The Second round of Stimulus Payments Are on Their Way

Are you finding unusual deposits from the IRS in your bank account? Last week, the treasury started sending the second round of stimulus payments, or Economic Impact Payments. The following comes from an IRS new bulletin. The IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as […]

Steve Trojan, CPA Earns Certified Tax Coach™ Designation

In June 2020, Steve Trojan announced that he is one of just over 700 tax professionals who has completed the American Institute for Certified Tax Planners™’ training academy leading to the Certified Tax Coach™ designation. “Taxpayers who really want to beat the IRS can’t wait for their accountant to work magic with a stack of […]

Why Do We Owe Tax When Taxes Are Withheld From Our Paychecks?

Have you filed a joint return with your spouse where you both work and receive W-2s and, when the return is filed, you owe taxes? You ask, “Why would we owe when our employers are both withholding taxes?” It is not uncommon and happens often in this situation. The biggest reason is the way payroll […]

SBA Re-opens New Grants and EIDL Loans for Small Business

The SBA announced yesterday that it was again opening up the Economic Injury Disaster Loan (EIDL) grant and loan program. Independent contractors, freelancers, gig workers and small business are eligible to receive grants that do not need to be repaid as well as loans with favorable repayment terms. This is NOT the same as the […]

IRS Decides PPP Loan Expenses are Not Deductible – Is the PPP Loan Still A Good Idea?

In a ruling that came as a surprise to many, the IRS published a notice yesterday that declared expenses paid that are used to calculate the forgiveness portion of the Payroll Protection Program loan are not-deductible. This throws a wrench in the earlier thinking that these loans would not be taxable. The Cares Act specifically […]

Stimulus Checks Are Arriving – What to Do if You Did Not Get Yours

stimulus check

Economic stimulus checks, aka Economic Impact Payments, began arriving in taxpayers checking accounts this week. If you filed a return for 2018 or 2019 that contained bank account information for refunds, you should have received or will shortly receive your payment. For details on these payments, check out our blog post. The IRS has released […]

Covid-19 Consulting Services Now Available for Your Business

covid-19 consulting services

Are you in need of Covid-19 consulting services to help find your way through the dizzying changes in tax and lending laws? There is no doubt, the new Covid-19 tax laws and Small Business Administration loan options are complex. And the options are bewildering. Look at the options that have popped up in just the […]

Can My Dependent Receive a Stimulus Check?

dependent stimulus check

A common question we get is whether a taxpayer’s dependent child will get an advance stimulus check in 2020. The recent IRS guidance was not clear as to this answer, so here is the answer. Unfortunately, the new law specifically excludes anyone who is a dependent from getting the advance stimulus check. A dependent is […]

Disaster Assistance Loan Through the SBA For Your Small Businesses

disaster assistance loan

The CARES Act provides special funding and relaxes rules for the SBA and banks to dole out billions of dollars to small business owners, including the self-employed to keep them afloat during the Coronavirus crisis. This is a confusing area for many business owners looking for disaster assistance loan from this new bill passed just […]

Economic Impact Payments – IRS Provides Details on Stimulus Checks

economic impact payments

Last week, we posted about the details of the Stimulus Checks approved by recent legislation. Today, the Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments (also known as “Stimulus Checks”) will begin in the next three weeks and will be distributed automatically, with no action required for most […]