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SBA’s Inspector General Reports SBA Failed to Follow Guidelines on PPP Loans

by Steven J Weil, PhD, EA, LCAM | May 13, 2020 | First Time Home Buyer IRA

Think the FAQs Released by the SBA and IRS give the definitive answer on how the PPP loans are to be made, used and forgiven? Think again. According the SBA’s Inspector General report the SBA has failed to follow guidelines on PPP loans included in the law. In a...

COVID-19 Paid Leave Tax Credits for Small and Midsize Businesses

by Steven J Weil, PhD, EA, LCAM | May 13, 2020 | Business Tax, Covid-19, Payroll Preparation

Small and midsize businesses can swiftly recover the costs of providing Coronavirus-related paid leave for employees. This is done by using one or two new refundable payroll tax credits. The Paid Sick Leave credit and the Paid Family Leave credit are designed to...

Tax-excluded Education Payments by an Employer Temporarily Include Student Loan Repayments

by Steven J Weil, PhD, EA, LCAM | May 6, 2020 | Blog, Business Tax, Covid-19, Personal Tax

The CARES Act extends the traditional ability of employers to exclude payments on behalf of an employee for educational expenses of up to $5,250 per year to include the repayment of employee student loans. In both cases, payments are deductible to the employer while...

What can I Deduct Since I Have Been Forced To Work From Home?

by Steven J Weil, PhD, EA, LCAM | May 6, 2020 | Blog, Business Tax, Covid-19, Personal Tax

One of the questions we are getting the most right now is regarding what those who have been forced by their business or company to work at home can deduct. The truth is if you are an employee working from home as the tax law currently stands, deductions for employee...

IRS Clarifies PPP (Paycheck Protection Program) Loan Tax Consequences

by Steven J Weil, PhD, EA, LCAM | May 6, 2020 | Blog, Business Tax, Covid-19

The IRS recently released Notice 2020-32 which explains that while amounts forgiven under PPP loans are not taxable to the recipients of the loan, the expenses used to qualify for said loan forgiveness are also not deductible. The CARES Act provides for PPP loan...

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Blog

Buy A Preowned Clean Vehicle Get A Tax Credit

Feb 1, 2023 | Blog

Used electric vehicles purchased after 2022 and before 2033 may qualify for a tax credit of up to $4,000. Qualified buyers who acquire and place in service a previously owned clean vehicle, are allowed a credit equal to the lesser of $4,000 or 30% of the vehicle’s...

Ever Wonder Just How Long IRS Has To Collect What You Owe?

Jan 18, 2023 | Uncategorized

The answer is: forever if you fail to file the tax return. But if you file the required returns and just can’t pay then the amount of time the IRS has to collect is limited by the IRS’s Collection Statute of Limitations. The IRS Collection Statute Expiration Date...

HIGHLIGHTS OF THE 2023 FUNDING BILL

Jan 16, 2023 | Uncategorized

President Biden signed the Consolidated Appropriations Act of 2023, which includes the SECURE 2.0 Act of 2022. Here are some of the highlights: Increases the age for required minimum distributions. Beginning January 1, 2023, the age is raised to 73, and to 75 on...

Who Can Be A Dependent?

Jan 13, 2023 | Blog, Personal Tax

A dependent can be anyone that cannot be claimed on the return of someone else and is a qualifying child or a qualifying relatives. The rules for 2022 are as follows. A qualifying child must be: The taxpayer’s child, stepchild, eligible foster child, brother, sister,...

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