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A tax checklist for newly married couples

By |2020-09-14T16:29:10-04:00September 16th, 2020|Individual Income Tax|

IRS.gov - Issue Number: Tax Tip 2020-118 Marriage changes a lot of things and taxes are on that list. Newlyweds should know how saying “I do” can affect their tax situation. Here’s a checklist of items for newly married couples to review: Name and address changes - Name. When a [...]

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Unemployment compensation is taxable; have tax withheld now and avoid a tax-time surprise

By |2020-08-25T14:40:18-04:00August 25th, 2020|Coronavirus, Employees, Employees & Independent Contractors, Individual Income Tax, Penalties and Interest, Tax Payments|

IRS.gov IR-2020-185, August 18, 2020 WASHINGTON — With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income [...]

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Did You Receive $500 per Child Stimulus Payment?

By |2020-08-14T14:27:29-04:00August 14th, 2020|Coronavirus, Individual Income Tax, Parents and Children|

Issue Number:    IR-2020-180                                                                          IRS.gov IRS takes new steps to ensure people with children receive $500 [...]

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Working from Home? Here’s what you should know about the home office deduction

By |2020-08-06T15:26:30-04:00August 6th, 2020|Business Start-Ups and Closures, Coronavirus, Corporate Income Tax, Employees & Independent Contractors, Home Owners|

Source: Tax Tip 2020-98: Here’s what taxpayers need to know about the home office deduction www.irs.gov Here’s what taxpayers need to know about the home office deduction The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home [...]

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Tax Year 2019 Payment Options

By |2020-07-09T15:56:47-04:00July 9th, 2020|Employees, Employees & Independent Contractors, Individual Income Tax, State Taxes, Tax Payments|

Source: Issue Number:    FS-2020-10   IRS payment options Taxpayers have a variety of options to consider when paying federal taxes. This year, in response to the COVID-19 pandemic, the filing deadline and tax payment due date was postponed from April 15 to July 15, 2020. A list of forms due July [...]

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New PPP Forgiveness App Released Today

By |2020-06-17T15:35:01-04:00June 17th, 2020|Coronavirus, Employees & Independent Contractors, Employers, News Articles|

The PPP Forgiveness Application With the latest changes to the program rules was released today. There is an EZ version and a standard version. Both are half of the length of the original application. Here is an article outlining some of the details. Explanations regarding forgiveness dates and some gray [...]

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Coronavirus Employer Tax Credits Flow Chart

By |2020-06-07T13:10:24-04:00June 7th, 2020|Coronavirus, Employees, Employees & Independent Contractors, Employers, Forms, Payroll|

The IRS created a flow chart to help employers navigate the new tax credits due to the COVID-19 pandemic. Each situation with each of your employees may be unique. Always consult a tax advisor before filing with the IRS. Book a phone consultation with our staff today.

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PPP Final Rules on Loan Forgiveness – HR 7010, Passed

By |2020-06-04T09:52:14-04:00June 4th, 2020|Coronavirus, Employers, News Articles|

Every day it seems we are faced with changing rules from the SBA, US Treasury, Congress, etc., leaving small business owners (and thier accountants) to interpret these new laws. The Paycheck Protection Program (PPP) "forgivable" loan has been an amazing program for many businesses facing a downturn in these troubling [...]

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Expenses Paid with Forgiven Paycheck Protection Program Loans are Not Deductible – For Now

By |2020-05-06T13:24:34-04:00May 2nd, 2020|Coronavirus, News Articles|

Original Article: https://www.barnesdennig.com/2020/05/forgiven-ppp-expense-proceeds-not-deductible/ According to new guidance issued by the IRS, (Notice 2020-32) expenses paid for with debt that is forgiven will not be tax-deductible. That means that if you received a Paycheck Protection Program (PPP) loan and spent the money on qualifying expenses, and the entire amount of the [...]

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