UPDATED: May 1, 2020 - 11:44 a.m. On April 30, 2020, the IRS issued Notice 2020-32 which provides guidance regarding the deductibility of expenses related to tax-free loan forgiveness from the Paycheck Protection Program (PPP). The Notice...
Gloria McDonnell, CPA
Recent Posts
UPDATED: April 13, 2020 - 11:30 a.m. On Friday, April 10, 2020, the IRS issued additional guidance regarding the deferral of payroll tax available under the CARES Act. The most significant clarification relates to the deferral of employment taxes...
November 19, 2018 โ Residency is important because residents of Minnesota are taxed on worldwide incomeโno matter if it's earned overseas or in another state. If you're considered a Minnesota resident, everything reported on your federal return...
November 13, 2018 โ Whether one makes payments to foreign individuals or foreign businesses, there are specific tax rules that one needs to consider. (This section appears as part of Redpath's 2018 Bottomline Newsletter as well.)
October 4, 2018 โOne of the more common international reporting requirements is a Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations. Form 5471 is the primary form used by the IRS to collect the information...
June 19, 2018 โ Can you itemize, or will you be claiming your new standard deduction? Once you understand the levers available, youโll know which among them you can pull when it comes to paying Uncle Sam.
June 13, 2018 โ The IRS has offered penalty and filing relief to many subject to the new transition tax on foreign earnings. They recently updated the frequently asked questions (FAQ) area on their Tax Reform page, with it now outlining relief...
June 13, 2018 โ Do you want to be able to deduct business expenses? Take the right steps to ensure your business will not be deemed a hobby by a taxing authority come audit time. Pending further guidance from the IRS, an effect of tax reform was...
May 24, 2018 โ Late last year, Congress passed and President Trump signed into law the most comprehensive tax reform package since the 1986 Act. Within that bill was a major change to how much each taxpayer can deduct for the state and local...
March 28, 2018 โ On February 18, 2018, we published the first part of a two-part article that provides an overview of the new international tax provisions of the recently enacted Tax Cuts and Jobs Act (The Act). In part one we covered the...
