You also have to specifically request loan forgiveness. You can submit a request to the lender that is servicing the loan. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility...
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Problem: The IRS—not eFile.com—has rejected your return because one of your dependents has already been claimed for the Child Care Tax Credit on another IRS tax return that has been filed with the IRS. If applicable, this might also apply to your state tax return. Solution: Let us help...
What are 1099s? The 1099 tax form is a common IRS form covering several potentially taxable income situations. Depending on what’s happened in your financial life during the year, you could get one or more 1099 tax form “types” or even more than one of the same 1099 forms. ...
The IRS released a draft of the2018 1040 tax formbased on the Tax Cuts and Jobs Act. The shorter form is half the size of the current 1040 form and combines all three current 1040 forms (1040, 1040-A, and 1040-EZ) into one 1040 form. This new 1040 Form uses a “building block”...
or incurred if, at the end of such tax year, the taxpayer reasonably expects to receive forgiveness of the covered loan based on the expenses it paid or accrued during the covered period, even if the taxpayer has not applied for forgiveness of the covered loan by the end of such tax ...
Read on for details to know. For more information, here'show you could get up to $50,000 back with one-time COVID credits, and what we know aboutstudent loan debt forgiveness. Brush up on the situation with afourth stimulus check, and educate yourself on all the confusingchild tax c...
Taxpayers and business owners throughout the country turn to Colonial Tax to resolve their tax problems every day where you know you will receive one-on-one personal representation as opposed to having to deal with a large factory firm that doesn’t truly care about your individual case. Feel...
The IRS based its position onSection 265 of the Internal Revenue Code. This section disallows deductions “allocable to one or more classes of income ... wholly exempt from the taxes imposed by this subtitle.” Since Congress had declared that PPP forgiveness is not income at all – because ...
Tax season can be a stressful time for both individuals and businesses. One of the critical forms you may encounter is the IRS 1099 form. Payments made to nonemployees don’t show up on a W2. Instead, the IRS requires payers to report payments (over $600) on a tax form known as a...