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Tax News
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ANOTHER TRILLION DOLLAR SPENDING PACKAGE WITH RELIEF FOR INDIVIDUALS AND SMALL BUSINESSES – CCA 2021
The $900 billion coronavirus relief deal that Congress passed and President Trump signed into law on December 27, 2020 (H.R. 133 – Consolidated Appropriations Act, 2021) (the “Act”) and the $1.4 trillion omnibus spending legislation to fund the government include important tax breaks for Americans for 2020 and beyond. Stimulus checksThe biggest tax benefit for […]
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FINAL IRS REGULATIONS PERMIT TRUNCATED SSN ON FORMS W-2
The Internal Revenue Service (IRS) has issued final regulations (TD 9861, Use of Truncated Taxpayer Identification Numbers on Forms W-2, Wage and Tax Statement, Furnished to Employees), which allow employers to truncate employees’ Social Security Numbers on copies of Forms W-2 that are furnished to employees, effective for Forms W-2 required to be furnished after […]
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NEW ELECTRONIC SIGNATURE OPTIONS FOR IRS POWER OF ATTORNEY FORMS
According to the Taxpayer First Act, the IRS was required to provide digital signature options for submitting Form 2848, Power of Attorney, and Form 8821, Tax Information Authorization by July 2019. By signing the forms, taxpayers are giving tax professionals or other third parties permission to access or view their tax information. Currently, submitting and […]
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DEDUCTIBILITY OF PPP-FUNDED EXPENSES IN THE AIR?
On November 17, 2020, the IRS reiterated its position that taxpayers may not deduct expenses to the extent they result in forgiveness of a Paycheck Protection Program (PPP) loan. The IRS’s position is on based Internal Revenue Code Section 265, which denies a deduction for expenses allocable to tax-exempt income, i.e. the PPP loan forgiven. […]
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