The IRS announced last week that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act "should not file information returns or furnish payee statements to report the forgiveness."
ACCOUNTINGTODAY.COM
IRS says lenders don’t need to report PPP loan forgiveness
Get ready for the week: Peter J Marchiano JR. CPAs & Business Advisors has motivation for your Monday.
It's pretty clear at this point that things have changed for good as a result of COVID-19. Does your company need to plan a strategic pivot to keep up?
ENTREPRENEUR.COM
Planning a Strategic Pivot
According to a new study, many U.S. workers who are being "shepherded back to the office" would rather continue doing their jobs from home, at least a few days a week.
BLOOMBERG.COM
When to Stop Working From Home? How About Never, Workers Say
Nearly 1 in 5 consumers "plan to purchase more from small local businesses this holiday season," and about half say they'll be willing to shop in-store "if retailers offer contactless pay options this winter."
SMALLBIZTRENDS.COM
1 in 5 Americans Will Support Local Small Businesses More This Holiday Shopping Season - Small Business Trends
Peter J Marchiano JR. CPAs & Business Advisors has a fun tax fact to share with you.
Health insurance premiums, including Medicare parts B, C, and D; hospitalization; long-term care; and dental costs are all tax deductible, and are subject to AGI limitations if you itemize your deductions. If you are self-employed, including some partners, or a more-than-2% S corporation shareholder, you may be able to deduct the premiums without itemizing and without AGI limitations.
MARCHIANOCPA.COM
There is More to Deducting Health Insurance than Meets the Eye
Calling all tax procrastinators: your time has come! The October 15th tax extension deadline is TOMORROW. Here's what will happen if you miss it.
FASTCOMPANY.COM
What happens if you miss the October 15 tax extension deadline?
It matters how you get there. Wednesday Wisdom from Peter J Marchiano JR. CPAs & Business Advisors
The SBA has released yet another simplified application for PPP loan forgiveness: SBA Form 3508S. This form can only be used if the total PPP loan amount received by the borrower from their lender was $50,000 or less.
MARCHIANOCPA.COM
The SBA Issues a Simplified PPP Loan-Forgiveness Application
If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. Watch this video to learn more about some typical issues.
Less than 30 percent of all workers expect to be working in person by the start of 2021, according to a recent survey.
THEHILL.COM
Under 30 percent of workers expect to return in person by the new year: survey
The IRS has announced it is "expanding taxpayer options for making payments and alternatives to resolve balances owed" for those impacted by COVID-19.
FORBES.COM
IRS Will Expand Resolution Options To Help With Tax Bills During Covid
It matters how you get there. Wednesday Wisdom from Peter J Marchiano JR. CPAs & Business Advisors
To cope with inflation, the tax code requires the IRS to adjust the tax rates, standard deductions, and a variety of other tax related numbers each year, which they recently released for 2021.
MARCHIANOCPA.COM
IRS Releases Inflation Adjustments for 2021
After pausing due to COVID-19, the IRS has announced that it will resume issuing certain balance due notices - the 500 series - to taxpayers.
FORBES.COM
IRS Says It Will Resume Sending Out Balance Due Notices To Taxpayers
Peter J Marchiano JR. CPAs & Business Advisors - Some Monday Motivation for our friends and colleagues.
Is it possible to start a business with no money? Technically, yes - but there are some important points to keep in mind. Learn more:
ENTREPRENEUR.COM
Starting a Business With No Money? Here's How to Do It.
It's a new year, and no one knows for sure what 2021 will hold. But as a business owner, you have to plan and prepare your business for any difficult situation.
ENTREPRENEUR.COM
5 Business Survival Tips for 2021
Millions of stimulus checks have been deposited in incorrect customer accounts due to an IRS error. Here's the full story.
REUTERS.COM
Error puts millions of U.S. stimulus payments in wrong accounts -TurboTax
Your Friday tax fact from Bayville based Peter J Marchiano JR. CPAs & Business Advisors.
Great news for 2021 and 2022 only. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 allows businesses to deduct 100%, instead of just 50%, of business meal expenses meeting certain requirements.
MARCHIANOCPA.COM
Increased Business Meal Deductions for 2021 and 2022
Are you planning to buy your first home, upgrade from your existing one, or refinance your mortgage? Let's take a look at some tax advantages and drawbacks of homeownership.
As stimulus checks start to arrive in the bank accounts of American taxpayers, some people are wondering how these payments affect their taxes.
FOOL.COM
Are Stimulus Checks Taxable? | The Motley Fool
The Employee Retention Credit has been extended through June 30, 2021, and significantly liberalized.
MARCHIANOCPA.COM
Employee Retention Credit Extended
Talk about taking a risk! These people decided to open new restaurants during the pandemic. Here are their stories.
US.CNN.COM
The pandemic has devastated restaurants. These people are opening new ones anyway
A little inspiration from Peter J Marchiano JR. CPAs & Business Advisors. Wednesday Wisdom
The Consolidated Appropriations Act, 2021, which was passed late last December, included a very tax-beneficial provision that liberalized the interaction between PPP loans and the Employee Retention Credit.
MARCHIANOCPA.COM
Interaction between PPP Loans and the Employee Retention Credit
The SBA found "anomalies" in hundreds of thousands of small business relief loans, with errors including " inaccurate loan amounts or loans that were canceled before being disbursed."
NYTIMES.COM
S.B.A. finds ‘anomalies’ in hundreds of thousands of small business relief loans
Here's a look at the impact teleworking could have on taxes if it ends up being more of a fixture in the future of work rather than just a coronavirus trend.
FORBES.COM
Teleworking: A Fixture For The Future? A Look At The Impact On Tax