Blog Archives

Things You NEED to Know About Filing Your 2020 Income Tax Returns

Extended filing deadline for Individual returns (form 1040)   The IRS had extended the filing deadline for individual income tax returns (form 1040) ONLY to May 17, 2021. Tax payments can be made up to the May 17th filing date

4 Reasons NOT to Wait for Your K-1

Subchapter S corporations (“Sub S”), partnerships, limited liability companies (“LLC’s”) and estates and trusts issue form K-1s. This form documents the stockholders, partners, members or beneficiaries share of their profit or loss from the entity.  Don’t wait for this form

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5 Smart Tax Moves to Make in February 2021

1. Fund Your IRA   Taxpayers with earned income can fund an IRA for 2020.  The due date for this contribution is April 15, 2021.  Taxpayers can fund up to $6,000 if they have this much in earned income. Taxpayers

PPP Loans 2.0 – > New loan application information

      In December 2020, legislation was passed authorizing the Paycheck Protection Program (PPP) version 2.0.  PPP 1.0 passed in March 2020 in response to the pandemic.   Prior PPP borrowers must meet all of the following conditions to

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Beginning with the 2020 tax year, the IRS will require business taxpayers to report amounts paid as nonemployee compensation on the new Form 1099-NEC instead of on Form 1099-MISC as was required in previous years. Generally, businesses will need to