July 29, 2021
Andrew Presti
Blog Posts
0 CommentsJuly 29, 2021 Dear Clients, Colleagues and Friends, The SBA has announced the opening of a Paycheck Protection Program Direct Forgiveness Portal. This will allow borrowers to apply for loan forgiveness directly through the SBA, rather than through their lender. Below are some highlights on this new portal: Lenders will have to opt in to […]
Read moreJuly 22, 2021Andrew PrestiBlog Posts0 CommentsJuly 22, 2021 Dear Clients, Colleagues and Friends, On July 15, 2021 the IRS made the first of six monthly advanced Child Tax Credit payments to eligible taxpayers. These payments are one of the provisions of the American Rescue Plan Act of 2021 and are part of the significant changes to the Child Tax Credit for […]
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July 15, 2021Annemarie AguannoBlog Posts0 CommentsExperts: IRS Guidance Needed on American Rescue Plan The IRS needs to issue new rules and guidance to implement the American Rescue Plan, experts said on March 11 as President Joe Biden signed his COVID-19 relief measure. “I hope Treasury will say something very soon: FAQs, press release, something. IRS undoubtedly will have to write […]
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July 15, 2021Thomas ZanataBlog Posts0 CommentsSupreme Court Rejects Affordable Care Act Challenge The Supreme Court has reversed and remanded California v. Texas, holding that the Plaintiffs do not have standing to challenge the Patient Protection and Affordable Care Act’s (ACA) minimum essential coverage provision. In 2010, ACA, under the newly added Code Sec. 5000A, required most Americans to obtain minimum essential health […]
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July 15, 2021Donald SagerBlog Posts0 CommentsAmerican Rescue Plan Tax Credit FAQs The IRS issued two new, separate sets of frequently-asked-questions (FAQs) to assist families and small and mid-sized employers) in claiming credits under the American Rescue Plan (ARP). These FAQs provide information on eligibility, computing the credit amounts and how to claim these important tax benefits. Enacted in March to […]
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July 15, 2021Lisa VarelaBlog Posts0 CommentsChild Tax Credit Letters Being Sent The IRS has started sending letters to over 36 million families who, based on tax returns filed, may be eligible to receive monthly child tax credit payments starting July. Eligibility of these families are being evaluated based on information provided by taxpayers in their 2019 or 2020 tax returns, […]
Read moreJuly 15, 2021Thomas ZanataBlog Posts0 CommentsFinal Disaster Deadline Postponement Regulations The IRS has finalized regulations relating to the mandatory 60-day postponement of certain time-sensitive tax-related deadlines by reason of a federally declared disaster. Further, the regulations clarify the definition of “federally declared disaster.” The regulations affect individuals who reside in or were killed or injured in a disaster area, businesses that have […]
Read moreJuly 15, 2021Thomas ZanataBlog Posts0 CommentsResidential Rental Property Depreciation Procedures The IRS has released a revenue procedure explaining how a taxpayer changes its method of computing depreciation for certain residential rental property. Automatic consent procedures for changing accounting method are available for taxpayers adopting the depreciation method changes. Residential Rental Property Allowed 30-Year ADS DepreciationTax Cuts and Jobs Act ( P.L. […]
Read moreJuly 15, 2021Thomas ZanataBlog Posts0 CommentsEligible Partnerships May File Amended Returns An eligible partnership may file amended partnership returns for tax years beginning in 2018, 2019, and 2020 by filing a Form 1065, U.S. Return of Partnership Income (Form 1065), with the “Amended Return” box checked. The partnership may also issue an amended Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc. (Schedule K-1), […]
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