The total of all salary deferrals a participant makes to various retirement plans – including 401(k), 403(b), SARSEP, and SIMPLE IRA plans – is limited to $19,500 (plus an additional…
he following information is presented in order to illustrate the lack of responsiveness by the IRS in processing refunds, addressing correspondence, and even processing tax returns. The data relayed to…
This is another reminder of how important it is to report and file a Report of Foreign Bank and Financial Accounts (FBAR). Every U.S. person with a financial interest in,…
THIS ARTICLE appeared in Accounting Today that is titled “IRS struggles to fill jobs, deal with backlog through difficult tax season.” The article provides details illustrating the serious backlog of work from…
Changes to Paycheck Protection Program Second Draw At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the COVID-19…
The CARES Act provides that a recipient of a PPP loan may use the loan proceeds to pay payroll costs, certain employee benefits relating to healthcare, interest on mortgage obligations,…
The IRS recently released two documents related to PPP loan forgiveness.Revenue Ruling 2020-27: This addresses the deductibility of covered expenses when the loan is expected to be forgiven. Situation 1-During…
Caution: This explanation is general in nature and should not be used for specific planning. Contact a tax professional for your specific planning needs. Change of Address A taxpayer’s last…
On May 31, 2020, the IRS issued Notice 2020-32, below, which denies an expense deduction for those recipients of Paycheck Protection Program loans which are forgiven for otherwise deductible expenses.…
As of April 29, 2020 PAYCHECK PROTECTION PROGRAM LOANS - Frequently Asked Questions (FAQs) The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely…
