Whether it be by you giving out your private information, breaches of data, or the dark web, there is a lot of information out there that will let scammers get into our personal lives. This episode provides an overview of what the IRS is doing to help prevent identity theft.

If you live in Wisconsin, one of the surprises from the last week or so is how the state is planning to treat the PPP loan forgiveness. We thought initially that it would not change taxable income, but it appears that it will. This episode provides an overview of how both Minnesota and Wisconsin will treat the taxability of PPP loan forgivable expenses.

The tax bill signed in late December included a number of items that will affect individual tax returns. This episode of our Tax Insights podcast provides a look at several of these tax extenders.

If you do payroll for your company or you are a payroll professional, January is always a little more stressful. Not only do you need to do your normal quarterly reports, you also have to do your year-end payroll reports including the Form W-2. With all the changes that happened in 2020 from a payroll point of view, this may be the most complex year ever. In this episode, Jeff Dvorachek highlights several of these complexities.

As we close out 2020, there are terms that were never used and now are commonplace—words like social distancing and contact tracing. But another term that did not exist last year was PPP. Now every business owner knows what PPP is, Paycheck Protection Program. In this episode, we cover changes to PPP and another round of PPP.

Congress passed and the President signed a tax relief package that has a lot of moving parts which include stimulus checks, changes to the Paycheck Protection Program (PPP), a new round of PPP loans, and many extenders for items set to expire at year-end. This podcast provides an overview of stimulus checks and PPP expense deduction. Future episodes will provide an overview of other provisions included in the Consolidated Appropriations Act, 2021.

There are a lot of ways to save taxes this year, but those same ideas may save you more in the future. Considering the Biden tax plan increases, the goal of tax planning is not always to pay the lowest amount of tax this year; it's about paying the least amount of tax in the long run.

As we get to the end of the year, of what seems like the longest year ever, there are things that you can do before December 31 to save taxes.

Late in November, the IRS re-affirmed that PPP expenses are not deductible and they issued guidance on how to treat the PPP expenses if the expense is incurred in a different year than forgiveness of the actual PPP loan.

In the last episode, we started to look into the Biden tax plan by reviewing expected tax increases. If you missed it, you can listen on our website or with Apple Podcasts. This episode looks at the tax decreases we can expect. Once again no politics, just the facts.