The Payroll Protection Program (PPP) loan fund is now officially tapped out, but if you were able to secure an SBA loan through this program for your freelance business it is important to know how the forgiveness of this loan will work on your 2020 tax return. First, let’s look at what are considered qualified […]

Under the recently passed CARES Act, the U.S. government is planning to send out Economic Impact Payments (EIP) to taxpayers meeting certain income requirements. Please note: the IRS is currently working on a website with a portal for individuals to provide their banking information to the IRS. It is not known yet when this portal […]

Today the emergency relief bill, now known as The CARES ( Coronavirus Aid, Relief, and Economic Security) Act, was passed to help bolster the U.S. economy as the country battles the coronavirus. The new law covers a broad cross-section of the economy—including the freelance sector. Of particular note, the relief package gives jobless workers bigger […]

The IRS has stepped up to help people facing the challenges of COVID-19 with a number of measures including easing payment guidelines and postponing compliance actions for the initial period of April 1 to July 15, 2020. This is in addition to the extension of the tax filing deadline to July 15, 2020. An important […]

On Friday, the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced two new refundable tax credits which offer  relief to employees, small and midsize businesses, and the self-employed under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020. How will these credits […]

Things are changing rapidly in our country and this includes tax payment deadlines. While the IRS is working on comprehensive tax relief measures to address the enormous impact of the corona virus, here are the immediate changes all taxpayers need to be aware of: 1.The IRS has extended the filing deadline for federal taxes and […]

Things are changing rapidly for the freelance community and this includes tax payment deadlines. While the IRS is working on comprehensive tax relief to address the enormous impact of the corona virus, here are the immediate changes all freelancers need to be aware of: The IRS has extended the payment deadline for federal taxes until […]

If you’re a freelancer who has been active in the virtual currency market over the past few years, there’s a new question on your 2019 personal tax return that you should pay special attention to: “At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual […]

The IRS is now open for the business of filing 2019 tax returns. If you are a person who likes to get things done, and you have all of your tax documentation in hand, don’t fight the urge to file early. Even if you have been a procrastinator in years past when it comes to […]

Do you have a student loan that was recently discharged? If so, you may be eligible for tax relief on the value of the forgiven funds based on new guidance issued by the Internal Revenue Service (IRS). Read on to see if you qualify for these tax savings. Typically, the discharge of a federal or […]