The Internal Revenue Service (IRS) announced on Monday, November 02, 2020 a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS with IR-2020-248. This so-called “Taxpayer Relief Initiative” is for taxpayers who owe tax liabilities but are struggling financially because of the pandemic, expanding […]

The U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less in News Release 20-81. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses, but still requires the submission of supporting documents, such […]

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 […]

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. […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]