TBC Information Network

Teal, Becker & Chiaramonte offering valuable insights, impressions and commentary on today’s financial and business world.

IRS Releases Updated PPP Guidance – No Deduction for Expenses in 2020 if Forgiveness is Expected

On November 18, 2020, the IRS issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The revenue ruling denies a deduction for PPP qualified forgiveness expenses if the taxpayer reasonably expects to receive forgiveness of the PPP loan regardless of whether the taxpayer has submitted a forgiveness application by the end of 2020. This pertains to… [keep reading…]

New Form for 2020

New for 2020 – the IRS has created a new Form for 2020 to report Miscellaneous Compensation only – This is Form 1099 NEC (Non-Employee Compensation).  The 1099 MISC. has been revised and box numbers rearranged and is still applicable for other reporting. To get more information about the 1099-NEC please view it HERE.  You… [keep reading…]

What Does It Mean To Be A Real Estate Professional?

In order to understand what this designation means we need to look back in history to see why it is so important. Prior to 1986, real estate “tax shelters” were used to reduce the taxable income of individuals who were not engaged in the business of real estate. Anyone willing to be a landlord or… [keep reading…]

Nonprofit Board Service

Nonprofit organizations of all kinds (charities, chambers of commerce, membership organizations, etc.) need board members to help guide them. Board service can be a rewarding experience, offering an opportunity for giving back to your community, personal growth, and professional advancement. What should you consider before joining any board? Find an organization with a mission that… [keep reading…]

IRS Pays Interest on Refunds

The IRS has begun to pay out interest on all refunds that they issued after 4/15/2020.  If you have already received your refund, you will receive the interest in a separate transaction from the IRS.  Alternatively, the IRS will include the interest as an additional amount in your refund check or direct deposit.  The interest… [keep reading…]

PPP – Loan Forgiveness/Updates

In recent weeks, the SBA has issued various interim final rules and Frequently Asked Questions (FAQ) regarding the PPP loan program.  Additionally, there have been discussions between the Treasury Department and various Congressional representatives regarding possible changes to the program.  We are currently watching any developments closely.  We are providing updates below regarding the PPP… [keep reading…]

Notice: IRS Advice on Uncashed Checks and Notices to Pay

You may have noticed that the Internal Revenue Service (IRS) has not cashed your check or you may have received a failure to pay notice from IRS even though you timely paid their tax due by check.  Unfortunately, if a taxpayer mailed a check, with or without a tax return, it may still be unopened… [keep reading…]

PPP – Loan Updates

The US Treasury and Small Business Administration (SBA) have posted various updates to the PPP loan program over this week.  These updates integrate the new Paycheck Protection Program Flexibility Act of 2020 (PPPFA) with previously issued guidance.  You can find more information about this act HERE.  Highlights of the new provisions are noted below.  As… [keep reading…]

Payroll Protection Program Flexibility Act of 2020

On Wednesday, June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020.  This Bill was previously passed by the House and it is on the President’s desk for signature.  This Act makes some significant, taxpayer friendly, changes to the CARES Act and the Payroll Protection Program (PPP).  We expect the President… [keep reading…]

PPP – Forgiveness Application and FAQs

PPP Forgiveness Application On Friday, May 15th, 2020 the Small Business Administration (SBA) published the Paycheck Protection Program (PPP) Loan Forgiveness Application for borrowers to calculate and report the amount of loan forgiveness requested from their lender. The SBA press release accompanying the application stated that additional regulations and instructions would be released at a… [keep reading…]

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