Mark Gleason's Taxation of Small Business Blog
SBA Issues PPP Loan Forgiveness Forms and Instructions
The Small Business Administration has issued forms and instructions for applications for forgiveness of Paycheck Protection Loans. The instructions answer some of our burning questions about accounting methods (cash vs accrual) and the FTE calculations. An FTE is defined as … Continue reading
Small Business Expense Protection Act
A bill called the Small Business Expense Protection Act has been introduced into the United States Senate It would overrule the recent IRS ruling that expenses paid with forgiven PPP loan funds are not deductible. Mark S Gleason CPA … Continue reading
IRS Rules Against Deduction of Expenses Paid with Forgiven PPP Loans
IRS Notice 2020-32 rules that taxpayers are not entitled to a deduction for expenses paid with forgiven Paycheck Protection Program Loans. This flies in the face of the language in the CARES Act stating that the forgiveness of the loan … Continue reading
You Tube Presentation on Forgiveness of Paycheck Protection Program Loans
Here is a link to the presentation I posted to YouTube on Forgiveness of Paycheck Protection Program Loans: Mark S Gleason CPA www.mattson-cpa.com
15% FIRPTA Withholding Can Often Be Avoided
Foreign individuals and businesses who own US real estate will learn, when it comes time to sell their property, that the Foreign Investment in Real Property Tax Act (FIRPTA) requires 15% of the gross sales proceeds to be withheld by … Continue reading
Free Tax Return Preparation in Minnesota
To add an addendum to my blog posting of January about IRS free file, I have information about free tax return preparation sites in Minnesota. The Volunteer Income Tax Assistance (VITA) and AARP Tax-Aide programs help taxpayers prepare and file … Continue reading
Let’s See Your Data Security Plan
Paid tax return preparers are required to have a written information security plan. Both the IRS and the Federal Trade Commission have a rule requiring specified types of businesses to have written security plans for their customers’ data. Tax preparers, … Continue reading
More “Phantom” Tax Deductions?
Now that the standard deduction for a married couple filing a joint return has been raised to over $24,000, most taxpayers who formerly itemized deductions will no longer be itemizing their deductions. My wife and I didn’t itemizing deductions for … Continue reading
Deduction for 2019 Medical Expenses
I like to think of the deduction for medical expenses as a “phantom” deduction. Most taxpayers who itemize deductions on their annual income tax returns are aware that they can deduct their medical expenses. However, not everybody understands the “floor” … Continue reading
Nasty Penalties
The minimum penalty for being 60 days late filing your federal income tax returns increases from $215 to $435 for 2020 returns. Years ago, if there was no tax due, there was no penalty for filing your tax returns late. … Continue reading
