Category: Law

International Tax Accountants Firm

IRS Unveils “Dirty Dozen” List of Tax Scams for 2020; Americans urged vigilance for these threats during the pandemic and its aftermath

Phishing Taxpayers should be on the lookout for possible fake emails or websites seeking to steal personal information. The IRS will never initiate contact with taxpayers via email regarding a tax bill, refund, or economic impact payments. Don’t click on links that claim to be from the IRS. Beware of emails and websites, which can…
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U.S. Internal Revenue, IRS provides guidance on deductibility of PPP loans

The Treasury and the IRS have issued two instructions on the tax treatment of expenses paid with a loan from the Paycheck Protection Program (PPP). 2020-27, released late in the afternoon on November 18, provides sub-regulatory guidance on whether a PPP loan participant who paid or incurred certain deductible expenses can deduct those expenses in…
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