Kansas Tax Pros LLC

EIP cards - don't throw those away. Apparently many taxpayers have thrown these away thinking it is a scam. The Treasury department indicates whether you got a direct deposit, a check, or an EIP card last time doesn't mean you'll get the same thing this time. Look for any of these options. If you don't get any of these you can claim a Recovery Rebate Credit on your tax return and get the stimulus payments that way.

Some points from a Metro South Chamber of Commerce Zoom meeting today with members of the US Chamber of Commerce and The SBA office in DC. OSHA is working to establish guidelines for what is considered frivolous lawsuits when businesses open. Bad actors will still be taken to the woodshed, but OSHA is attempting to protect honest businesses from litigation. The IRS and Treasury Department are still silent as to the loan forgiveness funds being a taxable event and in need of a 1095C or NOT?! Some questions surrounding placement of PPP funds outside of a companies usual bank accounts (maybe not titled in the name of the business) and what has been rumored to be automatic audit bait. Tracking of the PPP funds should be a priority. More to come!