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Posted on January 12, 2021 in IRS

The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month. IRS guidance overrides previous rules that recipients of PPP loans that had been forgiven couldn’t claim deductions for the wages, rent, utilities […]

Posted on December 17, 2020 in IRS

When the IRS sends you to collections, it means you have overdue taxes you still haven’t paid after sending you a bill, and they’re now taking active steps to collect the money you owe, including any penalties and interest. The IRS will either try to recover the money themselves, or in limited circumstances, assign private […]

Posted on November 7, 2020 in IRS

The Internal Revenue Service is making some changes in its collection program to decrease the burden on taxpayers who owe outstanding tax debts and are trying to cope with the economic fallout of the COVID-19 pandemic. The IRS said Monday that it’s making it easier to set up payment agreements and offers in compromise as […]

Posted on September 29, 2020 in IRS

The Coronavirus Aid, Relief and Economic Security Act became law on Friday, March 27, 2020. The CARES Act included a new federally guaranteed Small Business Administration (SBA) loan program called the Paycheck Protection Program (PPP). The maximum PPP loan was based upon two and one-half months’ average payroll costs for the prior 12 months. If the business […]

Posted on August 21, 2020 in IRS

Rep. Richard Neal, D-Massachusetts, who chairs the tax-writing House Ways and Means Committee, is asking the Internal Revenue Service to quit mailing notices for unpaid taxes to taxpayers who may have been affected by the mail backlog at the agency due to the COVID-19 pandemic. Many taxpayers have been receiving balance-due notices from the IRS […]