IRS reminds us that the July 15, 2020 (postponed from April 15 to July 15 due to Covid-19) filing and payment penalty will not be postposed. Taxpayers have until July 15 of this 2020 tax year to file our 2019 US individual income tax returns, failing which we will need to apply for a Form ...

IRS reminds us that we have until July 15 of this 2020 tax year to make a $6,000 (with catchup for age 50 to $7,000) IRA contributions- Traditional or ROTH IRA for the 2019 tax year, don't be late! The Internal Revenue Service today reminded people that contributions to traditional Indivi...

The US Senate passed the Houses version on Wednesday June 3, 2020, and the Paycheck protection Flexibility Act becomes law in essence making it easier for businesses to have their PPP loans forgiven by extending the period from 8 to 24 weeks (this is optional, and extends the window from J...

The IRS reminds us that under the Families First Coronavirus Response Act employers with fewer than 500 employees can grant paid leave for an employee to take care of their health needs related to COVID -19 or to care for their family members from April 1 through to December 31, 2020, and ...

We cherish the work of our governing federal professional body the AICPA, approaches the IRS and members of congress in advocacy to challenge the IRS Notice 2020-32, which in essence disallows the very deductions for which the PP loan was meant to cover, stating that Notice 2020-32 violate...

As is customary for every tax season, for the 2020 tax season the IRS release guidance under Rev Proc 2020-14 regarding the countries world wide that qualify for the IRC Sec 911(d)(4) Waiver of Time Requirements.  This years list includes: Congo, Democratic Republic of the, Haiti, Iraq, S...

The IRS release guidance IR-2020-68 reminding the taxpayer community and professionals at large that in effect they are closed for business practicing social distancing, encouraging electronic filing. On May 18, 2020 the IRS encouraged their employees to start coming back to work on a Volu...

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, $2 trillion aid package the U.S. Small Business Administration (SBA) on Thursday April 2, 2020 issued an interim final rule for the Paycheck Protection Program (PPP), which is offering $349 billion in fo...

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, which passed the Senate by a 96-0 vote late on Wednesday April 1, 2020— contains a host of tax measures as part of a $2 trillion aid package designed to help the economy as it suffers from the effects of the corona...

The IRS released Recovery Rebates it seems will not be available to nonresident aliens or those individuals without a US Social Security number! According to Law360, thousands of tax-paying immigrants won’t be eligible for stimulus checks under the $2.2 trillion coronavirus relief pac...

The IRS release guidance IR-2020-61 with respect to the Economic Impact- Recovery Rebates announced in The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, which passed the Senate by a 96-0 vote late on Wednesday April 1, 2020-- the Internal Revenue Service today annou...

Protax Consulting Services Inc (PCSI) is committed to keeping our Client and Colleagues updated on the most recent developments related to the Covid-19 Tax Deadline Statuses. Tax deadline status-Tax Season 2019 Our firm is actively engaged and longtime members of the New York State Socie...

As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2020 inflation increases to such items as tax rate brackets, Standard Deductions and Exemptions and applicable phase out ranges for each, IRC Sec 911 Foreign Earned Income Exclusi...

The IRS announced the 2019 tax season standard mileage rates for business, medical, moving and charitable purposes. The Internal Revenue Service today issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable...

As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2020 Pension Plan limitations as pertains to ORC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA's, Cat-up's and Defined Contribution Plans. The Internal Re...

With the tweaking on the IRS platform form the upcoming 2020 tax season for the 2019 US tax year about to come to a close, the IRS reminds us that tax season will officially kick off January 27, 2020!  Anchors away. The Internal Revenue Service confirmed that the nation’s tax season wi...