You may have seen in the news that Tax Day for 2021 has been extended from April 15, 2021 to May 17, 2021. However, we wanted to clarify what this means for our clients. Below are some highlights from the recent IRS news release about the tax day extension: This relief does not apply to […]
Tax Day 2021– You “MIGHT” qualify for a May 17, 2021 filing date Read More »
The American Rescue Plan Act was passed by Congress on March 10, 2021 and was signed by President Biden on March 11, 2021. Read a summary of some of the tax changes in the Act in this article from the AICPA here.
Based on new rules from the Small Business Administration (SBA), self-employed individuals who file a Schedule C can now calculate their PPP funds eligibility based on gross income (Schedule C line 7) instead of using net profit (Schedule C line 31). This change is not retroactive, so any Schedule C filers whose PPP loans have
Schedule C Filers can now apply for PPP based on Gross Income Read More »
We are hearing from some of our clients that have received a 1099-G form for 2020 from Ohio Department of Job & Family Services (ODJFS) showing amounts in Box 1 “Unemployment Compensation” when they did not apply for unemployment in 2020. ODJFS is aware of this issue (read the ODJFS memo about this issue here)
Unexpected Ohio Unemployment 1099-G Forms Received Read More »
We would like to share letters with you that contain information on Individual, Business, and PPP Updates after the recent tax law update at the end of December 2020. To read the letters, click on the links below: BRSW Business Tax Update December 2020 BRSW Individual Update December 2020 BRSW PPP Update December 2020
BRSW Information Updates from Recent Tax Law Change Read More »
The IRS and the Treasury Department are planning to begin delivering a second round of Economic Impact Payments. Read the IRS News Release here.
Second Round of Economic Impact Payments to be Delivered Soon Read More »
On Monday 12/21/20, Congress passed the Consolidated Appropriations Act, 2021, which provides tax deductibility for business expenses paid with forgiven Paycheck Protection Program (PPP) loans, provides additional opportunities for PPP funding, gives $600 stimulus payments to individuals, gives additional unemployment benefits, and provides around $300 billion in aid for small businesses. To read more about
The IRS has announced that their IRS Identity Protection (IP) PIN Program will be available to all taxpayers in January. While this is not a mandatory program, taking advantage of this program can increase the security of your tax return filing. The IP Pin is a 6 digit number assigned to taxpayers who participate in
IRS Identity Protection PIN Program Available Soon Read More »
Recently the IRS issued guidance stating that taxpayers must consider expenses paid with PPP funds as non-deductible expenses even if forgiveness applications have not been approved by December 31, 2020 or if forgiveness applications have not been submitted by December 31, 2020. This guidance has significant tax planning repercussions. All calendar year taxpayers should therefore
