Alaska Small Business Development Center

Tag: Taxes

IRS Issues Standard Mileage Rates for 2023

The IRS issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning January 1, 2023, the standard mileage rates for …

Know the Difference Between a Hobby and a Business

Sometimes knowing the distinction between a hobby and business isn’t always clear cut. The IRS has provided resources to assist in understanding the difference. The IRS provides the following information to help a taxpayer determine if …

IRS Advises That Improperly Forgiven Paycheck Protection Program Loans Are Taxable

The IRS recently issued guidance addressing improper forgiveness of a Paycheck Protection Program (PPP) loan. The guidance confirms that, when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, the taxpayer is not eligible …

Deposit Requirements for Employment Taxes

Be sure to grab the recently updated Notice 931, Deposit Requirements for Employment Taxes which informs taxpayers of their federal tax deposit requirements for quarterly Form 941 and annual Forms 943, 944, 945 and CT-1. This contains a thorough …