BBB Tax Prep

06/30/2021

https://www.washingtonpost.com/us-policy/2021/06/30/irs-backlog-returns-taxpayers/

Only 3 percent of 85 million calls to the agency during filing season reached a customer service representative, the report found.

03/31/2021

The PPP loan application period has been extended.

President Biden on Tuesday signed legislation extending a loan program designed to help small businesses adversely impacted by the coronavirus pandemic.

03/15/2021

https://www.yahoo.com/finance/news/covid-stimulus-checks-millions-face-110043158.html

Nearly 7 million Americans face significant refund delays this tax season as the IRS rushes to send out stimulus checks.

02/11/2021

SBA changing the PPP application.

The US Small Business Administration said that it is updating the Paycheck Protection Program’s processes and application platform to speed up the flow of funds to small businesses.

02/01/2021

Identity Theft is on the rise more than usual.

https://www.consumer.ftc.gov/blog/2021/02/identity-theft-awareness-week-starts-today

01/31/2021

Many people are receiving Unemployment 1099's and have not filed for Unemployment.

DO NOT throw these away.

Contact your Unemployment office straight away and file a fraud claim as a victim of Identity theft.
The Uneployment Agency will need to send a Corrected 1099 to the IRS.

DO NOT claim the 1099 on your taxes if you never filed for Unemployment benefits.

01/27/2021

Please be careful when claiming your children's income.

01/22/2021

Under the CARES act, the IRS returned the NOL carryback and did so for 5 years.
If 2020 is causing your small business to take a loss and you paid a hefty sum in 2019; you may amend your 2019 return under the NOL carryback and obtain a refund.

01/14/2021

Identity theft is on the rise each and every day, but runs rampant during tax time. Consider requesting and IP PIN fr ok m the IRS

The Identity Protection PIN (IP PIN) is a six-digit code known only to the taxpayer and to the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayers’ personally identifiable information.

01/14/2021

https://www.wxyz.com/rebound/small-businesses-can-apply-for-additional-financial-aid-now

The small business administration officially opened the application process for a new round of Payment Protection Program,(PPP) funding.