Muret CPA PLLC

Catch Rachael with Muret CPA PLLC on Channel 8 news tonight at 10 talking about unemployment fraud and what to do if you receive a 1099 with fraudulent unemployment income for 2020!

Merry Christmas!!!! Two Huge Developments for Small Businesses: PPP Paid Expenses Are Deductible Congress overruled the IRS and specifically stated that business expenses paid with PPP proceeds are deductible business expenses. This is a huge win for PPP borrowers.... SBA Made Loan Payments Not Counted as Income NO 1099s! Congress fixed this issue!

2020 Year-End Tax Tips Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year Consider opportunities to defer income to 2021, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rents, and payments for services. Doing so may enable you to postpone payment of tax on the income until next yea...Continue reading

If you have a PPP loan and it is forgiven, the expenses paid with it will not be deductible on your 2020 tax return. https://apple.news/AWhu-D8RmRh6mHP0QN9mp0w

Thank you Paul Muret for this information on Corona Virus SBA loan info. If you have any questions please contact Paul. In the meantime here is his facebook page Muret CPA PLLC.