When the IRS examines tax returns relating to ministers, there are specific issues they look for. Thus, if you should be chosen for an audit, it’s important that we appropriately document your compliance with these issues. Doing so ahead of time will save time and money should an audit arise. It’s also important to identify …
Generally, you recognize no gain or loss on the exchange of real property you held for the productive use in a trade or business or for investment if you exchange that property solely for real property of a like kind that you also will hold either for productive use in a trade or business or …
While the COVID-19 pandemic is finally slowing down, the economic damage that it caused lingers on. In order to relieve the financial burdens facing many taxpayers and accelerate recovery, Congress has passed the American Rescue Plan Act (the Act). The Act is a $1.9 trillion relief package that will affect millions of individuals and businesses. …
Congress Passes $1.9 Trillion Covid Relief – American Resue Plan ActRead More
The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about a new round of Economic Impact Payments, the expanded Child Tax Credit, including advance payments of the Child Tax Credit, and other tax provisions will be made available as soon as possible on IRS.gov. The IRS …
In Oklahoma, we are getting tax relief relating to the Oklahoma severe winter storm. If you reside or your business is located anywhere in Oklahoma you are covered by this relief. The main relief component is an automatic Tax extension for all individual, business, and tax-exempt organizations from their normal due date to June 15, …
In 2020, as part of the CARES Act, Congress changed the rules and added an up to $300.00 deduction for those taxpayers that don’t itemize but make charitable contributions. This is only applies to Charitable Contributions made in 2020 and only those contributions made in cash. Non-cash contributions won’t qualify for this deduction. This makes …
Starting for tax years 2020 the Internal Revenue Service is requiring anything that would have traditionally been reported on the 1099-MISC Box 7 “Non-Employee Compensation” to be reported on the brand new for 1099-NEC. Due Date: February 1st to both the IRS and the recipient The threshold for Non-employee compensation basically stayed the same at …
The Small Business Administration (SBA) updated the Paycheck Protection Program (PPP) FAQs and issued a new interim final rule in conjunction with the issuance of a new simplified loan forgiveness Application, Form 3508S, for borrowers that received a PPP loan of $50,000 or less. The new form exempts borrowers from reductions in loan forgiveness amounts …
