Money

Taxes

The IRS is hiring cryptocurrency experts to assist in virtual currency audits, a clear signal those audits will be on the rise.

Trump took a more confrontational approach with China on Friday.

As an initial matter, the employer should determine if a Section 139 plan will meet their needs.

The Internal Revenue Service allows employers to assist employees experiencing the effects of certain disasters.

“We will take action to revoke Hong Kong’s preferential treatment,” Trump said.

The Small Business Administration (SBA) continues to release FAQs for the Paycheck Protection Program or PPP loans. But the more guidance they issue, the more questions arise. Many are hoping that Congress will step in to help.

Small businesses can follow tax basis accounting for crypto and avoid cumbersome GAAP rules

There may be some slight economic improvement in more aggressive “reopening” states. But the nation’s overall economic picture remains very troubled. And a too-aggressive reopening before the virus is under control could feed a second disease wave later this year.

The House has passed a bill to expand the Paycheck Protection loan Program, allowing loan forgiveness for expenses beyond the 8-week period to 24 weeks, and extending the rehiring deadline. It also increases the limitation on the use of loan proceeds for non-payroll expenses to 40 percent.

The Internal Revenue Service (IRS) has announced a game-changer: later this summer, taxpayers will be able to file Form 1040-X, Amended U. S Individual Income Tax Return, electronically.