Etkin Management Services LLC

08/14/2025

Corporate tax reminder: Extension filings are due 9/15/25.

04/08/2023

Just a reminder Individual taxes are due Tuesday April 18, 2023. Just little over a week away.

12/19/2020

We are getting close to the end of the year. Make sure you have all your W9's collected and the information is correct. MISC-1099 must be mailed out by end of January.

12/19/2020

Safe harbor where loan is not forgiven:

In Rev. Proc. 2020-51, the IRS issued safe-harbor rules that allow a taxpayer to claim a deduction in the taxpayer’s 2020 tax year for certain otherwise deductible eligible 2020 expenses if the taxpayer received a PPP loan that the taxpayer expects to be forgiven after its 2020 tax year and in a later year the taxpayer is denied PPP loan forgiveness, in whole or in part, or the taxpayer decides not to request PPP loan forgiveness. In that situation, under the revenue procedure’s safe harbor, the taxpayer can deduct some or all of the expenses on (1) a timely filed (including extensions) original tax or information return for the 2020 tax year, (2) an amended 2020 return or administrative adjustment request, or (3) a timely filed original tax or information return for the subsequent tax year.
To qualify for the safe harbor, taxpayers must attach a statement to their return titled “Revenue Procedure 2020-51 Statement” that contains:
• The taxpayer’s name, address, and Social Security number or employer identification number;
• A statement specifying whether the taxpayer is an eligible taxpayer under either Section 3.01 of the revenue procedure, for a taxpayer who applied for loan forgiveness in 2020 (or as of the end of the 2020 tax year intended to apply for loan forgiveness in a subsequent tax year) and the application was denied in whole or part, or under Section 3.02, for a taxpayer who applied for loan forgiveness in 2020 (or as of the end of the 2020 tax year intended to apply for loan forgiveness in a subsequent tax year) but in a later tax year decides to irrevocably withdraw its request for forgiveness;
• A statement that the taxpayer is applying the safe harbor in Section 4.01 of the revenue procedure for expenses claimed in 2020 or Section 4.02 for expenses claimed in a later year;
• The amount and date of disbursement of the taxpayer’s loan;
• The total amount of covered loan forgiveness that the taxpayer was denied or decided to no longer seek;
• The date the taxpayer was denied or decided to no longer seek covered loan forgiveness; and
• The total amount of eligible expenses and nondeducted eligible expenses that are reported on the return.
Nothing in the revenue procedure prevents the IRS from examining tax returns to determine whether the taxpayers qualify to deduct the expenses in question.

04/09/2020

Just FYI for all business owners and independent contractors. Talk to your bank on the requirements for PPP (Paycheck Protection Program) loan. Here is the website for more information.

An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

03/05/2020

Here’s How To Pay Off $100,000 Of Student Loans https://www.forbes.com/sites/zackfriedman/2020/01/22/pay-off-student-loan-debt/

03/03/2020

Here’s Your Guide To 2020 Rates For 401k’s, Student Loans & More https://www.forbes.com/sites/zackfriedman/2020/01/22/rates-guide-student-loans-taxes/

02/28/2020

3 things keeping you from maximizing this tax-favored account https://www.cnbc.com/2020/01/22/3-things-keeping-you-from-maximizing-this-tax-favored-account.html

02/26/2020

Need a tax break? Here are accounts that can ease tax burdens during big life transitions https://www.usatoday.com/story/money/2019/03/25/tax-breaks-2019-5-accounts-shelter-your-savings-taxes/3244768002/

02/24/2020

What's the average annual income after taxes in every state? https://www.usatoday.com/story/money/2019/06/01/how-much-the-average-income-nets-you-after-taxes-in-every-state/39530627/