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The Looming AUR Disaster from Fraudulent Unemployment Insurance Claims January 21, 2021
A story I saw from a Sacramento television station noted that California’s Employment Development Department (EDD) processed millions of fraudulent unemployment insurance claims; indeed, EDD has no idea how many fraudulent claims were filed. EDD is now mailing out Forms 1099-G to note the unemployment paid (unemployment is taxable on the federal level). The Sacramento […]
Russ
SBA Releases New Simplified Forgiveness Form for PPP Loans January 20, 2021
When Congress passed the budget reconciliation act that contained the second Covid-related stimulus, one piece of the legislation was a simplified form for Paycheck Protection Program (PPP) loan forgiveness. Late yesterday, the Small Business Administration released the newest version of Form 3508S, the form that borrowers will need to complete. This form can only be […]
Russ
2021 Tax Season to Begin on Friday, February 12th January 15, 2021
I have been asked by several clients when they can efile their 2020 tax returns. In most years, tax filing begins in late January. But not this year: The Internal Revenue Service announced that the nation’s tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 […]
Russ
Final 2020 Estimated Tax Payment Due on Friday January 12, 2021
The fourth quarter estimated tax payment for individuals and trusts/estates is due this Friday, January 15th. If you make estimated payments (Form 1040-ES and the state equivalents) you should either mail your payment (using certified mail, return receipt requested) on or before January 15th or pay electronically using EFTPS (requires pre-enrollment) or IRS Direct Pay. […]
Russ
IRS Issuing Erroneous CP14 Notices January 11, 2021
One of our clients received a CP14 Notice alleging she owed the late payment penalty (“Failure to Pay under Internal Revenue Code Section 6651). The notice noted he had an unpaid balance of $583 as of July 15, 2020 on 2019 tax of $8,855. The late payment penalty is assessed on the unpaid balance as […]
Russ
It’s Time to Generate 2020 1099s January 6, 2021
It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s: Corporations (except attorneys) Entities you purchased tangible goods from Entities you purchased less than $600 from (except royalties; the limit […]
Russ
The 2020 Tax Offender of the Year December 31, 2020
Many are called; few are chosen. It’s time once again for that most prestigious of prestigious year-end awards, the Tax Offender of the Year. It takes more than cheating on your taxes; you need to really cheat or do a series of Bozo-like actions. Every year I hope that there are no worthy candidates; as […]
Russ
IRS Issues 2021 Standard Mileage Rates December 31, 2020
A week ago the IRS announced the 2021 standard mileage rates: $0.56 per mile for business use (was $0.575 per mile in 2020); $0.16 per mile for medical/moving (was $0.17 per mile in 2020); and $0.14 per mile for service of charitable organizations (unchanged from 2020). These rates (except for the charitable driving rate) come […]
Russ
This Deposit from “IRS 310” Is Your Stimulus Payment December 31, 2020
This morning, I found a very small deposit in my bank account; it was coded “IRS 310”. It’s the second stimulus payment, and it’s real. Kudos to the IRS for getting these out almost instantaneously with the signing of the legislation Sunday night. Remember, your tax professional will need to know the amount of payment […]
Russ
Expenses Associated with PPP Loans to be Fully Deductible December 21, 2020
According to this morning’s Wall Street Journal, businesses that took Paycheck Protection Plan (PPP) loans will be allowed to fully deduct expenses paid by the PPP loans. While a cap on the amount on this provision was originally inserted in the legislation, that cap was reportedly removed. Assuming this is accurate–the actual text of the […]
Russ