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 […]
The “Dirty Dozen” IRS Tax Scams
What Happens if the IRS Prepares Your Tax Return?
Have you ever wondered what happens if someone never files a tax return? The IRS has the ability to create a return on your behalf called a Substitute for Return or SFR. Generally, unless you are self-employed, it’s easy for the IRS to create a return for you. Employers file Form W-2, which reports your […]