March 30, 2021
Wayne Naegele
Blog Posts
0 CommentsMarch 30, 2021 Dear Clients, Colleagues and Friends, On March 24, 2021, the U.S. Small Business Administration (SBA) announced that it is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan […]
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March 17, 2021Steve GrgasBlog Posts0 CommentsNew Form for Self-Employed COVID-19 Leave Credits The IRS has released new Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. The form allows eligible self-employed individuals to calculate the amount to claim for qualified sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA) ( P.L. […]
Read moreMarch 17, 2021Wayne NaegeleBlog Posts0 CommentsIRS Urges Employers to Claim Employee Retention Credit The IRS is urging employers to take advantage of the newly-extended employee retention credit (ERC), which makes it easier for businesses that have chosen to keep their employees on the payroll despite challenges posed by COVID-19. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Division […]
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March 17, 2021Angelica FarrellBlog Posts0 CommentsLenders Notified to File Corrected Forms 1099-MISC to Exclude Subsidized Loan Payments The IRS has announced that lenders who had filed or furnished Form 1099-MISC, Miscellaneous Information, to a borrower, reporting certain payments on loans subsidized by the Administrator of the U.S. Small Business Administration (Administrator) as income of the borrower, must file and furnish […]
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March 17, 2021Salvatore RussoBlog Posts0 CommentsTeachers Receive Safe Harbor for Certain COVID-related Expenses The IRS is providing a safe harbor for eligible educators to deduct certain unreimbursed COVID-19-related expenses. The safe harbor applies to expenses for personal protective equipment, disinfectant, and other supplies used for the prevention of the spread of COVID-19 in the classroom, paid or incurred after March […]
Read moreMarch 17, 2021Salvatore RussoBlog Posts0 CommentsDouble-Check for Missing, Incorrect Forms Before Filing With some areas seeing mail delays, the IRS has reminded taxpayers to double-check before filing a tax return to make sure they have all their tax documents, including Form W-2, Wage and Tax Statement, and Forms 1099. Many of these forms may be available online. However, when other […]
Read moreMarch 17, 2021Salvatore RussoBlog Posts0 CommentsIncreased Deduction Limit for Disaster Relief Cash Contributions by Corporations The IRS has highlighted how corporations may qualify for the new 100-percent limit for disaster relief contributions, and has offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the increased limit. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 […]
Read moreMarch 17, 2021Salvatore RussoBlog Posts0 CommentsNew IRS Tool to Upload Authorization Forms With Digital Signatures The IRS has announced that tax professionals can use a new online tool to upload authorization forms with either electronic or handwritten signatures. The new Submit Forms 2848 and 8821 Online tool is now available at the IRS.gov/TaxPros page. The new tool is part of […]
Read moreMarch 17, 2021Salvatore RussoBlog Posts0 CommentsIRS Urges E-Filing, Direct Deposit The IRS has urged taxpayers to e-file their returns and use direct deposit to ensure filing accurate tax returns and expedite their tax refunds to avoid a variety of pandemic-related issues. The filing season opened on February 12, 2021, and taxpayers have until April 15 to file their 2020 tax […]
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