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...]
Tax Policy
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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...]
New PPP Forgiveness Rules for Past, Current, and New PPP Money
These days, when all the news seems to be bad, here is some good news that you should know about. A new law, recently enacted by Congress, makes the Payroll Protection Plan (PPP) better than ever, and for everyone. That’s right. Thanks to the new law, you can get tax-free cash whether you’ve got A prior PPP loanA current PPP loan that’s outstandingA PPP loan that you’re … [Read more...]
Round 2: Additional Tax-Free PPP Money for You?
Did you get a nice pile of tax-free money by taking advantage of the first Paycheck Protection Program (PPP)? Well, here’s your chance to double dip! That’s right. Thanks to a recently-enacted law, you may qualify for a second round, a “second draw,” of PPP tax-free money. Yes. You do have to qualify for this second draw of cash, but there’s a pretty good chance you … [Read more...]
New Laws—COVID-19-Related Government Grants: Taxable or Not?
Hey buddy. Can you spare a billion dollars? Apparently Uncle Sam and his state and municipal buddies can. In fact, because of the economic devastation caused by the COVID-19 epidemic, Uncle Sam and his state buddies have given away many billions of dollars in grants. Unlike an Economic Injury Disaster Loan (EIDL), which has to be paid back, government grants (by … [Read more...]