Ryan Geer Field & Rhodes PLLC

Tax Season 2022 ​​This week, January 24th, marks the official start of the 2022 tax season. Generally business returns are due March 15 and individual returns are due April 15th. The sooner documents are sent...

About new Firm:

Ryan, Geer, Field & Rhodes PLLC ​Ryan, Geer, Field & Rhodes PLLC devotes considerable effort in the area of tax planning. Our services are customized to meet our client's changing needs. We carefully research the best...

Beware! The IRS had figured out how to tax your PPP loan forgiveness. A current ruling by the IRS effectively taxes PPP loan forgiveness. Despite the legislation specifically stating this benefit is not taxable, the IRS had ruled that expenses paid with forgiveness money will not be tax deductible = the same effect as taxing the forgiveness! This is why CPA's are fighting hard to have this technicality overturned by Congress.

AICPA continues to ask Congress to include PPP deductibility in upcoming legislation In a letter dated Aug. 4, 2020, the AICPA joined over 170 organizations to urge Congress to “include a technical correction addressing the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP)” in its next round of legislation addressing the coronavirus pandemic.

Some good information around government initiatives to support small business.

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