The IRS urges everyone to update and secure their records to prepare now for natural disasters. September is National Preparedness Month. With the height of hurricane season fast approaching and the ongoing threat of wildfires in many places, the Internal Revenue Service urges everyone to develop an emergency preparedness plan, or if they already haveRead more…
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September is National Preparedness Month
September 1, 20221099-K Changes: How Will This Affect Your Side Hustle?
August 9, 2022There are many different variations of the 1099 form, but the 1099-K is a tax form that shows all the payments you received through a credit or debit card or some other electronic payment system (these are also known as “third-party payment settlement entities” or PSEs . . . Yeah, that’s a mouthful). Some ofRead more…
5 Ways to Prepare for a Recession
August 2, 2022The signs seem to be pointing in one direction these days, so if you’re worried about being ready for a recession, consider taking these five measures. On paper, a recession is a fall in GDP for two consecutive quarters. Unfortunately, the actual GDP report lags the quarter-end by at least a month and is constantlyRead more…
Series 6: Miscellaneous
July 26, 2022If a taxpayer secures a low-interest disaster loan from the Small Business Administration, what effect will it have on calculating a casualty loss? A low-interest disaster loan from the Small Business Administration must be repaid and therefore does not reduce the casualty loss amount. However, any amounts of the loan which are cancelled or forgivenRead more…
Series 5: Property & Casualty Loss
July 13, 2022Casualty Loss Several concerns have been raised by taxpayers and tax professionals about casualty loss valuations. Will the IRS continue to research and develop specific answers to these issues? While we cannot address every question received about property valuation issues, the IRS wants to express to the public that we recognize the extraordinary damageRead more…
Series 4: Payments
June 28, 2022Penalty & Interest Is there any interest relief for taxpayers who have balances due that arise during the disaster relief period for prior year returns? No. The IRS will not abate interest on balances due on liabilities for prior years. However, the IRS will consider waiving late payment penalties when the reason for theRead more…
How to Download Documents from your PPL Client Portal
June 15, 2022A video guide on downloading your documents from the PPL Website’s secure client portal. These step by step instructions will get you from login to downloading your documents. We hope you find this video useful and informative.
Series 3: Extension of Time to File
June 14, 2022If you file for an extension on your individual tax return prior to the April 15th deadline, your new date for filing is October 15th. If the parish/county that you reside in, or your tax preparer resides in, is declared a federal national disaster area the IRS can postpone filing and payment obligations for theRead more…
Series 2: Amended Returns
June 7, 2022Can I choose to deduct a federally declared natural disaster loss in the preceding tax year? Generally, you can elect to deduct a disaster loss in the year you sustain the loss. This is recognized as the disaster year. The disaster year is generally the year in which the disaster occurred but may beRead more…
Series 1: Reconstructing Records, Disaster Relief Applicability & Current Address
June 1, 2022Reconstructing records after a disaster may be essential for tax purposes, getting federal assistance or insurance reimbursement. After a disaster, taxpayers might need certain records to prove their loss. The more accurately the loss is estimated, the more loan and grant money there may be available. For taxpayers who have lost some or all ofRead more…