- Here's What Could Happen If You Try to Short-Change the IRS
- Some refer to it as “creative accounting” or just “a little fudging here and there,” but if your tax return is missing some income that should have been reported or includes overstated deductions, regardless of whether you prepared your own return or had it prepared, you are the one who is ultimately responsible. If you get caught, there can be very unpleasant consequences – including substantial monetary penalties and the possibility of jail time for blatant cases.
- Congress Liberalizes PPP Loan Forgiveness
- If you are the owner of a small business that was able to obtain a Paycheck Projection Program (PPP) Loan, you have probably already started worrying about how you are supposed to spend the loan proceeds to maximize loan forgiveness.
- Does Your Business Qualify for the Research Tax Credit?
- For businesses, the tax code provides a tax credit of up to 20% of qualified expenditures to encourage businesses to develop, design or improve products, processes, techniques, formulas or software and similar activities. In the past, this credit—called the Credit for Increasing Research Activities—had to be reauthorized by Congress yearly, but as part of the 2015 PATH Act, this credit was made permanent.
- IRS and Treasury Release the Latest State-By-State Economic Impact Payment Figures
- The Treasury Department and IRS released updated state-by-state figures for Economic Impact Payments (EIPs) on May 22, 2020.
- Haven't Filed Past Returns? IRS May File One for You and It Won't Be Pretty
- There are millions of individuals who do not file a tax return each year, many of them simply because their income is below the filing threshold levels for the year based upon their filing status.
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