The IRS has released the 2022 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
The recently published Green Book contains proposed changes that could result in the limited partner self-employment tax exception coming to an end.
New guidance provides a safe harbor for PPP loan deductions for businesses that received PPP loans in the first round of relief but did not deduct otherwise eligible business expenses because they relied on now-superseded guidance.
The Treasury Department and Internal Revenue Service have announced a tax deadline extension: the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.
The SBA has issued new guidance for PPP loans for self-employed individuals who file Form 1040, Schedule C, allowing them to calculate their maximum loan amount using gross income instead of net profit.
IRS taxpayer relief initiative expands as the wide-ranging impact of COVID-19 causes many Americans to struggle with tax debts.
New IRS Form 1099-NEC will be used to report payments to nonemployee service providers will Form 1099-MISC will narrow in scope.
The IRS has provided guidance on how loan forgiveness will work for the $659 billion in Paycheck Protection Program (PPP) loans from the two allocations made by Congress to the Small Business Administration (SBA).
The IRS expects to create a portal later this month or in early May to let people update their direct deposit information and check on the status of their payment. This will allow taxpayers to receive payments immediately as opposed to checks in the mail.
Treasury Secretary Steven Mnuchin announced deferral of tax payment deadline for 90 days.