UPDATE: Employee Retention Credit Available for Businesses Impacted by COVID-19
The Treasury Department and IRS have launched the Employee Retention Credit to encourage businesses to keep employees on their payroll.
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IRS Provides Guidance on Certain Distributions from Terminating 403(b) Plans
The Department of the Treasury and IRS recently issued guidance for employers and employees with terminating 403(b) plans that fund benefits through 403(b)(7) custodial accounts.
View MoreIRS Provides Certainty Regarding Deductibility of Payments by Partnerships and S Corporations for State and Local Income Taxes
The IRS recently issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations regarding the deductibility of payments by partnerships and S corporations for state and local income taxes.
View MoreUPDATE: Treasury Department and IRS Issue Guidance on Deferring Certain Employee Social Security Tax Withholding
The IRS recently posted guidance on how to report the deferral of withholding, depositing and paying of certain payroll tax obligations, as authorized by the Aug. 8, 2020 Presidential Memorandum.
View MoreIRS Announces 2021 Tax Inflation and Cost-of-Living Adjustments
The IRS recently released Revenue Procedure 2020-45 announcing the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules. It also released Notice 2020-79 announcing cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021
View MoreIRS Provides Resources and Reminders for Tax Preparers
The IRS recently released several new resources and reminders for tax return preparers for the upcoming tax filing season.
View MoreIRS Reminds E-file Providers to Complete Annual Self-Certification and URL Registration
The IRS is reminding Authorized IRS e-file Providers that they must answer the annual self-certification questions beginning Oct. 1, 2020 to ensure they comply with Publication 1345 IRS e-file security, privacy and business standards.
View MoreA New Internet Domain for the Accounting Profession: .cpa
This past year has further emphasized the importance of thinking strategically about your online presence, and it’s clear this will become even more critical in the future as digital inevitably becomes the dominant business channel.
View MoreSBA Releases Simplified PPP Forgiveness Application for Loans of $50,000 or Less
The U.S. Small Business Administration and the Department of the Treasury recently released a simplified forgiveness application for recipients of Paycheck Protection Program loans of $50,000 or less.
View MoreSBA Clarifies Deferral Period for PPP Loan Payments
The U.S. Small Business Administration recently released guidance clarifying that Paycheck Protection Program lenders must recognize the previously established extended deferral period for payments on the principal, interest, and fees on all PPP loans, even if the executed promissory note indicates only a six-month deferral.
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