IRS had a backlog of nearly 8 million paper business tax returns in 2020 due to pandemic.The Covid pandemic caused a backlog of almost 8 million paper-filed business tax returns at the end of 2020, according to the Treasury Inspector General for Tax Administration. The IRS had reduced that backlog to 291,000 by July 2021, …
June 28, 2021
We now understand the real problem.Apologizing for not meeting their 16-week processing timeframe.Instead, it took them 14 months (56 weeks), to meet their 16 week targeted processing time.No one in the IRS can not do simple math.This is what happens when you have only 42% of the workforce, not at work, for 18 months.Refunds from …
March 17, 2021
The latest $1.9 trillion stimulus package creates a new tax break for tens of millions of workers who received unemployment benefits last year after businesses were forced to close and lay them off during the coronavirus pandemic. Many Americans who were potentially left with a surprise tax bill on that jobless aid are poised to …
February 26, 2021
Starting yesterday the SBA will make companies with less than 20 employees a PRIORITY for processing PPP loans.This means if you are already in process with us to get a First or Second PPP, you will move up the list !!If you are considering a PPP for first or second time, then NOW IS THE …
October 24, 2020
Click the buttons below for instructions and the form for full forgiveness of any PPP loan below $50,000. PPP Loan Forgiveness Application Form Instructions No numbers ($) are required. Just simple statements. If you need any help in completing this form, contact us.Please share this page with any friends and relatives that may benefit from …
July 31, 2020
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 …