Over a hundred members of Congress are asking the Internal Revenue Service to resolve a number of issues preventing the remaining Economic Impact Payments from gomg_ out to taxpay ers who desperately need the money as they struggle through the novel coronav1rus pandemic. Read the full article by Michael Cohn on AccountingToday.com
...July 28, 2020
There are lots of questions about the Paycheck Protection Program loan forgiveness. Question: I am an independent contractor who uses a single household checking account only. No payroll account or separate business account. How do I document that my PPP loan was used for ‘payroll’?Answer: As an independent contractor, sole proprietor, or self-employed individual, if …
May 19, 2020
The Boy scouts in Colorado did not buy any flags in bulk. At least the Denver Metro Council did not. I am suggesting that each of us reach out to as many friends as possible.I recently talked to the staff at Ft Logan, confirming the “no organized group rule”, see the notice, from the Veterans …
May 7, 2020
The IRS ruled that a Paycheck Protection Program (PPP) borrower who spends PPP funds on normal business expenses cannot deduct those expenditures for federal tax purposes. But its position, which left many in congress wondering if the IRS missed the 335-page memo, may not be the last word. Today, a bipartisan group of congressional leaders …
May 5, 2020
On Thursday, April 30th the IRS issued Notice 2020-32 which clarified the treatment of expenses paid with funds forgiven through the Paycheck Protection Program (PPP).Most taxpayers incorrectly assumed that businesses receiving a PPP loan which was forgiven would not have to pay tax on the loan forgiveness and would also get the benefit of deducting …
April 29, 2020
The Congress passed and the President signed legislation allocating more funds for the PPP (Payroll Protection Plan) loans and the Economic Injury Disaster Loan(s) for $10,000. Some of you may have already applied and I know some of my clients have received the loan. Please let us know if this is the case. Tomorrow the SBA is opening …
April 23, 2020
Check on the status of your Economic Impact PaymentThis application will give you information about:Your payment statusYour payment typeWhether we need more information from you, including bank account informationYou May Need:Your 2019 return, if filed, andYour 2018 returnData is updated once per day overnight, so there’s no need to check back more than once per …
April 15, 2020
Eligible U.S. citizens or permanent residents who:Had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019Were not otherwise required to file a federal income tax return for 2019, and didn’t plan toYou can provide the necessary information to the IRS easily and quickly for no fee through Non-Filers: Enter Payment Info. …
April 10, 2020
ColoradoThe Department of Revenue (DOR) extended the income tax payment deadline for all Colorado taxpayers until July 15, 2020, without penalty or interest regardless of the amount.All income tax returns that were required to be filed by April 15, 2020 are granted a six-month extension, and are due on or before October 15, 2020.The state …
April 9, 2020
Shires Financial and Realta Solutions has done a lot of research and are now prepared to help individuals and companies apply for relief. You can reach Jeff Sanders at jmsanders@realta.solutions or myself through my contact form.Please let us know how we can help you, and point your friends and family members to this website. 1If you’ve …