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Taxpayer Certainty and Disaster Tax Relief Act of 2020, Makes Qualifying Restaurant Meals 100% Deductible for 2021 and 2022

by Steven J Weil, PhD, EA, LCAM | May 27, 2021 | Accounting, Blog, Business Tax

IRS WANTS BUSINESS TO KNOW WHAT IS A “RESTAURANT” IS! The IRS has lets us all know what is, and what is not, a restaurant, for purposes of the rule that allows a 100% deduction for certain business expenses for food and beverages provided by a restaurant...

PPP Update For Schedule C Filers

by Steven J Weil, PhD, EA, LCAM | Mar 5, 2021 | Accounting, Blog, Covid-19

PPP Update for the Self-Employed SBA Revises Loan Calculation and Eligibility A new SBA, Interim Final Rule revises loan amount calculations and eligibility to permit self-employed individuals who file Form 1040, Schedule C to calculate their maximum loan amount using...

Settling Financial Affairs When A Loved One Dies

by Steven J Weil, PhD, EA, LCAM | Mar 16, 2017 | Accounting, Investments, Wealth

By Steven J. Weil, Ph.D., EA, President, RMS Accounting Losing someone close is always a sad, somewhat frightening, and quite confusing experience. For the person who must also deal with the financial and legal implications, it carries some heavy responsibilities as...

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Blog

Don’t Ignore IRS Correspondence

Jun 15, 2022 | Blog, Personal Tax

The IRS is back – at least when it comes to the sending of millions of letters to taxpayers whom it believes underpaid their taxes.  The letter takes the form of a CP14 and it is important not to ignore these notices. Just because you get a notice does not mean that...

IRS Destroyed Millions of Paper-filed Taxpayer Documents

May 23, 2022 | Blog, Business Tax, Personal Tax

According to an audit report (2022-40-036) published on 5/4/22 by the Treasury Inspector General for Tax Administration (TIGTA), a service-wide strategy is needed to address challenges that limit growth in business tax return electronic filing. The report states,...

Gig Economy Income Reporting Requirements

Mar 12, 2022 | Blog, Business Tax, Personal Tax

IR 2022-45, 3/1/2022 In an information release, the IRS has remined taxpayers of their reporting and potential tax obligations from working in the gig economy. Gig economy earnings are taxable. Generally, income earned from the gig economy is taxable and must be...

Fraud Blog

Feb 24, 2022 | Blog

Salem, Massachusetts: Resident Roosevelt Fernandez has pleaded guilty in connection with two schemes involving COVID-19 relief funds and tax returns for others. Fernandez applied for 10 EIDLs, either in his own name or in the names of entities he controlled. In June...

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