Entries by Rob Franger

New IRS Guidance Gives Information on Tax Requirements for Special Payments

Just when we all thought that tax season couldn’t possibly get any more confusing — it does. The Internal Revenue Service recently released a statement saying that most taxpayers who received state-issued, one-time payments last year to decrease the impact of higher inflation would not be required to report them as income on federal income tax […]

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PPP Loan Forgiveness Flexibility

House Bill 7010 titled the Paycheck Protection Program Flexibility Act of 2020 was signed into law on Friday, June 5, 2020. This bill provides changes to the PPP loan forgiveness process in an attempt to strengthen certain nonprofits and small business across the country, while also attempting to deploy the $100+ million in undistributed funds that still sit within the PPP program.

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What You Need to Know About Standard Mileage Deductions

Do you drive for business purposes, medical appointments, or charitable events? You may qualify for the standard mileage tax deduction. The Tax Cuts and Jobs Act of 2017 redefined the tax law terrain for many programs, including the mileage initiative. Knowing a few critical facts about what qualifies as mileage that can be claimed can help ensure you don’t miss out on any earned deductions.

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