The IRS Just Put a Monkey Wrench Into PPP Loans

IRS

The IRS issued Notice 2020-32, which “provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program [PPP] under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).” In […]

Check Your Bank Balance – You May Have Received Your Economic Impact Payment

Happy Woman

The IRS confirmed in a tweet today that the first round of economic impact payments has been sent by direct deposit to individuals and families. #IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we […]

IRS / SBA / U.S. Secret Service Warnings of Coronavirus Stimulus Scams And Phishing Attacks

USA Flag Government Building

With the coronavirus stimulus packages passed in Washington, scammers and fraudsters see an opportunity to take advantage of people trying to make ends meet or keep their businesses afloat. Both the IRS, SBA, the U.S. Secret Service, and local, state, and federal agencies have issued warnings on coronavirus related scams and phishing attacks. IRS Warning […]

Report: $1200 Coronavirus Stimulus Checks to Start April 9

IRS Stimulus Check

According to reporting from the Washington Post based on internal documents the newspaper obtained, the IRS draft plans suggest the coronavirus stimulus payments to individuals and families would start on Thursday, April 9. The first recipients will be those that have direct deposit information on file with the IRS from 2018 or 2019 tax returns. […]

PayPal Can Now Be Used To Pay The IRS

Tax season has officially begun, which means millions of US households are preparing to file their taxes by the April 15th deadline. Income tax payments are the single largest government transaction most households make each year, and many taxpayers count on a tax refund as an important part of their annual budget. Tax season is […]

eBay: 48% of Americans are Excited They are Getting Money Back from The IRS

We are in the middle of Tax Refund season, and eBay released a report on how Americans plan to use their tax refunds. First, there are few compelling data points: Nearly 6 in 10 (57 percent) Americans had already filed as early as February 26, and even high among Millennials (59 percent) – that’s nearly […]

Massachusetts and Vermont Sellers Surprised by 1099-K Forms [UPDATE]

Micro and Small Business sellers in Massachusetts and Vermont are getting a nasty surprise from PayPal, Payable, and possibly other TPSOs (Third Party Settlement Organizations). While there is a slight gray area on what defines a TPSO, Etsy and Amazon low-volume sellers in those states may also receive 1099-Ks as Etsy considers itself a TPSO and Amazon […]