IRS tax scams are on the rise. Therefore, it’s important to use caution when viewing emails and receiving telephone calls purportedly from the IRS. Falling victim to a tax scam can be very costly, not only in money, but also in the amount of time and aggravations it can take to straighten out the resulting […]
The IRS has issued guidance clarifying that taxpayers receiving loans under the Paycheck Protection Program (PPP) may deduct their business expenses, even if their PPP loans are forgiven. The IRS previously issued Notice 2020-32 and Rev. Rul. 2020-27, which stated that taxpayers who received PPP loans and had those loans forgiven would not be able […]
Filing Season Begins February 12 The IRS will begin accepting and processing 2020 tax year returns for individual filers on Friday, February 12, 2021. This start date will allow the IRS time to do additional programming and testing o… All Taxpayers Now Eligible for IP PINs The IRS has expanded the Identity Protection PIN Opt-In […]
The IRS has waived the requirement to file Form 1099 series information returns or furnish payee statements for certain COVID-related relief that is excluded from gross income.