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February 13, 2021

Possible pain of entity choice under the PPP

By Roger Russell 3 min read

The effect of S corp status on the emergency loans highlights the impact of a business' form.

Grandma wins $19M case against J.P. Morgan and 2 advisors (her grandsons)

By Lynnley Browning 5 min read

Beverley Schottenstein accused the bank and the brokers of unauthorized trading of “multiple auto-callable structured notes and various other securities,” among other alleged misconduct.

IRS gets set for Friday’s delayed start to tax season

By Michael Cohn 8 min read

The Internal Revenue Service is girding for the official start of tax season as taxpayers and preparers deal with tax breaks related to COVID-19 and questions about stimulus payments.

New IRS form lets self-employed claim sick and family leave credits

By Jeff Stimpson 1 min read

The Form 7202 helps SE individuals who couldn’t work because of the coronavirus.

IRS warns of e-file identity theft scam

By Michael Cohn 3 min read

The Internal Revenue Service is alerting tax professionals about a dangerous new phishing scam.

SBA works to fix PPP loan bottlenecks

By Michael Cohn 3 min read

The U.S. Small Business Administration is taking steps to remove some of the hangups in the Paycheck Protection Program after complaints from the American Institute of CPAs and others.

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IRS wrongly told 100,000+ taxpayers it was reducing their stimulus payments

By Michael Cohn 3 min read

The Internal Revenue Service mistakenly sent letters to many taxpayers saying it would be reducing their Economic Impact Payments to pay off the taxes they owed.

Why clients are the worst: Tax pros’ pet peeves

By Jeff Stimpson

A collection of things practitioners already hate about dealing with their clients this season.

Nonprofits, businesses receiving PPP could face surprise audits

By Michael Cohn 6 min read

Nonprofit and for-profit organizations that received Paycheck Protection Program loans could unexpectedly find themselves confronting the “single audit” requirement for the first time, even though PPP loans are supposedly exempt.

Senators propose to make Work Opportunity Tax Credit permanent

By Michael Cohn 2 min read

A bipartisan group of Senate lawmakers has introduced legislation to make the Work Opportunity Tax Credit a permanent part of the Tax Code.

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