After several days of requests by taxpayers, state agencies and the National Taxpayer Advocate, the Internal Revenue Service has decided the federal tax status involving special payments made by 21 states in 2022.During a review, the IRS determined it will not challenge the taxability of payments related to general welfare and disaster relief. This means …
February 10, 2023
The Internal Revenue Service is telling millions of taxpayers, including those in Colorado, who received special state tax refunds or payments to delay filing their 2022 taxes.“There are a variety of state programs that distributed these payments in 2022 and the rules surrounding them are complex,” the IRS said in a statement. “We expect to …
January 17, 2023
The IRS said Friday in a news release that it has completed the final corrections for taxpayers who had overpaid their taxes due to the inclusion of an unemployment compensation exclusion in the American Rescue Plan Act of 2021 (ARPA), P.L. 117-2, after the taxpayers had filed their tax returns.ARPA, which was enacted in March …
June 1, 2022
An audit by the Treasury Inspector General for Tax Administration revealed the IRS has tossed data for millions of payers.The material, known as paper-filed information returns in accounting parlance, is sent yearly by employers and financial institutions, and covers taxable activity, such as W-2 and 1099 forms, with copies sent to taxpayers and the IRS.The …
September 8, 2021
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
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