IRS Makes it Easier to Set Up Payment Agreements
“The IRS understands that many taxpayers face challenges, and we’re working hard to help people facing issues paying their tax bills,” said IRS Commissioner Chuck Rettig. “Following up on our…
Newsletters
All Taxpayers Have the Right to Privacy
Tuesday, October 27, 2020 Taxpayers have the right to expect that any IRS inquiry, audit or enforcement action will comply with the law and be no more intrusive than necessary.…
PPP Loan Forgiveness Form is Easier (or Less Complicated) Now for Borrowers of Less than $50,000
Friday, October 9, 2020 1) The SBA has released a new form (3508S) for borrowers seeking forgiveness if the amount of the loan was less than $50,000. 2) Loan forgiveness is not…
Choosing the Best Business Structure
Wednesday, September 23, 2020 First Consulting professional advice is an important step. Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to…
Earning Side Income: Is it a Hobby or a Business?
Thursday, August 27, 2020 A business operates to make a profit. People engage in a hobby for sport or recreation, not to make a profit. Here are nine things taxpayer…
Prepare for Disasters by Safeguarding Tax Records
Monday, August 24, 2020 Create a Backup Set of Records Electronically Taxpayers should keep a set of backup records in a safe place. The backup should be stored away from the…
Here’s What Taxpayers Need to Know About the Home Office Deduction
Tuesday, August 11, 2020 Here are some things to help taxpayers understand the home office deduction and whether they can claim it: Employees are not eligible to claim the home…