TAX CONTROVERSY

A Quick Guide to Your PPP Loan and Tax-Related Questions

Small businesses all around the country have taken advantage of the Paycheck Protection Program (PPP), a federal program designed to help companies keep employees paid and their operations running during the COVID-19 pandemic. Although widely successful, many questions surrounding PPP and the 2020 tax year have many taxpayers wary about the upcoming tax season, particularly [...]

2020-12-09T14:38:51-06:00December 9th, 2020|BUSINESS TAX, COVID-19, SMALL BUSINESS, TAX CONTROVERSY|

Paycheck Protection Loan Forgiveness—More Guidance is Needed

In Revenue Ruling 2020-27 and Revenue Procedure 2020-51, the IRS finally provided much-needed guidance on the timing of the taxability of the forgiveness of Paycheck Protection Program (PPP) loans. The guidance effectively states that the income tax effect will occur in the year in which forgiveness is reasonably foreseen. For most taxpayers, this will be the 2020 calendar [...]

IRS Correspondence Letter: Your New Pen Pal the IRS

  Bill. Bill. Junk mail. Magazine. Bill. Junk mail. Bill. That’s pretty much what most people find when they reach inside their mailbox every day. What most people probably don’t expect is an IRS correspondence letter. So what should you do if you get one? Step 1: Resume breathing. While the IRS probably isn’t inviting you [...]

2018-11-12T15:43:33-06:00December 17th, 2017|TAX CONTROVERSY|