12
Aug
Are you a late tax filer? You may still get an Economic Impact Payment (EIP) under the CARES Act. The IRS says that if individuals filing 2019 tax returns in 2020 are determined to...
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Federal Tax
11
Aug
The IRS has issued guidance that addresses questions about the special funding and benefit limitation rules for single-employer defined benefit pension plans under the CARES Act. In a nutshell, the special rules state that...
10
Aug
The IRS is issuing $500 per qualifying child to some parents. These individuals used the IRS Non-Filers tool before May 17, 2020, and claimed at least one qualifying child. These individuals didn’t receive the...
06
Aug
The Small Business Administration (SBA), in consultation with the U.S. Treasury Dept., has issued additional FAQs regarding the forgiveness of Paycheck Protection Program (PPP) loans. In general, the new FAQs provide guidance on general...
06
Aug
New simplified accounting rules may be available for small businesses. The IRS has issued proposed regulations that will adopt the simplified tax accounting rules that are part of the Tax Cuts and Jobs Act...
04
Aug
In a series of Q&As on its website, the IRS discusses temporary procedures that allow taxpayers to fax the required duplicate copy of Form 3115, “Application for Change in Accounting Method,” when making an...
03
Aug
Criminals never stop looking for ways to trick taxpayers out of their money. One scheme that made the IRS’s 2020 list of the top 12 tax scams to avoid (the “Dirty Dozen”) involves fake...
03
Aug
Under the CARES Act, eligible taxpayers in need may receive assistance in the form of favorable tax treatment for withdrawals from retirement plans and IRAs. The law also allows certain retirement plans to offer...
31
Jul
The IRS has released final regulations that provide guidance on the business interest expense deduction limitation instituted by the Tax Cuts and Jobs Act (TCJA) and the CARES Act. The TCJA limited the deduction...
30
Jul
By using a special tool, taxpayers can work together with the IRS to guard their tax returns from would-be scammers. An Identity Protection Personal Identification Number (IP PIN) is a six-digit number assigned by...