The new COVID-19 relief bill was just passed. Among the various parts of the bill, is a provision allowing for the deduction of expenses even if they were paid with PPP funds. This ability to deduct expenses mean you could still include those expenses for the purposes of tax debt reduction. Click here to learn [...]
Since the Federal government originally passed the CARES Act to help those suffering the effects of COVID-19, the novel coronavirus, there have been many changes to the Act itself. Coupled with the latest legislation, here are the latest changes to the CARES Act. First, the PPP loan portion that can be forgiven can now be [...]
Due to the economic impacts of COVID-19, the novel coronavirus, many individuals have begun reassessing their personal finances including their asset holdings. Some of this reassessment has occurred due to loss of income or simply accelerating future plans. One of these considerations has been selling one’s personal home. However, when selling your home, or any [...]
As COVID-19, the novel coronavirus, continues its effect on our lives, one important issue creating cause of concern is one’s home especially if you rent. While the economy is slowly opening up, many individuals are having difficulty making regular monthly payments including paying their rent. Now, the good news for tenants is the government has [...]
The current COVID-19 pandemic has caused massive ripple effects throughout the global economy. In the US alone, the novel coronavirus has led to many business closures with small businesses being the most impacted. Thankfully, the federal government passed the Payroll Protection Program (PPP) as part of the CARES Act. The program provided funds to small [...]
As everyone is aware, COVID-19, also known as the novel coronavirus, has caused great turmoil in our lives. Along with the obvious issues such as the virus pandemic itself and significant job loss, there have been many overlooked consequences of the pandemic such as difficulty paying bills. One of those bills no one has been [...]
Throughout the month of March, we discussed information that had to be reported to the Internal Revenue Service (“IRS”) if a taxpayer wished to reduce their tax debt. Among this information is the taxpayer’s income, expenses, and any assets he/she may own. Here is a quick recap of the information we brought you during the [...]
This week, we are continuing our discussion about the process to reduce your IRS tax debt, and the information that must be reported to the Internal Revenue Service (“IRS”). In addition to income and expenditures that must be reported, the IRS also requires that taxpayers wishing to reduce their debt report certain assets that they [...]
When attempting to reduce one’s debt, the Internal Revenue Service (“IRS”) needs to be provided with an accurate picture of one’s finances. If you are seeking to et your tax debt reduced or permanently eliminated, your tax professional will need certain information from you that they will provide to the IRS. As we discussed last [...]
The Tax Code has made some changes in terms of reducing tax debt with the IRS. Keep in mind, however, that if you had debt prior to the enactment of the Code, you still have this debt balance. Therefore, if you are seeking to get your tax debt reduced or eliminated, your tax professional (e.g., [...]
