by David Merrifield | US Tax Returns
At the end of 2019, the IRS issued updated guidance on a new rental real estate safe harbour rule which allows certain rental real estate to be considered an “enterprise” eligible for a Section 199a deduction. What is Section 199a deduction? Section 199a gives...
by David Merrifield | News, US Tax Returns
If you can’t pay your taxes, don’t panic. Here’s what to do first: Make sure to file your tax return on time—failure to file is a much higher penalty than failure to pay. Pay as much as possible when you file your tax return, as every dollar you pay at tax time...
by David Merrifield | News, US Tax Returns
When the CARES Act was signed into law, it created the Paycheck Protection Program (PPP), which is a new loan designed to help small businesses pay employee wages and other critical expenses. Proceeds from this loan can be forgiven if certain criteria are met....
by David Merrifield | News, US Tax Returns
In conjunction with the CARES Act, the IRS has released form 7200, Advance Payment of Employer Credits Due to COVID-19, which allows eligible businesses to claim an advance of refundable tax credits used to help cover the cost of keeping employees on payroll, even if...
by David Merrifield | News, US Tax Returns
Many businesses are expected to see significant revenue losses due to COVID-19 and many individuals and business owners are overwhelmed with the choices of what they should do. In addition to considering Disaster Loan Assistance (EIDL) through the SBA and the...
by David Merrifield | News, US Tax Returns
For Americans living abroad, the rules for US taxes can be overwhelming and confusing and if you fail to file correctly, it can result in significant penalties or even legal repercussions. Nonetheless, when strategically prepared and filed correctly, there are huge...
