Small PPP Loan Borrowers Get Big Break
According to a recent release from the Small Business Administration, borrowers can apply for forgiveness of their PPP loan using new SBA Form 3508S if the total PPP loan amount they received from their lender was $50,000 or less. “SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions […]
When the IRS Wants to Audit Your Business
You may be surprised to learn that not every audit notification you receive will be legitimate. So, first, make sure you received an official audit notification. The Internal Revenue Service (IRS) will notify you either by letter or by a phone call followed by a letter. The IRS does not notify taxpayers about audits through email, so […]
Choosing a Business Structure: C Corps, LLCs, PCs and S Corps
How to structure your business is one of the first, and most important, considerations a business must make. Following are details about four corporate structures available to businesses. C Corporations C corporations are considered to be the business structure of choice for many businesses, particularly for those selling goods. Unlike sole proprietorships, C corps shield […]
Learn About an IRS Payment Plan
If you’re a qualified taxpayer or an authorized representative through a power of attorney, you can apply online for a payment plan, which will include an installment agreement to pay off your balance over time. Your specific tax situation will determine which payment options are available. These include: Full payment. A short-term payment plan for […]
Does Your Nonprofit Need an Independent Audit?
The Internal Revenue Service (IRS) doesn’t require nonprofits to have independent audits, but that doesn’t mean your nonprofit never needs an audit. Some federal, state and local government agencies require audits, as do some banks and foundations. Generally, the requirements relate to the nonprofit’s size or spending. When an Audit Is Required An independent audit […]
IRS Offers Identity Protection PIN
The IRS can now give eligible taxpayers an “IP PIN,” a six-digit code to help prevent the misuse of Social Security numbers on fraudulent federal income tax returns. As the IRS explains, this PIN helps the agency verify a taxpayer’s identity and accept his or her electronic or paper tax return. Not everyone can get […]
