by Steven J Weil, PhD, EA, LCAM | Dec 9, 2020 | Blog, Covid-19
In a recent revenue ruling, the IRS presented two situations in which a taxpayer used funds from a Paycheck Protection Program (PPP) loan to pay eligible expenses. In the first situation, the taxpayer applied for forgiveness of the loan in November 2020, but did not...
by Steven J Weil, PhD, EA, LCAM | Dec 9, 2020 | Blog
The IRS has released final regulations (TD 9935) addressing Section 1031 like-kind exchanges. The final regulations adopt, with modifications, proposed regulations (REG-117589-18) issued in June 2020 and implement the TCJA’s limitation of Section 1031 treatment...
by Steven J Weil, PhD, EA, LCAM | Dec 4, 2020 | Blog, Business Tax
Now is the time to start thinking about your 2020 income taxes. This tax planning worksheet is designed to assist you uncover areas that could reduce help reduce your tax bill if you are self-employed. Review each area below marking an X is the box when an area...
by Steven J Weil, PhD, EA, LCAM | Dec 2, 2020 | Blog, Covid-19
Many businesses have employees telecommuting due to Covid-19. Because of this and the fact that having an employee working in another state can create nexus to that state making the business responsible for paying income taxes to that state even though the only...
by Steven J Weil, PhD, EA, LCAM | Nov 19, 2020 | Blog, Covid-19
Treasury and the IRS have released two pieces of guidance on the tax treatment of expenses paid for with a Paycheck Protection Program (PPP) loan. Rev. Rul. 2020-27, released late in the evening on November 18, provides sub-regulatory guidance on whether a PPP loan...
by Steven J Weil, PhD, EA, LCAM | Sep 10, 2020 | Blog, Personal Tax
๐๐ถ๐ฑ ๐๐ผ๐ ๐ธ๐ป๐ผ๐ ๐๐ต๐ฎ๐ ๐๐ผ๐ ๐ฑ๐ผ๐ปโ๐ ๐ต๐ฎ๐๐ฒ ๐๐ผ ๐ฏ๐ฒ ๐ฎ ๐น๐ฒ๐ด๐ฎ๐น ๐ฟ๐ฒ๐๐ถ๐ฑ๐ฒ๐ป๐ ๐ผ๐ณ ๐๐ต๐ฒ ๐จ.๐ฆ. ๐๐ผ ๐ฏ๐ฒ ๐ฎ ๐๐ฎ๐
๐ฟ๐ฒ๐๐ถ๐ฑ๐ฒ๐ป๐ ๐ฎ๐ป๐ฑ ๐ต๐ฎ๐๐ฒ ๐ฎ๐ป ๐ผ๐ฏ๐น๐ถ๐ด๐ฎ๐๐ถ๐ผ๐ป ๐๐ผ ๐ณ๐ถ๐น๐ฒ ๐ฎ ๐จ.๐ฆ. ๐๐ฎ๐
๐ฟ๐ฒ๐๐๐ฟ๐ป? Non-U.S. citizens that live in the U.S. as residents are required to file U.S. income tax return and pay tax on their worldwide...
