance program, starting in June of this year. The goal of the pilot program is to shorten the length of time needed for exams. In an email issued last Friday, it said the IRS would notify plan sponsors by letter if their retirement plan was selected … Read More

The Internal Revenue Service today kicked off the week with the 5th item on its 2022 annual “Dirty Dozen” scams warning list, with a sad reminder that criminals still use the COVID-19 pandemic to steal people’s money and identity with bogus emails, social media posts and unexpected phone calls, among other things. These scams can take a variety of forms, … Read More

Now that the April filing deadline has passed, most people are spending more time thinking about summer vacations than taxes. However, summer is a great time to review withholding and see if summer plans will affect next year’s tax return. Below are some common summertime tax situations and tips to help taxpayers figure out if they apply to their tax … Read More

A lot of families move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. Here are some things that homeowners should think about when selling a home: 1. Ownership and useTo claim the exclusion, the taxpayer must meet ownership and use … Read More

This month a major proposal was announced by Treasury Secretary Janet Yellen at the Brussels Economic Forum. The idea calls on the European Union and the United States to enforce the global corporate minimum tax at 15% in all territories. 137 countries have signed the international tax reform agreement supported by the Organization for Economic Co-operation and Development. The plans … Read More

Ahead of hurricane season, IRS offers tips on ways to prepare for natural disasters WASHINGTON —The Internal Revenue Service reminded taxpayers today that May includes National Hurricane Preparedness Week and is National Wildfire Awareness Month. This is a good time to create or review an emergency preparedness plan, including steps to protect important tax-related information. In 2021, the Federal Emergency Management Agency (FEMA) … Read More

IRS YouTube Video:IRS Small Business Self-Employed Tax Center  WASHINGTON – During National Small Business Week, May 1 to 7, the IRS is highlighting tax benefits and resources tied to the Small Business Administration theme for this year’s celebration: “Building a Better America through Entrepreneurship.” During National Small Business Week, the Internal Revenue Service wants taxpayers to know there are free resources … Read More

All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld. Doing this now can help protect against facing an unexpected tax bill or penalty in 2023. The sooner taxpayers check their withholding, the easier it is to get the right amount of tax withheld. Taxpayers whose employers withhold … Read More

Every taxpayer has a set of fundamental rights when working with the IRS which are known collectively as the Taxpayer Bill of Rights. One of these is the right to challenge the IRS’s position and be heard. Here are some details about what this right means for taxpayers. Taxpayers have the right to: Raise objections. Provide additional documentation in response to … Read More

Taxpayers with an extension can file when they are ready but most should file by October 17, 2022. Special deadline exceptions may apply for some disaster victims, certain military service members and eligible support personnel in combat zones. Reconciling advance child tax credit or claiming recovery rebate creditPeople who need to reconcile advance child tax credit payments or claim the recovery rebate credit will need additional information about … Read More

WASHINGTON — The Internal Revenue Service today announced the 2022 IRS Nationwide Tax Forum will be held virtually over five weeks starting July 19, with a series of live-streamed webinars every Tuesday, Wednesday and Thursday. Held each summer for more than 30 years, the IRS Nationwide Tax Forum is the IRS’s marquee outreach event to the tax professional community. Even … Read More

WASHINGTON — Taxpayers requesting an extension will have until Monday, Oct. 17, 2022, to file a return. Not everyone has to ask for more time, however. Disaster victims, taxpayers serving in combat zones and those living abroad automatically have longer to file. An extension of time to file will also automatically process when taxpayers pay all or part of their taxes electronically … Read More

WASHINGTON – With the April 18 tax-filing deadline closing in for most taxpayers, the Internal Revenue Service wants to dispel some new and common myths about getting refund details or speeding up tax refunds. A number of these myths circulate on social media every tax season. The IRS continues to process 2021 tax returns and deliver refunds, with nine out of 10 … Read More

There are several tax forms issued by the IRS. It can be difficult to keep up with what’s what but don’t worry, in the table below you will find an overview of frequently used forms and what purpose they serve.  Acronyms:  IRA (Individual Retirement Account)  HSA (Health Savings Account)  MSA (Medical Savings Account)  Form Number Form Name & Purpose W-2 … Read More

