IRS Confirms July 15th Deadline Won’t be Pushed Back Again

On June 29, 2020 the IRS confirmed that the July 15th tax deadline will not be pushed off again.  Taxpayers who will not be able to file their returns by this date should file automatic extensions.  However, taxpayers that will owe taxes will still need to pay by July 15th, or face penalties and interest.…

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New PPP Loan Forgiveness Applications

This article was published on June 18, 2020. The SBA has finally released updated Paycheck Protection Program (PPP) Loan Forgiveness Applications and instructions. You read that right, two forgiveness applications were released. The initially released PPP Loan Forgiveness Application (Form 3508) combined the instructions and the various parts of the application into a single 11…

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IRS Extends Due Dates on Balance Due Notices

Due to the COVID-19 pandemic, the IRS was unable to mail some previously printed balance due notices.  As a result taxpayers may receive notices with due dates that have already passed.  The IRS has extended due dates on all notices indicating a balance due which are currently being sent out. If a notice is received…

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Economic Impact Payment Prepaid Debit Cards

The IRS is now sending out some taxpayer’s stimulus payments on prepaid debit cards. The debit cards arrive in a plain envelope from Money Network Cardholder Services. As a result, taxpayers may have accidentally thrown out their stimulus payments mistaking them for credit card offers or other spam mailing. IRS became aware of taxpayer concerns…

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PPP Forgiveness: The Latest Update

**This article was updated to reflect additional guidance from the SBA and Congress. The intent of the Paycheck Protection Program Flexibility Act of 2020 was to keep the original deadline for PPP applications as June 30, 2020. Further, the Payroll Costs 60% Requirement was clarified as not being a cliff. The article below was updated…

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IRS Provides Updated FAQS for Corporate Net Operating Loss Carrybacks

Over the past week the IRS has posted several updates to its Frequently Asked Questions spanning multiple topic areas.  One of these updates included additional information and clarification regarding Corporate Net Operating Loss carrybacks and interplay with Alternative Minimum Taxes.  The CARES Act provides C corporations with a 5 year carryback period for NOLs in…

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PPP Loan Forgiveness: The Two New Interim Final Rules & What’s Next for Borrowers

On May 22nd, the Small Business Administration (SBA) issued the fourteenth and fifteenth Interim Final Rules, which add to what is known about Paycheck Protection Program (PPP) loan forgiveness and the SBA and lender review process. The fourteenth Interim Final Rule, “Requirements – Loan Forgiveness” focuses on, as the name suggests loan forgiveness, and the…

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Have You Considered the Employee Retention Credit?

If you did not receive a Paycheck Protection Program loan, you may want to consider the CARES Act Employee Retention Credit. The Employee Retention Credit (ERC) may offer a tax credit up to $5,000 per employee for wages paid from March 13 to December 31, 2020. It’s one of the relief programs within the Coronavirus…

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IRS Increases Health FSA Carryforward Limit and Cafeteria Plan Flexibility

In response to the changes caused by COVID-19, the IRS has provided additional flexibility for health flexible spending accounts (FSA’s), dependent care assistance programs, and employer health plans. Many employees take advantage of these programs (collectively known as “cafeteria plans”) to set aside pre-tax money for medical and dependent care expenses. However, decisions regarding these…

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