Lenders will not file Form 1099-C for forgiven PPP loans

o prevent confusion, the IRS notified lenders on Tuesday that they should not file cancellation-of-debt information returns or furnish payee statements under Sec. 6050P to report the amount of qualifying forgiveness with respect to covered loans made under the Paycheck Protection Program (PPP) (Announcement 2020-12). The PPP was created under the Coronavirus Aid, Relief, and …

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Clients Beware: 7 Tax Scams to Watch Out for in 2020

Each year, thousands of people lose millions of dollars, not to mention their personal information, in these schemes. Typically, the new scams are variations on old themes but are even slicker than before and harder to detect. ‘Tis the season for tax scams. As the time for filing 2019 tax returns fast approaches, the IRS is again …

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10 Reasons Why Your Small Business Needs a Bookkeeper

With many small businesses thriving during the holiday season, this is the time of year that makes running a business exciting and enjoyable! This is also the time of year to reconcile books and prepare for tax season. How can owners balance both? We see so many of our small business owners struggle at tax …

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Year-End Payroll Checklist for Small Businesses

December is a time to be festive, relax with friends and family, indulge in delicious holiday-party fare — and, on a more practical note, time to get your payroll in order before the end of the year. Slightly less merry, but equally important! To help ease your burden, please find below ConnectPay’s handy checklist of …

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7 Reasons the IRS Will Audit You

An IRS audit is simply the IRS double-checking your numbers to make sure you don’t have any discrepancies in your return. Sometimes state tax authorities do audits, too. If you’re telling the truth, and the whole truth, you needn’t worry. Nothing is inherently sinister about an IRS audit or state audit. However, people who are consciously cheating …

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Why Is My Tax Refund Delayed?

Tax season can be stressful but the saving grace is that many tax filers will receive a refund. In past years, about 75% of filers receives refunds after filing their federal income tax returns. Many people even count on a refund to help them pay down debt or cover bills early in the year. That means …

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When Are Taxes Due? 2020 Filing & Extension Deadlines

Filing deadlines can creep up on you, and there’s nothing more frustrating than having to pay a fine that could have been avoided. Take a few minutes to save each relevant filing date to your calendar, and stay ahead of the IRS. If you’re sending your return in via snail mail, the IRS considers your …

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