Finally some IRS guidance on PPP for 2020

Just yesterday, the IRS has confirmed that taxpayers with a reasonable expectation of PPP loan forgiveness may not deduct expenses paid with those funds, even if the forgiveness has not been granted prior to the end of the taxable year. (Rev. Rul. 2020-27) The IRS...

Wow – $2.3 billion in tax fraud in 2020

The IRS today released the Criminal Investigation Division’s annual report PDF, highlighting the agency’s successes and criminal enforcement actions taken in fiscal year 2020, the majority of which occurred during COVID-19. A key achievement was the...

Don’t choose debt

The holidays are coming and the American Marketing Machine is in high gear. I saw a news report yesterday that said that 25% of Americans plan to go into debt this holiday season. Yes, you read that correctly………..they PLAN to go into debt. Wow, that...

When more revenue is not the answer

Yesterday I had a fascinating discussion with a new client who shared with me his rate sheet. What he charges his clients and then what he pays his contractors to get the work done. He is left with 48% of the sale to cover overheads and his taxes and his owners pay. I...

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