Category Archives: IRS

SBA Releases New Simplified Forgiveness Form for PPP Loans

Posted on January 20, 2021 by Russ

When Congress passed the budget reconciliation act that contained the second Covid-related stimulus, one piece of the legislation was a simplified form for Paycheck Protection Program (PPP) loan forgiveness. Late yesterday, the Small Business Administration released the newest version of … Continue reading →

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2021 Tax Season to Begin on Friday, February 12th

Posted on January 15, 2021 by Russ

I have been asked by several clients when they can efile their 2020 tax returns. In most years, tax filing begins in late January. But not this year: The Internal Revenue Service announced that the nation’s tax season will start … Continue reading →

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Final 2020 Estimated Tax Payment Due on Friday

Posted on January 12, 2021 by Russ

The fourth quarter estimated tax payment for individuals and trusts/estates is due this Friday, January 15th. If you make estimated payments (Form 1040-ES and the state equivalents) you should either mail your payment (using certified mail, return receipt requested) on … Continue reading →

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IRS Issuing Erroneous CP14 Notices

Posted on January 11, 2021 by Russ

One of our clients received a CP14 Notice alleging she owed the late payment penalty (“Failure to Pay under Internal Revenue Code Section 6651). The notice noted he had an unpaid balance of $583 as of July 15, 2020 on … Continue reading →

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It’s Time to Generate 2020 1099s

Posted on January 6, 2021 by Russ

It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s: Corporations (except attorneys) Entities you … Continue reading →

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It’s Time to Start Your 2021 Mileage Log

Posted on January 2, 2021 by Russ

I’m going to start the new year with a couple reposts of essential information. Yes, you do need to keep a mileage log: Monday will be the first business day of the new year for many. You may have resolved … Continue reading →

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The 2020 Tax Offender of the Year

Posted on December 31, 2020 by Russ

Many are called; few are chosen. It’s time once again for that most prestigious of prestigious year-end awards, the Tax Offender of the Year. It takes more than cheating on your taxes; you need to really cheat or do a … Continue reading →

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IRS Issues 2021 Standard Mileage Rates

Posted on December 31, 2020 by Russ

A week ago the IRS announced the 2021 standard mileage rates: $0.56 per mile for business use (was $0.575 per mile in 2020); $0.16 per mile for medical/moving (was $0.17 per mile in 2020); and $0.14 per mile for service … Continue reading →

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This Deposit from “IRS 310” Is Your Stimulus Payment

Posted on December 31, 2020 by Russ

This morning, I found a very small deposit in my bank account; it was coded “IRS 310”. It’s the second stimulus payment, and it’s real. Kudos to the IRS for getting these out almost instantaneously with the signing of the … Continue reading →

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Expenses Associated with PPP Loans to be Fully Deductible

Posted on December 21, 2020 by Russ

According to this morning’s Wall Street Journal, businesses that took Paycheck Protection Plan (PPP) loans will be allowed to fully deduct expenses paid by the PPP loans. While a cap on the amount on this provision was originally inserted in … Continue reading →

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