In 2020, due to the economic hardships that small businesses suffered thanks to the COVID-19 pandemic, the Federal Government put a number of plans into place to provide support and relief. These bills created the Paycheck Protection Program, the Emergency Capital Investment Program, and Small Business Tax Credit Programs, among…
Due to the COVID-19 pandemic, even though it is on its decline, the IRS moved the tax return due date back a month to May 17th. All taxpayers needed to hit this deadline. Those that did not may need to pay the IRS fees and penalties stemming from their late…
In March, 2020, the CARES Act (Coronavirus Aid, Relief and Economic Security) Act was signed into law. This act created a number of different measures designed to help both individuals and small businesses. For example, laid off and furloughed individuals received additional funds in their unemployment checks, and small businesses…
When filing your 2020 taxes, you may find that you qualify for the recovery rebate credit. A question related to the credit is on the tax forms for the year, which makes it easy for those who can claim it to not only save money on their 2020 taxes but…
Filing taxes is a complicated process, and every year, new laws and regulations make it even more difficult. In between the endless forms and going through a year’s worth of receipts, it is easy to see why tax season is one that most people avoid thinking about. Besides wanting to…
The Paycheck Protection Program, or PPP, was enacted last year by Congress and the Trump administration as a part of the Coronavirus Aid, Relief, and Economic Security or CARES Act. It was intended to cushion the blow of the COVID-19 pandemic by providing a way for small companies to continue…
Owing back taxes is something that tends to haunt you. You worry constantly about when the IRS will reach out and begin collection efforts, or you wonder when your payment plan will be accepted by them. If you work with a tax preparation professional, then you stay in frequent contact…
Preparing to file your 2020 tax return in the midst of the ongoing COVID-19 pandemic can often raise more questions than answers. Thankfully, we have a number of tax tips for those gathering their income information and reaching out to their tax professionals. We recommend not filing your tax return…
The Covid-19 pandemic has led to a number of temporary changes in the tax code, as well as several incentive programs designed to help small businesses stay afloat during this trying time. For example, one option, the Paycheck Protection Program offers loans to small businesses that need the funds to…
In October 2020, the IRS announced that it will once again start sending out 500 series balance due notices to taxpayers who are delinquent. According to sources, there was a large backlog built up due to the COVID-19 pandemic, since they were unable to process payments and go through received…
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