IRS releases new guidance on Earned Income Tax Credit
The Internal Revenue Service posted a set of answers Wednesday to frequently asked questions on the Earned Income Tax Credit. The new...
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ELO CPAs & Advisors
- Jan 26, 2022
- 6 min
IRS Child Tax Credit letters may have wrong information
The letters that the Internal Revenue Service has been sending to taxpayers about the amounts they received on advance payments of the...
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Adam Borman
- Jan 21, 2022
- 3 min
DOES FARM BUSINESS ACCOUNTING MATTER?
What is one of the most important jobs on the farm that is also the most neglected job? Without a doubt, it is the farm business...
56 views0 comments
ELO CPAs & Advisors
- Jan 11, 2022
- 5 min
Tax season to start on Jan. 24
The Internal Revenue Service said Monday that it will begin processing and accepting 2021 tax returns on Monday, Jan. 24, and the filing...
30 views0 comments
ELO CPAs & Advisors
- Aug 19, 2021
- 1 min
Truckers must file highway use tax form this month
Clients who’ve registered or who are required to register large trucks and buses must file the 2021 Form 2290, “Heavy Highway Vehicle Use Ta
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ELO CPAs & Advisors
- Jul 23, 2021
- 5 min
IRS warns of child tax credit scams
The Internal Revenue Service’s Criminal Investigation division is cautioning taxpayers and tax professionals to beware of scams related...
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ELO CPAs & Advisors
- Jul 19, 2021
- 2 min
IRS issuing more refunds for taxes paid on excludible unemployment compensation
The IRS, in a News Release, announced it is issuing another round of refunds to taxpayers who paid taxes on excludible unemployment...
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ELO CPAs & Advisors
- Jun 8, 2021
- 2 min
IRS is processing returns of taxpayers who paid tax on 2020 unemployment comp
IRS is processing returns of taxpayers who paid tax on 2020 unemployment comp IR 2021-123, 6/4/2021 In a News Release, IRS has announced...
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ELO CPAs & Advisors
- Dec 7, 2020
- 1 min
COVID-19: IRS Issues Guidance on Forgiven PPP Loans; Congress Reacts
In new guidance, the IRS clarified that a taxpayer that received a Paycheck Protection Program (PPP) loan may not deduct expenses if, at...
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- Sep 29, 2020
- 5 min
The Various Tax Plans
With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s position on issues.
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- May 28, 2020
- 3 min
House passes bill that would relax PPP forgiveness requirements
The U.S. House approved legislation Thursday making it easier for small businesses and other recipients of Paycheck Protection Program...
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