Disasters are always terrible when they strike,but you can reduce the pain! Read the full article to find out how…“Deducting Business Casualty Losses:You Don’t Need a Disaster” Let’s talk disasters.Okay. This isn’t an upbeat subject, but if you’re ever hit with a disaster, you’ll be glad you read the full article. You see, the article explains, in detail, the crucial … [Read more...]
Tax Policy
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Congress Passes Corporate Transparency Act: What It Means for You
Say goodbye to privacy.Say hello to new reporting requirements. Read the full article:“Congress Passes Corporate Transparency Act:What It Means for You” Are you running an LLC or a corporation? Then be prepared for an important change in the law… Starting in 2022, the new Corporate Transparency Act (CTA) goes into effect… For the first time, federal law will … [Read more...]
Lawmakers Extend the Tax Extenders With the COVID-19 Relief Law
Okay. Let’s pretend you’re back in college and you have to turn in an essay to your professor by Monday. But you know that you can’t meet that deadline so you ask your prof for an extension. Well, that’s what lawmakers have done. They’ve granted themselves an extension (and didn’t even have to ask anyone for permission!) Here’s why lawmakers wanted to put things … [Read more...]
Secrets to IRS Penalty Forgiveness Using Reasonable Cause
I hope you never face this nightmare… You get a letter from the IRS informing you that it has assessed additional taxes, penalties, and interest on your tax return … and from two years ago. Ouch! When you pick yourself up from the floor, and check out your tax records, you get a terrible shock. The IRS is right. You do owe the extra taxes plus penalties and … [Read more...]
PPP Alert: New Shot for Your Tax-Free Cash
Did you get the free cash you were entitled to under the Paycheck Protection Program (PPP)? If you failed to apply for your money in the first round of the PPP payout, you missed a terrific opportunity. If that’s the case, Uncle Sam has some good news for you: Thanks to the new COVID-19 stimulus law, that took effect just days ago, you’ve got a second chance to get your … [Read more...]