In Notice 2020-32, the IRS takes the position that Section 265 of the Code prohibits the deduction of expenses that result in PPP loan forgiveness.1Section 265 of the Code provides generally that no deduction is allowed to a taxpayer for any amount otherwis...
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”...
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...
One of the most notable updates of the Fresh Start Initiative Program is the doubling of the threshold required for the IRS to file a notice of afederal taxlien. This means that first-time debtors who owe less than $25,000 can have their federal tax lien removed, providing even more reli...
It has been said that when something seems too good to be true, it probably is. One recent practical example of this aphorism can be found in the loan forgiveness provisions applicable under the Paycheck Protection Program (PPP), as highlighted by the Internal Revenue Service (IRS) on...