WASHINGTON — The Internal Revenue Service today reminds those who make estimated tax payments such as self-employed individuals, retirees, investors, businesses, corporations and others that the payment for the first quarter of 2022 is due Monday, April 18. The 2022 Form 1040-ES, Estimated Tax for Individuals, can help taxpayers estimate their first quarterly tax payment. Income taxes are a pay-as-you-go process. This means, … Read More

WASHINGTON – The Internal Revenue Service today reminded U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15. For additional information about filing deadlines, filers should look to Financial Crimes Enforcement Network’s (FinCEN) website PDF for further information. Filers missing the April deadlines will receive an automatic extension … Read More

WASHINGTON — With the completion of special mailings of all Letters 6475 to recipients of the third-round of Economic Impact Payments, the Internal Revenue Service reminds people to accurately claim any remaining third-round stimulus payment on their 2021 income tax return as the 2021 Recovery Rebate Credit. Through December 31, 2021, the IRS issued more than 175 million third-round payments … Read More

The Internal Revenue Service is relying on technology to help it keep up with its growing need for taxpayer support. The agency has begun using voice and chat bots on a pair of specialized telephone assistance lines and on its website. These new features are expected to help taxpayers get answers to simple payment or collection notice questions quickly, while … Read More

As the IRS is continuing to navigate through an unprecedented amount of influx calls they are improving methods in order to provide taxpayers with guidance this tax season. The IRS has enacted artificial intelligence in hopes of expanding options taxpayers have to get their questions answered. They are introducing virtual bots capable of voice and text chat features. These bots … Read More

Scammers are increasingly on the rise. They have a variety of ways to draw your personal information and wreak havoc. One avenue scammers may take is phishing, specifically spear phishing. Spear phishing is when scammers target a specific group of people. The IRS and the Security Summit have issued a warning noting that scammers are now targeting tax professionals.  Scammers … Read More

The IRS has issued a reminder for taxpayers to keep a close eye on potential scams. They are urging taxpayers to be aware of these dangers and to report any suspicious activity.  Text and email  Last year the IRS observed an increase in text message scams. Scams can also take place through emails, social media, and phone calls. Typically, the … Read More

The IRS has established a national Earned Income Tax Credit awareness day (EITC). The pandemic has brought several efforts to ease financial hardships. In lieu of the Child Tax Credit given to families with children, some taxpayers without children may be wondering what resources are available for financial tax assistance? The great news is an increasing number of people are … Read More

Did you know the last day to file federal income tax returns is a little different this year? Tax return deadlines are not allowed to fall on a holiday or weekend. The last day to file federal taxes this year will be April 18th. Deadline Extension Additionally, states struck by natural disasters this year have an extended deadline. These include … Read More

Due to inflation, the steady rise of prices, transfer tax exemptions have increased this year. The transfer tax is a tax on the transfer of ownership of property or money. Types of transfer tax transactions include: estate tax, gift tax, and generational skipping tax. The increase in transfer tax exemptions will remain in effect until December 31, 2025. Reminder: Gift tax … Read More

The IRS announced changes to the process of applying for tax exempt recognition. Their revisions apply to Form 1024. The changes are part of an effort to move toward a more digitized process. Starting January 3, 2022 tax exemption filers must submit their applications online. However, The IRS will accept paper applications and letters within a 90-day grace period. The … Read More

The Earned Income Credit (EIC) changes every year.   In 2020 the Maximum Earned Income Credit for families with 4 or more children was $6,660. In 2021 the Maximum Earned Income Credit for families with 4 or more children is $6,728. If you have 3 or fewer children the credit is reduced. In either case, the tax credit is worth … Read More

On December 17th the IRS updated its 2022 standard mileage rates used for tax deductibles. They include cars, vans, pickup trucks, or panel trucks used for business, charity, medical, or moving (within the Armed Forces). Taxpayers have the option of using the provided standard rates or calculating their actual expenses. The 2022 rates began on January 1st.  Some rates have … Read More

Inflation is a hot topic in the news today as prices go up and the value of the dollar goes down.  The continuation of this pandemic has surely impacted our economy and day to day finances. Inflation today is the highest it has been since 1982 and rapidly increasing. We have seen a decrease in supply leading to multiple shortages. … Read More

