SJG Blog
IRS Clarifies Stance On No Deductibility Of Expenses Paid With PPP Funds-Now What?
The IRS just released Revenue Ruling 2020-27 and Revenue Procedure 2020-51 to clarify the rules for deducting expenses paid with PPP funds. (November 18, 2020) To clarify, Rev. Rul., 2020-27, is the IRS’s official position on the issue of deductibility. Revenue Procedure 2020-51 states instructions on how to implement the
2020 Will Be a Crucial Year for Tax Planning
We expect 2020 to be one of the most crucial years for tax planning due to the COVID pandemic in addition to the unusual fluctuations in business income, expenses and payroll. The material tax implications that will arise from PPP and EIDL loans and the many changes to the tax
No One is Home at the IRS
Thirty days after this year’s July 15 income tax filing deadline the IRS began issuing automatically generated notices of past due balances including penalties and interest. The practice of distributing these notices is not new for the IRS – they send these to delinquent taxpayers every year – but what
It’s Not A Scam: IRS Identity Verification Notices 5071C and 4883C
The Internal Revenue Service (IRS) is intensifying efforts to thwart identity theft. We have seen a recent increase in the volume of IRS notices mailed to individual taxpayers requesting identity verification in order to process income tax returns, issue a refund or apply an overpayment to next year’s estimated tax.
Not Quite a Yellow Brick Road – Promising Business Opportunities are Appearing on the Horizon
While so many have suffered horrible unforeseen tragedies and continue to struggle as a result of COVID-19, there is optimism on the horizon for many business owners both new and seasoned as states and businesses are beginning to re-open: Merger and Acquisition activity is beginning to pick up as organizations
Reasons to Prepare and File Income Tax Returns Now – COVID-19 Tax Relief
Although the April 15, 2020 tax deadline was extended to July 15, 2020, there are many good reasons to file income tax returns now for 2019, many of which will put money in your pocket now. To Qualify for Stimulus Payments– We have found many instances where filing 2019 income
Featured Posts
It’s Not A Scam: IRS Identity Verification Notices 5071C and 4883C
The Internal Revenue Service (IRS) is intensifying efforts to thwart identity theft. We have seen a recent increase in the volume of IRS notices mailed …
Not Quite a Yellow Brick Road – Promising Business Opportunities are Appearing on the Horizon
While so many have suffered horrible unforeseen tragedies and continue to struggle as a result of COVID-19, there is optimism on the horizon for many …
