Tax debt forgiveness is incredible news for many people who have fallen into financial hardship. Better yet, the IRS usually freezes penalties and interest once your tax settlement is approved. As a result, you can avoid wage garnishments. Once approved, your tax liability will decrease almost i...
Learn how to apply for the ERC tax credit and receive your refund faster with ERC loans and advances. The IRS has stopped processing new claims for the ERC to protect filers from questionable claims. The processing pause will be in effect through at least the end of 2023. We will continue...
PPP Loans were part of a crucialstimulus packagethat aided small businesses during the coronvirus pandemic. For those who were granted this loan, forgiveness is necessary to ensure you won’t end up owing the government and the IRS. If you are looking for help about how part or whole of y...
To apply for PPP loan forgiveness, whether you have employees, or are self-employed, you (the borrower) must fill out a completed loan forgiveness application and submit it to your lender according to your lender’s instructions. If you fall into one of these two categories, you may qualify...
However, to apply for the program’s benefits, businesses needed to have a tax identification number. In fact, any time an individual or business deals with the IRS, they need to have their tax ID number handy—be it a Social Security number (SSN) or a federal employer identification ...
In today’s blog, we’re going to look at the paperwork requirements for the new Form 3805, which is used when you apply for forgiveness after the 8-week period following receipt of the PPP money. You need to have 75% or more of the expenditures for qualified payroll expenditures. Ther...
At the time of enactment in spring last year, it was made clear that businesses that applied for and were granted forgiveness on these loans wouldn’t be subject to taxes on “cancellation of debt” income that might normally apply in similar circumstances. Within a few ...
If applicable, this might also apply to your state tax return. Solution: Let us help you turn this into an IRS acceptance. Sign into your eFile.com account and click Name and Address on the left side menu. Scroll down and make the necessary correction. Update your and/or your Dependent'...
If the court decides not to impose an injunction, the implementation will continue, if an injunction is imposed, loan forgiveness could be blocked while proceedings continue. The online application for student loan forgiveness is still live and you can still apply for student loan debt relief. ...
Student Loan Forgiveness: Which Loans Are Eligible? Onlydirect loansmade by the federal government andStafford loans, which were replaced by direct loans in 2010, are eligible for forgiveness programs.12 If you have other kinds of federal loans, you might be able to consolidate them into onedire...