Tax News

  • POSSIBLE TAX LAW CHANGES IN 2021?

    Background The results of the November 3, 2020 election, with Democratic control of the White House and the House of Representatives and apparent Republican control of the Senate makes major changes in the Tax Code difficult in the next Congress.  Any number of upcoming events could end the apparent stalemate, including the January 2021 Georgia […]

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  • 2020 Post-Election Tax Policy Update

    2020 Post-Election Tax Policy Update

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  • WARNING: COVID-RELATED TAX SCAM

    The Security Summit, a coalition of the IRS, state tax agencies, and the private sector tax industry, is warning taxpayers about a new text scam that tricks people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment (EIP). The text message states: “You have received a direct deposit of […]

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  • IRS OFFERS NEW AVENUES OF RELIEF FOR RESOLVING COLLECTION ISSUES

    The Internal Revenue Service (IRS) announced on Monday, November 02, 2020 a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS with IR-2020-248. This so-called “Taxpayer Relief Initiative” is for taxpayers who owe tax liabilities but are struggling financially because of the pandemic, expanding […]

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  • SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less

    The U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less in News Release 20-81. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses, but still requires the submission of supporting documents, such […]

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  • E-Filing Amended Returns Coming This Summer

    If you made a mistake on your 2019 tax return and need to fix it, your only choice is to prepare a paper Form 1040-X and mail it to the IRS. If you are lucky, the IRS will act on it within a year. However, the IRS announced on May 28, 2020 that later this […]

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  • If You Did Not Receive Your IRS Economic Impact Payment

    As Economic Impact Payments (sometimes referred to as “stimulus payments”) continue to be delivered to U.S. taxpayers, many questions have come to light and the IRS (www.irs.gov) has made efforts to answer the most frequent questions on their website as well as through other public forums. Following is a summary of the latest information available. […]

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  • CONGRESS PASSES MORE PPP RELIEF ON JUNE 5

    On June 5, President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) of 2020 (H.R. 7010) which provides more flexibility for participants in the Paycheck Protection Program (PPP) program. The PPP is a provision included in the CARES Act (P.L. 116-136, the Act) that authorizes a certain amount of forgivable loans to small businesses to […]

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  • REACHING THE IRS DURING THE PANDEMIC

    Reaching the IRS by mail- The Internal Revenue Service (IRS) recently announced in IR2020-68 that it is “not currently able to process individual paper tax returns.”  They remind everyone that “if you already have filed via paper but it has not yet been processed, do not file a second tax return or write to the […]

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  • IRS INSTALLMENT AGREEMENTS

    These are difficult and exceptional times faced by our country with all our concerns about COVID-19 and the resulting economic impacts.  In times like these, it is easy to fall behind on our tax obligations through no fault of our own. If you find yourself in that situation, the best course of action is to […]

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