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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,...

Business Meal Deductions Under the New Tax Law

Creating More Business Meal Tax Deductions After the TCJA Here’s good news for business meals: the Tax Cuts and Jobs Act (TCJA) removed the “directly related and associated with” requirements from business meals. The net effect of this change is to subject business...