The IRS has a few reminders for taxpayers this year. They are urging people to take the steps to make sure they are ready to file their 2022 tax returns. Child Tax Credit, Stimulus Checks (Economic Impact Payment), and charitable donations. Child tax credits and the Child and Dependent Care Credit have changed. The changes include ages, and amounts. Please … Read More

The IRS observed National Tax Security Awareness Week this month. They highlighted key details for protecting your online IRS account and documents. The IRS is taking new measures for taxpayers to use digital signatures for online forms. With online accounts comes the risk for theft and data breaches. They are working on strengthening online security to protect taxpayers. There are … Read More

The end of the year gives us the chance to make the most of our financial gains and prepare for the upcoming year. Remember to keep your long term goals in the forefront as you plan. Here are 7 year-end financial moves. Be sure to check with your financial and tax advisors to optimize your planning.  1 How Is Your … Read More

The pandemic has changed so much of our daily lives, including our financial situations. In 2020 The federal government suspended student loan payments. However, payments will begin again January 31, 2022. Here are some options you have when it comes to paying for your student loans again. Income-driven Payment Plan One option is an income-driven payment plan based on your … Read More

The IRS has a new sign in process to protect the privacy of taxpayers. The new technology will provide taxpayers with more ways to verify their identity. It will offer increased security when using IRS tools. Government agencies and tax professionals will also use the updated sign in process. Taxpayers will use the new technology, ID.me. You can continue to … Read More

Financial planning is key to reaching your goals. You may be asking, what does it mean to create a financial plan? It is outlining a plan of action that will benefit you presently as well as long-term. This may seem like a daunting task but resources and professionals in the field can help tremendously.  Employer Benefits This year may have … Read More

Cryptocurrency is new and ever changing. If you invest in cryptocurrency it is essential to stay up to date on the associated tax regulations. Businesses and individuals use cryptocurrency for a variety of reasons. For example, Investing in cryptocurrency generates returns that can be used to boost your portfolio, make payments, or save through investing.  The IRS calls cryptocurrency “convertible … Read More

As the holidays approach there are a variety of thoughts and emotions that may come up. Discussing financial achievements this holiday season can bring some comfort and cheer. The end of the year is a great time to reflect, express gratitude and set future intentions. The holidays can be a quick way to spend a lot of money in a … Read More

2020 was a year that greatly contrasted from years prior. COVID-19 added more complexities to our daily lives as well as our taxes. According to the IRS, 2021 tax refunds were higher than usual. Contributing factors were COVID relief payments and other measures under the American Rescue Plan. Under the 2020 American Cares Act,  taxpayers received two COVID relief payments. … Read More

The Paycheck Protection Program has run out of money for most borrowers before its planned May 31 end, the Small Business Administration said. Going forward, the program will only accept new applications from community financial institutions, which typically serve minority borrowers, as about $8 billion in funding was set aside for such businesses. The SBA will continue to fund outstanding … Read More

A few tips to help you navigate relationships with clients and coworkers alike: 1. Have a Direct Approach When having a conversation with a client, be direct and clear from the start. If possible, layout a plan of next steps instead of dancing around the subject or making excuses. People will appreciate an honest and direct approach about what happened … Read More

Since the beginning of the coronavirus pandemic, the government has sent out a few rounds of stimulus checks. Here’s a breakdown of the COVID-19 legislation and stimulus check amounts: CARES Act: $1,200/person maximum Consolidated Appropriations Act: $600/person maximum American Rescue Plan: $1,400/person maximum Not all taxpayers received checks each round, as they were based on an individual’s adjusted gross income. … Read More

The IRS and the Treasury Department are giving small businesses that received Paycheck Protection Program loans in the first round a way to deduct expenses they couldn’t claim last year. The Internal Revenue Service and the Treasury released Revenue Procedure 2021-20 on Thursday, which provides a safe harbor in accordance with a provision in last December’s COVID-19 relief package. Under … Read More

