5 min read
Claiming Bad Debt Loss Deductions
The issue of individual taxpayers deducting bad debt losses has historically been a source of tension with the IRS....
Submitted By: Julie Miller on Mar 17, 2020 9:40:47 AM
Dear Clients and Friends,
At SSB, we are monitoring the developments involving COVID-19 and are available to assist you during these trying times. As we learn more, we will update our list of resources which will be available at https://www.ssb-cpa.com/news/.
Currently, Congress is working on the Families First Coronavirus Response Bill which would provide the IRS with $15 million to implement tax credits for paid sick, family and medical leave. Generally, as currently written, the bill would provide the following refundable tax credits:
These provisions are not yet final and are subject to change. We will continue to monitor the progress on this bill and will provide information on the details when a final conclusion is reached.
Other resources include:
Please contact your SSB advisor as you need assistance in the upcoming weeks. As always, we are here to help, and we will navigate this together.
5 min read
Mar 25, 2025
The issue of individual taxpayers deducting bad debt losses has historically been a source of tension with the IRS....
7 min read
Mar 20, 2025
Tax season officially started on January 27. Many people procrastinate filing their returns — or they file a six-month...