PPP and COVID-19 Tax Updates and Information

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Important Tax Changes for Individuals and Businesses

Posted on January 5th, 2021

Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. Read More…

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Standard Mileage Rates for 2021

Posted on January 4th, 2021

Starting January 1, 2021, the standard mileage rates for the use of a car, van, pickup, or panel truck are as follows: Read More…

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COVID-19 Tax News

PPP Round 2: What You Need to Know to Cash In

Posted on January 4th, 2021

The new tax law just signed by President Trump has significantly changed the current Paycheck Protection Program. 

Most importantly, it provides a second round of additional PPP loan funding.

Here are the key changes — from forgiveness to the requirements for new PPP funding. Read More…

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Identity Protection Pin Available To All Taxpayers

Posted on January 4th, 2021

Starting in January 2021, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims. Read More…

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What is the Excise Tax? Taxable Goods and Services

Posted on January 3rd, 2021

An excise tax is a tax that is generally imposed on the sale of specific goods or services, or on certain uses. Examples of things a federal excise tax is usually imposed on include the sale of fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, and tobacco, as well as other goods and services. Excise taxes are imposed on a wide variety of goods, services, and activities and may be imposed at the time of: Read More…

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Credit Reports: What You Should Know

Posted on January 3rd, 2021

Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help you protect your credit rating from fraud – and you from identity theft. Read More…

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Protecting Business Taxpayers From Identity Theft

Posted on January 2nd, 2021

Starting December 13, 2020, the IRS began masking sensitive data on business tax transcripts. Previously, only sensitive data on individual tax transcripts was masked. Read More…

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Covid-Related Tax Relief Act of 2020

Posted on January 2nd, 2021

The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, COVID tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate, it was signed into law by President Trump on December 27, 2020. Read More…

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Employee Business Expense Deductions: Who Qualifies?

Posted on January 1st, 2021

Prior to tax reform, an employee was able to deduct unreimbursed job expenses, along with certain other miscellaneous expenses, that was more than two percent of adjusted gross income (AGI) as long as they itemized instead of taking the standard deduction. Starting in 2018, however, most taxpayers can no longer claim unreimbursed employee expenses as miscellaneous itemized deductions unless they are a qualified employee or an eligible educator. Read More…

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