Security experts are seeing a rise this tax season in phishing schemes and malware tied to hot-button subjects like tax refunds, stimulus payments and COVID-19 vaccines. The Internal Revenue Service recently warned about an ongoing IRS-impersonation scam that mainly targets educational institutions, including students and staff who have “.edu” email addresses. The emails show the IRS logo and use subject … Read More

The IRS is planning to bring important changes to Form 1099-K filings. Prior to this update, the IRS required each payment settlement entity (PSE), aka credit card processing companies, to send Form 1099-K to both the IRS and the recipient (or customer) if the PSE has processed payments amounting to at least $20,000 and at least 200 transactions per customer … Read More

The American Rescue Plan Act (ARPA)  went into effect in March 2021. This bill introduced a $1.9 trillion COVID-19 relief package designed to help boost the economy amidst the effects of the pandemic. Among other things, the act affects tax planning for individuals who are unemployed and for people who have children. It also authorized the sending of a third … Read More

The Paycheck Protection Program Extension Act passed overwhelmingly in the Senate, following a similar passage in the House. The PPP Extension Act will allow small businesses to continue applying for aid through the end of May and the SBA to process applications through June. The bill has been sent to President Biden for signing. There is nearly $79 billion left … Read More

The IRS will Handle Unemployment Returns, Don’t Amend Returns that reported unemployment benefits prior to the $10,200 exclusion enactment should not be amended. The IRS has indicated it will refigure taxes on these returns and adjust the taxpayer’s account accordingly. The IRS will then send any refund amount directly to the taxpayer. And now the not so good news; The IRS … Read More

Federal filing and payment deadlines have been delayed. Will the states delay filing deadlines also? New security concerns about scammers that are after the/your Economic Impact Payments (EIP). New EIP & Child Tax tax credits and payments are taking effect. (How much & when are you entitled to receive?)  Retroactive unemployment payments face problems sorting out the reporting requirements. AND … Read More

The Internal Revenue Service has pushed back the tax-filing deadline until May 17 after heavy pressure from Congress and tax and accounting groups. The move will give taxpayers and tax professionals an extra month after the original deadline of April 15. May 15 falls on a Saturday, so the date was moved up until Monday, May 17. Last year, the … Read More

Extra Extra! Read all about it! New Exclusion of up to $10,200 of Unemployment Compensation If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up … Read More

Leaders of the House Ways and Means Committee and accounting groups are calling for extending the tax deadline to give the IRS, taxpayers and tax professionals an extra three months. On Monday, the House Ways and Means Committee urged the IRS to extend the 2021 tax filing season until July 15, noting that the COVID-19 pandemic is continuing to impose … Read More

It is inevitable that conflicts and disagreements with coworkers will crop up no matter if you work from home or in an office.  Whether conflicts stem from miscommunication, clashing priorities, or personality differences, it’s important for your sake, your team members’ sake, and the sake of the company that you resolve the issue professionally and courteously. Here are a few … Read More

Many Americans will soon be receiving additional stimulus checks from the federal government sometime in 2021. Here are some suggestions to use your stimulus check in the most efficient way.  1. Use the money to pay essential expenses. This is why the government is making these payments. Rent and mortgage payments top the list. Car payments too. Feeding your family. … Read More

The IRS acknowledges that there is a backlog of unprocessed 2019 tax returns and that it sent erroneous CP59 notices to certain taxpayers. Those who filed their 2019 return but nevertheless received the CP59 should disregard the notice and do not need to take any action. COVID-19 continues to cause delays in live phone support and answers to notice responses. … Read More

The Internal Revenue Service issued a warning to taxpayers to beware of unethical “ghost” tax preparers who don’t sign tax returns for clients. A ghost preparer may prepare and print out the return, but ask the client to sign it and mail it to the IRS. For electronically filed returns, the ghost will prepare but refuse to digitally sign the … Read More

Although the COVID-19 pandemic is still raging, business owners have started to turn their minds to what will happen after most of the vaccines have been administered and the world is able to return to some semblance of normality.  With all the changes thrown your way due to covid-19 here are some tips and tricks for avoiding “zoom fatigue” and … Read More

Much of today’s accounting world revolves around technology. As more and more firms work remotely and use technology to exchange information with their clients, security is becoming a large issue. With things changing so quickly, firms must always be up-to-date with the newest and best technology so we can have an edge up.  At Ferrone and Associates CPAs, the security … Read More

