Income Tax

May 5, 2020 

As the second round of funding for the Paycheck Protection Program (PPP) became available on April 27, 62 percent of PPP loan applicants were still waiting for funding or approval, according to new research from Paychex, Inc.

May 5, 2020 

Are you still waiting for your stimulus payment due to a recent address change or no or outdated direct deposit information on file with the IRS? You may have to wait a little longer.

May 3, 2020 

Small businesses that manage to get their Paycheck Protection Program loans forgiven may find themselves losing valuable tax breaks, according to new guidance from the Internal Revenue Service.

April 30, 2020 

Taxpayers should check the FAQs often for the latest additions; many common questions are answered on IRS.gov already, and more are being developed. Here are answers to some of the top questions people are asking.

April 30, 2020 

Millions more Americans filed for unemployment benefits last week, sending the six-week total above 30 million since the coronavirus pandemic began to shutter businesses across the country.

April 29, 2020 

According to a survey of nonprofit organizations by Charity Navigator and Reuters this month, 83% of respondents said they were suffering financially because of the outbreak. Many groups have had to cancel fundraisers and in-person events ...

April 29, 2020 

The recommendations were made in consultation with an AICPA-led small business funding coalition, CPA firms and other key stakeholders. They build on previous guidelines the AICPA has provided to help bring clarity to the implementation of the PPP.

April 28, 2020 

Taxpayers who did not have direct deposit information on record with the IRS can now enter or change that info on the IRS website Get My Payment tool.

April 28, 2020 

The American Institute of CPAs (AICPA) has called for the Federal Reserve to create a federally backed, short-term accounts receivable lending facility that would allow companies to pledge future receivables and, in return, receive immediate cash flow.

April 28, 2020 

The Internal Revenue Service is recommending that low-income Americans use the free, online tool Non-Filers: Enter Payment Info to quickly and easily register to receive their Economic Impact Payment.

April 28, 2020 

The economic fallout resulting from the coronavirus will test the ability of companies to adapt to a business climate that is changing daily. Companies that are agile enough to adapt to new working paradigms, new ways of servicing clients and new ...

April 26, 2020 

As of April 17, 2020, the IRS reported that 115,961,000 individuals had filed their 2019 tax returns, compared to 137,233,000 returns filed for 2018 by April 19, 2019. That is 21,272,000 less— a drop-off of 15.5%.