If you filed late during the pandemic, that is! If you — or a business you own — paid a penalty for filing late tax returns for 2019 and 2020, you will automatically receive a refund from the IRS! So What’s the Deal? The government forecasts refunds totaling more than $1.2 billion from failure-to-file penalties […]
COVID-19
Labor Shortage Poses Both Challenges and Opportunities for Small Businesses
A recent survey by PricewaterhouseCoopers (PwC) indicates that the Great Resignation is set to continue — 1 in 5 employees claim they will change jobs within a year. More than 1 in 3 say they plan to ask for a pay raise. According to PwC, higher pay is the biggest motivator for a job change, […]
Disaster Is a Harsh Lesson for an Underinsured Small Businesses – Maybe Fatal
Small companies lack the cash cushion or access to funds that bigger businesses might enjoy. Many small businesses were devastated by the coronavirus pandemic. Even with programs such as the Paycheck Protection Program, many did not survive. But for lots of small businesses that did survive the past few years, and for those emerging since […]
Just What the Heck Is Going on With the IRS These Days?
Maybe you’ve seen some of the news headlines. Taxpayers face overloaded IRS as filing season opens Monday (AP News, 01/23/2022) An overwhelmed IRS suspends some taxpayer notices (Washington Post, 01/28/2022) Don’t panic if you got a scary IRS notice (CNN, 02/11/2022) And too many other similar stories. Or maybe you haven’t even noticed the flood of news about […]
How to Protect Yourself from Tax Identity Theft
You may be wondering, “WHO could possibly want to steal my TAX identity?” There’s a really good probability that nobody wants to pay your taxes for you. But it is possible that someone obtained your Social Security number and filed a fraudulent return using YOUR identity, to steal your refund. And this could happen online or offline. […]
Treatment of Business Expenses Paid with PPP Loan Funds
In December 2020, Congress passed the Consolidated Appropriations Act, 2021. The Act includes the COVID-related Tax Relief Act of 2020, which provides for the full deductibility of business expenses paid with PPP loan funds. A Refresher: What are PPP Loans? As a reminder, the Paycheck Protection Program (PPP) is a Small Business Association (SBA)-backed loan […]