Tax Planning & Preparation


The IRS Strikes Back!

The IRS Strikes Back!


Posted By on Nov 19, 2020

On November 18, 2020, the IRS released Rev. Rul. 2020-27 and Rev. Proc. 2020-51 providing desperately needed guidance on the timing issues related to Paycheck Protection Program (PPP) loan forgiveness and the deductibility of the related PPP expenses. Since May 2020 with the release of Notice 2020-32 we have known that expenses used to qualify for loan forgiveness would not be eligible tax deductible expenses. In other...

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Commissioner Chuck Rettig announced the IRS People First Initiative to provide immediate relief to help people facing uncertainty over taxes during the health crisis. Highlights of the key actions in the IRS People First Initiative include: Installment Agreements Existing Installment Agreements–For taxpayers under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are suspended. Taxpayers who are...

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Senate Passes CARES Act

Senate Passes CARES Act


Posted By on Mar 26, 2020

Yesterday evening, the Senate passed an updated version of the Coronavirus Aid, Relief and Economic Security (CARES) Act. This bill is intended to be a third round of federal government support in the wake of the coronavirus public health crisis and associated economic fallout (the $8.3 billion in public health support passed two weeks ago and the Families First Coronavirus Response Act). The CARES Act builds on the two previous...

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We are all familiar with the annual tax filing ritual; around January, most people collect their tax documents to file their tax returns by the deadline. However, some people sometimes or always need an extension. All of the information is gathered after the tax deadline of April and filed before the extension deadline. There is another group of people, that don’t meet the extended deadline, and their tax return is late and unfiled....

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The Tax Cuts and Jobs Act (TCJA) tax reform added new tax code Section 199A, which created a 20 percent tax deduction possibility for you if your rental property: (a) has profits and (b) can qualify as a trade or business. The current tax law as now stands, with rentals that achieve trade or business status, you win. When you achieve the “business-status” rental property, it will create the following five possible tax benefits for...

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