The good news about the PPP loans is that small business borrowers may not even need to pay back the government as long as they apply for loan forgiveness . In addition, they will not be liable with a tax bill as result of the loan. Tax Brackets Federal income tax brackets have ...
A tire retailer inNew Hampshirewas presented with a $109,000 tax bill by the state ofMassachusetts. That was because the state of Massachusetts claimed that Massachusetts residents crossed state lines to buy tires in New Hampshire where there is no sales tax. Following this case, the state of...
The proposed legislation would provide, in relevant part, that “[N]o deduction shall be denied or reduced, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income [of the forgiveness of PPP loans].” As the bill’s name ...
(Again, this is not some wild conspiracy theory; these numbers are directly from IRS data.) But the fact that 10% of the taxpayers foot nearly three-fourths of the tax billstillisn’t enough for the progressive mob. They want even more. The guy who shakes hands with thin air, for ...
When you owe taxes or are owed a tax refund, you are not optimizing your tax withholding. Keep more of your money during the year and don't be surprised by a large tax bill -get tax balanced with eFile.com. IRS Begins Sending Information of U.S. Citizens With Unpaid Tax Debt to Sta...
Forgiveness of Covered Loans,” was the legislative kick that knocked Treasury’s legal legs out from under it: “no deduction shall be denied, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income” of PPP loan forgiveness. ...
Here are just a few causes of tax debt that can spiral out of control.Surprise Tax Bill –When you don’t see a tax bill coming, it can be hard to plan for it. Sometimes taxpayers discover at the last minute that they owe the IRS money, but they can’t pay the total at the ...
Penalty abatement is another form of relief offered by the Fresh Start Tax Program, allowing you to reduce or eliminate penalties due to reasonable cause. By providing evidence of reasonable cause for your existing tax bill, you can take advantage of this opportunity to lessen the burden of pena...
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...
(Bill Clark/CQ-Roll Call, Inc via Getty Images) "Today, Goldman Sachs an analysis that said the net impact of the debt forgiveness and resuming student loan payments is likely to be very modest, but it will be slightly disinflationary, so it will bring down inflation,"...