Category Archive

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