On January 28, the Internal Revenue Service (IRS) issued a notice urging taxpayers who receive Forms 1099-G for unemployment benefits they did not actually get because of identify theft to contact their appropriate state agency for a corrected form. Scammers took advantage of the pandemic by filing fraudulent claims for unemployment compensation using stolen personal information of individuals who had not filed … Read More

If your PPP loan was forgiven, it may still generate taxable income on your state tax return. As of recent news, the federal government waived taxes on PPP loans, but Utah is requiring businesses to pay taxes on any portions of PPP loans that have been forgiven.  As part of the CARES Act, Congress implemented the Paycheck Protection Program (PPP).  … Read More

The IRS will begin accepting and processing returns Friday, February 12, 2021. Returns sent by preparers before this date are being held in a queue and will be transmitted to the IRS as soon as the IRS is ready to process.When the IRS starts processing returns, acknowledgments may be unpredictable due to the high volume of returns being processed. Sooner is always … Read More

The new economic relief law enacted late last year—the Consolidated Appropriations Act—clarified that expenses paid by business entities relating to loans made through the PPP are in fact tax-deductible. In doing so, the new law rendered previous IRS guidance in the form of Notice 2020-32 and Revenue Ruling 2020-27 obsolete. Background: Under the Coronavirus Aid, Relief, and Economic Security (CARES) … Read More

If 2020 was a lesson in anything, it was to expect the unexpected. Who could have predicted a year of such unprecedented worldwide disruption? So, here are four predictions from the experts about what 2021 will look like in the world of accounting. 1. Increased focus on company culture, especially in dispersed teams Without a doubt, COVID-19 has accelerated the … Read More

2020 introduced a number of unprecedented situations that have required some massive adjustments. And now, with the tax filing season upon us, a raft of brand new challenges await ahead of the April 15 deadline. Chief among them: uncertainty around the economic stimulus given to American taxpayers as part of the Coronavirus Aid, Relief and Economic Security, or CARES Act. … Read More

As you help clients fill out their 1040 form, you’re always looking for additional write-offs they can take advantage of. Don’t forget parents who employ their children are allowed to deduct these wages. Three previous columns discussed a frequently-overlooked tax break for freelancers and other self-employed persons. The tax code allows parents to deduct wages they pay their sons and … Read More

The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month. IRS guidance issued on Wednesday overrides previous rules that recipients of PPP loans that had been forgiven couldn’t claim deductions for the wages, rent, utilities, and other … Read More

As 2020 draws to a close, the topic of advisory services remains relevant to the accounting profession. At the recent Accounting & Finance Show USA, Intuit’s Jasen Stine explained how offering these services will make both you and your clients more successful in the face of the changes that resulted from the COVID-19 pandemic. Over the last year, one major … Read More

Here’s a COVID -19 retirement-related easing that hasn’t got much attention: the 10% fine on pre-age-59 ½ payouts from retirement accounts is waived on up to 4100,000 of coronavirus-related distributions in 2020 from 401(k)s, 403(b)s and IRAs. A coronavirus-related distribution is defined as a payout to an individual who experiences financial difficulties from being diagnosed with COVID-19; who has a … Read More

Some people expecting paper stimulus checks may have to wait months before seeing the payment in their mailbox. IRS is sending paper checks to individuals who qualify for the economic impact payment but didn’t get it directly deposited into their bank accounts. Some checks have already been mailed out to taxpayers. For the rest, the Service will send out approximately … Read More

If you weren’t able to get a PPP Loan… this one is you.The Internal Revenue Service is reminding employers who have been impacted by the Coronavirus pandemic that three new credits are available for them. The first of these, the Employee Retention Credit, is intended to encourage businesses to keep employees on the payroll. The ERC is a refundable tax … Read More

The Internal Revenue Service, working with the Treasury Department, announced the new tool Get My Payment, enabling taxpayers to check on their Economic Impact Payment date and update direct deposit information. Get My Payment will help taxpayers track the Economic Impact Payments as they start to hit bank accounts, and will answer common questions. It will also show the projected … Read More