by AboutProfit | Nov 19, 2020 | Uncategorized
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...
by AboutProfit | Nov 18, 2020 | Uncategorized
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...
by AboutProfit | Nov 16, 2020 | Uncategorized
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...
by AboutProfit | Nov 13, 2020 | Uncategorized
There is no second stimulus payment yet of $1,200 or otherwise for the IRS to even send, but that hasn’t stopped a new text scam and others from trying to swindle you out of your money and personal information. Urgent messages about the next batch of stimulus...
by AboutProfit | Nov 12, 2020 | Uncategorized
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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