While the Infrastructure Investment and Jobs Act of 2021 (IIJA) is primarily a bill that improves roads, bridges, and transit, as well as authorizing additional funding for energy, water, and broadband improvement, there are some tax-related provisions included. Employee Retention Credit Changes The Employee Retention Tax Credit (ERTC), which was a tax credit enacted under […]
Updated Guidance – Paycheck Protection Program (PPP) Tax Treatment
On November 18th, 2021, the IRS released three new revenue procedures – Rev Procs. 2021-48, 2021-49, and 2021-50 – to provide further guidance on the tax treatment of Paycheck Protection Program (PPP) amounts that are excluded from gross income as a result of loan forgiveness. This guidance was issued due to several uncertainties surrounding the […]
How to Reconstruct Tax Records After a Disaster
While it’s not always possible to prevent an emergency, you can reduce the likelihood that an emergency will become a disaster by being prepared. Here are some tips to do just that. Store your documents in a waterproof and fireproof safe that is convenient to access. Make copies of your important documents—store paper copies in […]
IRS Taxpayer Advocate Service and the Taxpayer Bill of Rights
The Taxpayer Advocate Service is an independent organization within the IRS whose job it is to make sure every taxpayer is treated fairly and that they understand their rights. The Taxpayer Advocate Service offers free guidance for resolving tax problems. There are independent Taxpayer Advocates in each state who can help when a tax issue […]