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The IRS recently issued proposed regulations under the Tax Cuts and Jobs Act (TCJA) providing guidance to taxpayers and governments with respect to fines, penalties and certain other amounts.
View MoreThe IRS recently released guidance to allow temporary changes to section 125 cafeteria plans to extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs as well as allow taxpayers to make mid-year changes.
View MoreThe AICPA Peer Review Board has voted to grant CPA firms a six-month extension for peer reviews, corrective actions, and implementation plans with original due dates between Jan. 1, 2020 and Sept. 30, 2020.
View MoreThe IRS has added information on what to do with Economic Impact Payments made to deceased taxpayers to the FAQs in the Economic Impact Payment Section on IRS.gov.
View MoreThe Small Business Administration recently issued guidance stating businesses that received Paycheck Protection Program loans can exclude laid-off employees from loan forgiveness reduction calculations if the employee turns down a written offer to be rehired for the same salary/wages and number of hours as before.
View MoreThe IRS recently released guidance via Notice 2020-32 stating taxpayers that receive a loan through the PPP can’t deduct expenses that are normally deductible if those expenses were reimbursed by a PPP loan that was subsequently forgiven.
View MoreIn an effort to make Paycheck Protection Program loans more accessible to small businesses, the Small Business Administration will allow the smallest lenders and their small business clients an exclusive opportunity to submit applications from 4 p.m. to 11:59 p.m. ET today, Wednesday, April 29.
View MoreThe IRS has issued a special alert for several groups of federal benefit recipients to act by May 5 if they did not file a tax return in 2018 or 2019 and have dependents in order to quickly receive the full amount of their Economic Impact Payment.
View MoreThe Treasury Department and IRS recently issued proposed regulations under the Tax Cuts and Jobs Act providing guidance on calculating UBTI for tax-exempt organizations subject to the unrelated business income tax with more than one unrelated trade or business.
View MoreFor TSCPA members affected by the storms that swept through Tennessee in March and April, the AICPA offers the opportunity to receive financial assistance through its Benevolent Fund.
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