January 11, 2019
As another tax season begins, it seems as though everybody knows somebody who has received a phone call from “The IRS”. Below is an excerpt from the IRS fact sheet on how the IRS works when it comes to contacting taxpayers. For the whole article, see the link below:
How The IRS Initiates Contact:
The IRS initiates most contacts with taxpayers through regular mail delivered by the U.S. Postal Service. However, there are special circumstances in which the IRS will call or come to a home or business, such as:
Even then, taxpayers will generally first receive a letter or sometimes more than one letter, often called notices, from the IRS in the mail. If you receive a phone call from someone claiming to be from the IRS, we encourage you to contact our office to verify the validity of the caller.
We'd like to draw your attention to the new 1099 forms for 2021. If you (as a business) prepare your own 1099’s, please be aware of the changes:
1099-NEC: This form reports nonemployee compensation and/or nonqualified deferred compensation (NQDC). If you are in the trade or business of catching fish, Box 1 may show cash you received for the sale...
We are pleased to announce that Congress changed some of the PPP rules over the weekend. It is important to note that several of the rules have been relaxed; those of you who were getting close to the end of your “8 week window” can now take a deep breath, as that period has been extended. As always, we are staying up-to-date as the new rules are rolled...
Many of you reading this have received, or will soon receive, the Payroll Protection Program (PPP) loan. And that’s good news. Not surprisingly, however, this distribution now shifts the focus to “what qualifies as forgiveness under this program?”
As of now if you spend at least 75% on payroll costs over an 8-week period, from the date you received the funds,...