On Wednesday, November 18th, the IRS issued Revenue Ruling 2020-27 clearly stating eligible expenses paid with PPP proceeds are not a tax deduction in 2020 if the borrower “has a reasonable expectation of forgiveness during 2020 or 2021.” This ruling
In a welcome notice released on November 9, 2020, the IRS announced that proposed regulations will be issued to clarify that state and local income taxes imposed on and paid by a partnership or an S corporation (i.e., pass-through entities
When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed
If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise Sales You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this
As the year-end approaches, individuals, business owners and family offices should be reviewing their situations to identify any opportunities for reducing, deferring or accelerating tax obligations. Areas that should be looked at in particular include tax reform provisions that remain
The Indiana Department of Revenue would like to alert all Hoosiers of a tax scam reported by the Internal Revenue Service (IRS). This scam is sent through text message and is trying to trick individuals into providing personal information in order to
October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) If you’re finally done filing last year’s return,
As anticipated, the Small Business Administration (SBA) issued guidance regarding the review of Payroll Protection Program (PPP) loans totaling $2 million or more. Affected PPP recipients will be required to complete a questionnaire and provide documentation that supports and substantiates
The IRS has announced the 2021 cost of living adjustments in regards to certain limits imposed on retirement plans. Below is a comparative list between 2020 and 2021 regarding the adjustments. 2021 2020 401(k) and 403(b) Contribution Limits $19,500 $19,500
The long-awaited Health and Human Services (HHS) Provider Relief Funding (PRF) post-payment reporting instructions were released September 19, then updated on October 22, 2020. These new instructions mark a shift from the FAQs originally included as part of the funding
If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know that there may be relief available if the IRS comes after you for certain
On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details. Need for Change Gifts
