In the fast-evolving landscape of accounting, staying ahead of the curve is not just an advantage; it's a necessity. As we step into the future, the accounting industry is undergoing a transformation driven by technological advancements, changing regulations, and shifting client expectations. In this blog, we will delve into the emerging trends in accounting that professionals and businesses need to embrace to thrive in the years to come.   1. The Digital Revolution in Accounting Services Gone are the days of manual bookkeeping and ledger entries. The digital revolution has ushered ..read more

To prevent confusion, the IRS notified lenders on Tuesday that they should not file cancellation-of-debt information returns or furnish payee statements under Sec. 6050P to report the amount of qualifying forgiveness with respect to covered loans made under the Paycheck Protection Program (PPP) (Announcement 2020-12). Read More Original Article Source Credits:   The Tax Adviser , https://www.thetaxadviser.com/ Article Written By:   Alistair M. Nevius, J.D. Original Article Posted on:  September 23, 2020 Link to Original Article:  https://www.thetaxadvise ..read more

Generally, if you make withdrawals from a traditional IRA before age 59½, you must pay a 10% penalty tax, in addition to the regular income tax. However, the tax law has created a number of special exceptions. Read More Original Article Source Credits:  CPA Practice Advisor , https://www.cpapracticeadvisor.com/ Article Written By:  NA Original Article Posted on:  Sep 16th, 2020 Link to Original Article:  https://www.cpapracticeadvisor.com/tax-compliance/news/21154482/the-tax-blotter-sept-2020 ..read more

The Internal Revenue Service today reminds taxpayers that the most convenient way to check on a tax refund is by using the Where's My Refund? tool at IRS.gov or through the IRS2Go Mobile App. Taxpayers can start checking their refund status within 24 hours after an e-filed return is received. In addition, Where's My Refund provides a personalized date after the return is processed and a refund is approved. Read More Original Article Source Credits:   IRS , https://www.irs.gov/ Article Written By:  NA Original Article Posted on:  March 18, 2021 Link ..read more

Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released Thursday by Treasury and the U.S. Small Business Administration (SBA). Read More Original Article Source Credits:   Journal of Accountancy , https://www.journalofaccountancy.com/ Article Written By:  Ken Tysiac Original Article Posted on:  October 9, 2020 Link to Original Article:  https://www.journalofaccountancy.com/news/2020/oct/ppp-forgiveness-simplified-for-loans-50000-less.html?utm_source=mn ..read more

Taxpayers should double-check to make sure they have all their documents before filing a tax return. Taxpayers who haven't received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing documents. This also applies for those who received an incorrect W-2 or Form 1099. Read More Original Article Source Credits:   IRS , https://www.irs.gov/ Article Written By:  NA Original Article Posted on:  March 1, 2021 Link to Original Article:  https://www.irs.gov/newsroom/heres-what-taxpayers-should-do-if-they-have-missing-or-inco ..read more

Throughout the years, legislators have written numerous lines into the tax code to soften the blow of the extra costs that self-employed persons must shoulder as they do business. The Tax Cuts and Jobs Act (TCJA), passed in December 2017 and effective as of the 2018 tax year, made several changes to self-employed tax deductions. Read More Original Article Source Credits: investopedia, https://www.investopedia.com  Article Written By:  AMY FONTINELLE  Original Article Posted on:  Feb 4, 2021 Link to Original Article: htt ..read more

The IRS will begin accepting and processing 2020 tax year returns on Friday, February 12, 2021. People who are ready to file can begin filing their tax returns with tax prep software, including IRS Free File. Software providers are accepting completed tax returns now, and holding them until the IRS begins processing returns on Friday, February 12.  Read More Original Article Source Credits: IRS, https://www.irs.gov Article Written By: NA Original Article Posted on: January 28, 2021   Link to Original Article: https://www.irs.gov/newsroom/2021-tax-fi ..read more

First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement: Employee and compensation levels are maintained The loan proceeds are spent on payroll costs and other eligible expenses; and At least 60% of the proceeds are spent on payroll costs Read More Original Article Source Credits:   U.S. Small Business Administration , https://www.sba.gov/ Article Written By:  NA Original Article Posted on:  NA Link to Original Article:  https://www.sba.gov/funding-programs/loan ..read more

Everyone's hoping that 2021 will be a lot different from how 2020 was. But when it comes to your 2021 income taxes, the IRS isn't planning on a huge transformation like we saw back in 2018. Read More Original Article Source Credits:   The Motley Fool , https://www.fool.com/ Article Written By:  Dan Caplinger Original Article Posted on:  Dec 28, 2020  Link to Original Article:  https://www.fool.com/taxes/what-are-the-key-irs-tax-changes-for-2021 ..read more