Paycheck Protection Program Archives

Questions for Clients During the 2021 Tax Season

Feature Article

Questions for Clients During the 2021 Tax Season

Every year, most tax professionals take a Form 1040 update class to understand the tax law changes that affect tax preparation. Then many take the cookie cutter organizer and send it to clients without review. Instead, take the... Beth Logan, EA

Jan/Feb 2022, Feature Article, Donations, Form 1040, Economic Impact Payment, 2021 tax season, Schedule 8812, advanced child tax credit, cryptocurrency, electric vehicle, mortgage, recovery rebate credit, pandemic, teachers, Paycheck Protection Program

IRS Clarifies Timing of Paycheck Protection Program Loan Forgiveness Basis Increase

Preparation

IRS Clarifies Timing of Paycheck Protection Program Loan Forgiveness Basis Increase

The Internal Revenue Service (IRS) released three new revenue procedures last month clarifying Paycheck Protection Program (PPP) loan and other federal COVID-19 grant tax-exempt income recognition, expense deductions paid with COV... Jane Ryder, EA, CPA

Jan/Feb 2022, Preparation, SBA microloan, partnership, COVIDTRA, Restaurant Revitalization grants, COVID-19, COVID-related Tax Relief Act of 2020, subsidiary member, PPP, tax-exempt income, Bipartisan Budget Act of 2015, Paycheck Protection Program, loans, carryback, SBA loans, Rev. Proc. 2021-49, pass-through, Schedule K-1, Emergency Economic Injury Disaster Loan, Form 1065, EIDL, net operating loss, SBA 7(a) loans, NOL, Rev. Proc. 2021-50, SBA Community Advantage loans, s corporation

Tax News Briefs

2021 Employee Retention Credit Overview

Employee Retention Credit Guidance for First and Second Quarters of 2021 The Internal Revenue Service (IRS) has now released guidance to address changes made by the Consolidated Appropriations Act, 2021, for... TheTaxBook

Nov/Dec 2021, Tax News Briefs, American Rescue Plan Act, Consolidated Appropriations Act, Form 941, business, Internal Revenue Code, employee retention credit, CARES Act, Notice 2021-23, PPP, wages, Social Security, §3121(a), Paycheck Protection Program, §3231(e), grant, Medicare

New IRS FAQs: 2020 Employment Tax Deposits/ Payments Deferral

Feature Article

New IRS FAQs: 2020 Employment Tax Deposits/ Payments Deferral

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides employers with a deferral mechanism for the employer portion of any Social Security taxes and self-employed individuals with a deferral mechanism for the employer portion of any self-employment taxes... David E. Peritz, CPA

Nov/Dec 2020, Feature Article, SBA loans, Form 941-X, self-employment, taxes, COVID-19, CARES Act, Families First Coronavirus Response Act, deferral, Social Security, Paycheck Protection Program