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How to Pay 2020 Estimated Taxes Online

Do you have payment vouchers to pay your 2020 estimated taxes, but you would prefer to do it electronically online? Here is how to do it: Federal Direct Pay Link: https://www.irs.gov/payments/direct-pay Instructions: 1.) Click the blue “Make a Payment” button. 2.) On...
PPP Loan Forgiveness Is Taxable

PPP Loan Forgiveness Is Taxable

The IRS released notice 2020-32 that clarified what many of us in tax and accounting field expected. Expenses that would otherwise be deductible in your business will be non-deductible to the extent they are used to qualify for loan forgiveness. For an example,...

CARES Act NOL Change

This year in 2020 is going to be challenging for many companies that are likely to incur net operating losses (NOL’s). To help create cash for businesses to survive, Congress changed the rules on NOL carrybacks for the 2018-2020 tax years. Before we discuss the...

Minnesota Unemployment for Employers

Our office continues to get questions from business owners who have had to lay off employees during the pandemic. Here are some of the common questions: Will my unemployment rates go up if I let employees go? Answer: If the reason is COVID-19 related, then the answer...