CARES Act – What About Partnerships?

CARES Act – What About Partnerships?

If your business is a partnership (particularly one under the Bipartisan Budget Act of 2015 (BBA)), you may have already filed your returns in March of 2020 for the 2019 tax year, and typically you would not be able to file an amended Form 1065 under the BBA.  What if...
BEWARE OF TAX SCAMMERS DURING COVID-19

BEWARE OF TAX SCAMMERS DURING COVID-19

BEWARE OF TAX SCAMMERS DURING COVID-19 The IRS is reminding taxpayers to make sure they follow official IRS guidance and social media, especially right now during the COVID-19 pandemic. The IRS official guidance and social media will be the best resource for finding...
Will Business Meals Become Tax Deductible Again?

Will Business Meals Become Tax Deductible Again?

Will Business Meals Become Tax Deductible Again? Maybe.  Nothing is certain yet, but it appears President Trump might be looking into restoring corporate tax deductions for business meals. Under the 2017 Tax Act, deductions for many business entertainment expenses,...
Estimated Taxes 2020

Estimated Taxes 2020

Estimated Taxes 2020 We recently posted about how first quarter estimated tax payments are not due until July 15, 2020, due to the current coronavirus pandemic (this is also when 2019 income taxes are due for those who file their returns on or by April 15th). However,...
IRS People First Initiative

IRS People First Initiative

IRS People First Initiative Yesterday, March 25, 2020, the IRS announced its “People First Initiative.”  The initiative was put into place to “help people facing the challenges of COVID-19 issues.”   The IRS Commissioner Chuck Rettig said, “The IRS is taking...