Tax News

  • E-Filing Amended Returns Coming This Summer

    If you made a mistake on your 2019 tax return and need to fix it, your only choice is to prepare a paper Form 1040-X and mail it to the IRS. If you are lucky, the IRS will act on it within a year. However, the IRS announced on May 28, 2020 that later this […]

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  • If You Did Not Receive Your IRS Economic Impact Payment

    As Economic Impact Payments (sometimes referred to as “stimulus payments”) continue to be delivered to U.S. taxpayers, many questions have come to light and the IRS (www.irs.gov) has made efforts to answer the most frequent questions on their website as well as through other public forums. Following is a summary of the latest information available. […]

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  • CONGRESS PASSES MORE PPP RELIEF ON JUNE 5

    On June 5, President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) of 2020 (H.R. 7010) which provides more flexibility for participants in the Paycheck Protection Program (PPP) program. The PPP is a provision included in the CARES Act (P.L. 116-136, the Act) that authorizes a certain amount of forgivable loans to small businesses to […]

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  • REACHING THE IRS DURING THE PANDEMIC

    Reaching the IRS by mail- The Internal Revenue Service (IRS) recently announced in IR2020-68 that it is “not currently able to process individual paper tax returns.”  They remind everyone that “if you already have filed via paper but it has not yet been processed, do not file a second tax return or write to the […]

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  • IRS INSTALLMENT AGREEMENTS

    These are difficult and exceptional times faced by our country with all our concerns about COVID-19 and the resulting economic impacts.  In times like these, it is easy to fall behind on our tax obligations through no fault of our own. If you find yourself in that situation, the best course of action is to […]

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  • IRS TEMPORARILY SUSPENDS ENFORCEMENT ACTIVITY UNTIL JULY 15, 2020

    The IRS unveiled its “People First Initiative” on March 25, 2020, which provides immediate relief provisions for taxpayers due to the recent COVID-19 pandemic: Installment payments. For taxpayers with an existing installment agreement, the IRS is suspending installment payments during the suspension period. Furthermore, the IRS will not default any installment agreements during the suspension […]

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  • SENATE PASSES MASSIVE BAILOUT FOR INDIVIDUALS AND BUSINESSES

    This week, the Senate passed the CARES Act, which provides widespread economic relief due to the economic destruction caused by the COVID-19 outbreak. The main provisions of the bill are listed below: One-time rebate checks equal to $1,200 per adult and $500 per child for those with adjusted gross income (AGI) below $75,000 (single) and […]

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  • Department of Labor

    Yesterday the Department of Labor published the attached fact sheet and Q&A that explains in layman’s terms the new required sick and leave pay laws and refundable tax credits. We also expect a bill to be enacted this week providing even further relief, including tax credits for individuals, deferral of 50% of payroll taxes for […]

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  • COVID tax

    On Wednesday March 18, 2020 the IRS published Notice 2020-17 which clarifies that all income tax payments due on April 15, 2020 for any person, including estates, trusts, corporations, exempt organizations, etc.) are extended to July 15, 2020 without penalties or interest. Returns, however, must be filed on time. Note that only the first quarter […]

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  • AICPA Calls for Tax Relief for Individuals and Businesses Amid Coronavirus Pandemic

    WASHINGTON, DC, March 11, 2020 – The American Institute of CPAs (AICPA) today called for the Treasury Department and the IRS to consider the following recommendations to provide relief to millions of individuals and businesses: Individuals and Businesses Extend filing deadlines on or after March 15, 2020 and before October 15, 2020 to give individuals […]

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