Parts 1 and 2 of previous blogs on this topic discussed the deferral of employment tax deposits and payments for the year 2020 and the effects that this deferral may have on the employer (Deferral of employment tax deposits and payments through December 31, 2020 | Internal Revenue Service (irs.gov)). Part 3 will continue this …
Part 1 discussed the deferral of employment tax deposits and payments for the year 2020 (Deferral of employment tax deposits and payments through December 31, 2020 | Internal Revenue Service (irs.gov)). The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows the employer to defer the employer’s share of the social security tax for …
Is the Internal Revenue Service (IRS) always correct when assessing taxpayers’ tax returns? Of course not. Since IRS agents are human, they can make incorrect decisions or mathematical mistakes. How do you reverse their mistakes? A Collection Appeal allows taxpayers to challenge IRS’s actions regarding the collection of past taxes which may include the placement …
Just what exactly is a Statute of Limitations? Why is it important to me? These two questions are answered in this blog. The Statute of Limitations can determine whether the Internal Revenue Service (IRS) can claim any taxes, penalties, and interest against you for past tax debts. The Statute of Limitations is the time frame …
There are many different options when it comes to Tax Resolution Services, but which one is best for your situation depends on certain specifics and details. In this blog post, we’ll discuss Offer in Compromise in greater detail. In one of our previous blog posts in the Tax Resolution Services series, Tax Resolution: What are …
Tax Resolution Services: Offer in Compromise Requirements Read More »
Bullseye Tax Relief, located in Northridge, CA, but offering their IRS tax resolutions services nationwide, has announced several new web pages on their site. These new web pages cover topics like IRS Tax Problem Resolution, Payroll Tax Debt Relief and IRS Offer in Compromise. Visiting these web pages can give readers more insight into their …
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SBA Loans: EDIL Now Accepting New Applications for Economic Injury Disaster Loans and Advance: On June 15, SBA If already applied, it is first come, first served You will go to the same place, SBA.GOV and go to the Disaster Loan Assistance page, and then click on apply To access the advance (which you are …
1.How do you get PPP Loan Forgiveness? The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll). Loan Forgiveness Forgiveness is based on the employer maintaining or …
What is this eight-week formula everyone keeps talking about? The 8 week has now become 24 weeks, and it applies to all applicants The eight weeks, now 24 weeks is when you need to spend the money you received unallowable expenses. This period starts at the date of funding and counts onward for 24 weeks. …
Can I get an Economic Injury Disaster Loan (EIDL) and a Paycheck Protection Program Loan (PPP)? You could have as long as the expenses covered in the PPP are not covered under the EIDL. For example, payroll expenses being the main expenses for PPP cannot be added to your expenses for the EDIL loan. BUT …
When dealing with a less than ideal tax situation, it may become easy to feel in over your head. Tax relief services make it so that you do not have to deal with your tax problems alone. Tax relief services make it so that you can partner with a skilled tax professional to resolve any …
Bankruptcy is the legal process for individuals and businesses who are unable to pay their debt. A judge or court will examine your or your businesses assets and assess them against your liability. There are different types of bankruptcy that can help with managing unresolved unsecured debt, wage garnishment and tax debt. Is Bankruptcy Bad? …