The Internal Revenue Service (IRS) has recently announced a significant update for taxpayers, providing much-needed relief for those affected by the COVID-19 pandemic. Specifically, the IRS is offering automatic penalty relief for taxpayers who failed to pay their income taxes for the tax years 2020 and 2021. This relief is part of the IRS’s efforts […]
Business owners have learned a lot during this year of the COVID-19 pandemic. One unexpected lesson is how to report the impact of a disaster on your company’s financial statements. Under U.S. Generally Accepted Accounting Principles (GAAP), the impact of events such as year’s crisis are referred to as “subsequent events,” and there are two types:
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Over the weekend, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application. If you have received a PPP Loan, this document provides detailed directions on how to complete the form that you will eventually have to give your lender to be considered for full or partial forgiveness. While this form doesn’t
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The IRS recently announced a series of steps to ease the burden for people who owe taxes in the wake of the COVID-19 emergency. Here are some of the highlights of the “IRS People First Initiative:” Installment Agreements. For taxpayers with existing agreements with the IRS, payments due between April 1 and July 15, 2020 are
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