The due date for making 4th quarter estimated tax payments for individuals and trusts is Friday, January 15th. Please consider making payments electronically on the IRS website at irs.gov/payments or via the Electronic Federal Tax Payment System (EFTPS). Please contact ...
Archives
Understand the employee retention credit If you received a PPP Loan, you were originally ineligible to take the Employee Retention Credit. However, with the passing of the recent Consolidated Appropriations Act, you may be able ...
Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the “Act” or COVIDTRA) and the Taxpayer Certainty and ...
The Consolidated Appropriations Act, 2021 (the CCA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CCA, 2021 include–along with spending and other non-tax provisions ...
A much anticipated Christmas gift… On Monday, December 21, 2020, Congress passed the $2.3T Consolidated Appropriations Act, 2021, (CAA) – $900B for Covid-19 Relief & $1.4T to fund the Government. The 5,593 page Bill, is ...
As you are reading this, congressional leaders are meeting to try to hammer out an agreement on funding of the Federal Government, including additional economic stimulus for the COVID-19 ravaged economy, before the deadline created ...
Are Expenses deductible in 2020 if paid with PPP Loan proceeds if no forgiveness is granted in 2020?
Note the below information has been updated, please click here for most recent information. The IRS answered the question whether the expenses paid with PPP loan proceeds would be deductible in 2020 if no forgiveness ...
Paycheck Protection Program (PPP) Update – October 16, 2020 PPP Forgiveness Simplification On October 8th, Treasury and the U.S. Small Business Administration (“SBA”) issued a new interim final rule (“IFR”) on loan forgiveness. (See ...
It is time to do yearend tax planning. We think that it is fair to say this yearend is unlike most other yearends, if not unlike any other yearend. Several unusual factors affecting tax planning ...
Tuesday, September 15 is an important date for filing several kinds of extended tax returns and for making estimated payments. Calendar year taxpayers may have filing requirements with respect to the following: Extended due date ...
On Saturday, August 8, 2020, President Trump took executive action and signed four Coronavirus Pandemic Relief orders to provide immediate and vital relief to Americans struggling in this difficult time. One of the four directives ...
Plan sponsors that have already or are considering reducing or suspending contributions to their safe harbor 401(k) or 403(b) plans as a result of the coronavirus pandemic now have helpful relief thanks to new guidance ...
