IRS reminds us in IR-2023-122 that nearly 1.5 million taxpayers have until July 17, 2023 to file their 2019 US income tax returns or they will lose any potential resulting refunds. The Internal Revenue Service issued a final reminder today to nearly 1.5 million taxpayers across the country to claim their refunds for tax year […]
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 Individual Retirement Arrangements (IRAs) made […]
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 June 30 to December 31, […]
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 that businesses can […]
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 violates the intent of Congress and in essence […]
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, Sudan and Venezuela. In a Rev Proc 2020-14, 2020-16
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 Voluntary basis, while recently hiring additional employees to man the telephone […]
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 forgivable loans that small businesses impacted by the coronavirus pandemic
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 coronavirus pandemic. While […]
