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Archive for May 23rd, 2020

wnaegele

New York Forward Loan Fund (NYFLF)

New York Forward Loan Fund (NYFLF) May 22, 2020 Dear Clients, Colleagues and Friends, Presti & Naegele continues to monitor the latest COVID-19 developments that impact our clients. Below is information we believe may be useful to you. New York Forward Loan Fund New York Forward Loan Fund (NYFLF) is a new economic recovery loan […]

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wnaegele

PPP Loan Forgiveness Application and Main Street Lending Program

PPP Loan Forgiveness Application and Main Street Lending Program May 19, 2020 Dear Clients, Colleagues and Friends, Presti & Naegele continues to monitor the latest COVID-19 developments that impact our clients. Below is information we believe may be useful to you. Paycheck Protection Program (PPP) Loan Forgiveness Application The Small Business Administration (SBA) stated on […]

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apresti

“Get My Payment” Tool Available for Economic Impact Payments

“Get My Payment” Tool Available for Economic Impact Payments The Treasury Department and the IRS have released the “Get My Payment” tool to assist Americans in receiving their “economic impact payments” issued under the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136). The free tool went live on April 15, and is located at https://www.irs.gov/coronavirus/get-my-payment. […]

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srusso

Due Dates Extended for Additional Filings and Payment Obligations

Due Dates Extended for Additional Filings and Payment Obligations The Treasury Department and IRS have provided a notice with additional relief for taxpayers, postponing until July 15, 2020, a variety of tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020. Associated interest, additions to tax, and penalties […]

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ekoumniotes

Lawmakers Continue Phase Four Economic Relief Talks; “CARES 2” in the Works

Lawmakers Continue Phase Four Economic Relief Talks; “CARES 2” in the Works Lawmakers are continuing talks on a “phase four” economic relief package in response to the COVID-19 global pandemic. To that end, the House’s “CARES 2” package is currently in the works and could see a floor vote as early as this month. “CARES 2”President Trump signed into […]

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aaguanno

IRS Addresses Queries on COVID-19 Economic Impact Payments; No Return Required for Certain Social Security Recipients

IRS Addresses Queries on COVID-19 Economic Impact Payments; No Return Required for Certain Social Security Recipients The IRS announced on March 30 that distribution of economic impact payments in response to the coronavirus (COVID-19) pandemic would begin in the next three weeks. On April 1, the Treasury Department clarified that Social Security and Railroad Retirement […]

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aaguanno

IRS Addresses Bonus Depreciation, Related Issues for Post-2017 Qualified Improvement Property

IRS Addresses Bonus Depreciation, Related Issues for Post-2017 Qualified Improvement Property As a result of the retroactive assignment of a 15-year recovery period to qualified improvement property (QIP) placed in service after 2017, QIP generally qualifies for bonus depreciation, and typically at a 100 percent rate. IRS guidance requires taxpayers who previously filed two or […]

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aaguanno

Guidance on NOL Carryback Under CARES Act

Guidance on NOL Carryback Under CARES Act The IRS has issued guidance providing administrative relief under the Coronavirus Aid, Relief and Economic Security (CARES) Act ( P.L. 116-136) for taxpayers with net operating losses (NOLs). The CARES Act provides a five-year carryback for NOLs arising in tax years beginning in 2018, 2019, and 2020. The Tax […]

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aaguanno

IRS Allows Temporary Filing by Fax for Forms 1139 and 1045

IRS Allows Temporary Filing by Fax for Forms 1139 and 1045 The IRS is allowing taxpayers to file by fax Form 1139, Corporation Application for Tentative Refund, and Form 1045, Application for Tentative Refund, for certain coronavirus relief, a senior IRS official said on April 13. On the same day, the IRS unveiled related procedures for claiming […]

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