IRS makes it easier to set up payment agreements; offers other relief to taxpayers struggling with tax debts

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The Internal Revenue Service today announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. 11/2/2020

#taxes #irs https://www.irs.gov/newsroom/irs-makes-it-easier-to-set-up-payment-agreements-offers-other-relief-to-taxpayers-struggling-with-tax-debts

EZ PPP loan forgiveness application released.

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EZ PPP loan forgiveness application released. https://content.sba.gov/sites/default/files/2020-06/PPP%20Forgiveness%20Application%203508EZ%20%28%20Revised%2006.16.2020%29.pdf?utm_medium=email&utm_source=govdelivery

The great news for self-employed individuals like myself is that it confirms that the full amount of the loan can be forgiven in that they allow to an a half months of “compensation” which is the maximum amount we could have applied for a loan:

“The dollar amount for which forgiveness is requested:

… if a 24-week Covered Period applies, does not exceed 2.5 months’ worth of 2019 compensation for any owner employee or self-employed individual/general partner, capped at $20,833 per individual”

#PPPLoanForgiveness