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IRS advises that improperly forgiven Paycheck Protection Program loans are taxable

WASHINGTON — The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan)PDF. The guidance confirms that, when a taxpayer's loan is forgiven based upon misrepresentations…
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IRS updates Information on tax credit helping businesses to hire certain categories of workers

WASHINGTON — The IRS today updated information on the Work Opportunity Tax Credit (WOTC), available to employers that hire designated categories of workers who face significant barriers to employment. For employers facing a tight job market,…
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Maximum educator expense deduction rises to $300 in 2022

WASHINGTON — As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they'll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return…
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IRS announces interest rate increases for the fourth quarter of 2022

WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning October 1, 2022. For individuals, the rate for overpayments and underpayments will be 6% per year, compounded…
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2021 tax extension filers don’t need to wait until October 17

WASHINGTON — The Internal Revenue Service is reminding the estimated 19 million taxpayers who requested an extension to file their 2021 tax return that they don't have to wait until mid-October to file. If a taxpayer has all the necessary…
WXC Corporation Doral Miami
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Families Expected to Spend Average of $864 on Back-to-School Supplies

As inflation continues to rise, one-third of consumers (38%) said they are cutting back in other spending areas to cover the cost of items for the upcoming school year, according to the annual survey released today by the National Retail…
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Tax returns filed in 2021 to be completed in June

WASHINGTON — Following intensive work during the past several months, the Internal Revenue Service announced today that processing on a key group of individual tax returns filed during 2021 will be completed by the end of this week. Due…
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Taxpayers now have more options to correct, amend returns electronically

WASHINGTON — The Internal Revenue Service announced today that more forms can now be amended electronically. These include people filing corrections to the Form 1040-NR, U.S. Nonresident Alien Income Tax Return and Forms 1040-SS, U.S. Self-Employment…
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Housing Market Remains Competitive Despite Increase in Mortgage Rates

The housing market is as competitive as ever, according to the latest Zillow Real Estate Market Report. Buyer demand has been strong enough to keep the market moving at a record pace, even after a massive spike in mortgage rates. Year-over-year…