On November 18th, 2021, the IRS released three new revenue procedures – Rev Procs. 2021-48, 2021-49, and 2021-50 – to provide further guidance on the tax treatment of Paycheck Protection Program (PPP) amounts that are excluded from gross income as a result of loan forgiveness. This guidance was issued due to several uncertainties surrounding the […]
While it’s not always possible to prevent an emergency, you can reduce the likelihood that an emergency will become a disaster by being prepared. Here are some tips to do just that. Store your documents in a waterproof and fireproof safe that is convenient to access. Make copies of your important documents—store paper copies in […]
The IRS announced that it will be sending out letters to everyone who received advance Child Tax Credit payments. Please be on the lookout for this letter and DO NOT throw it away. IRS Letter 6419 will go out January 19, 2022. It will show the total amount of advance Child Tax Credit payments that […]
The Taxpayer Advocate Service is an independent organization within the IRS whose job it is to make sure every taxpayer is treated fairly and that they understand their rights. The Taxpayer Advocate Service offers free guidance for resolving tax problems. There are independent Taxpayer Advocates in each state who can help when a tax issue […]
Each year, the IRS unveils its list of scams that target unsuspecting taxpayers. Below are five of the most common tax scams impacting taxpayers today, as well as tips to not become a victim: Fake Charities are created to exploit natural disasters and other situations such as the current Covid-19 pandemic. Criminals set up fake […]
