August 15, 2021
Brian Whelan
Blog Posts
0 CommentsFarm NOL Election Procedures Provided The IRS has provided a procedure for making elections and revocations under Act Sec. 2303(e) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ( P.L. 116-136) for taxpayers with a net operating loss (NOL) for any tax year beginning in 2018, 2019, or 2020, all or a portion […]
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August 15, 2021Andrew PrestiBlog Posts0 CommentsIRS Provides Answers to Question Pertaining to Treasury Grants and Related Taxes The IRS has provided answers to questions that certain transportation companies may have regarding Treasury grants and related taxes, https://www.irs.gov/newsroom/coronavirus-economic-relief-for-transportation-services-certs-frequently-asked-questions. These companies must largely prioritize the use of the grants for payroll costs, though grants may be used for operating expenses, including the acquisition […]
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August 13, 2021Angelica FarrellBlog Posts0 CommentsIRS Highlights Website and Online Tools The IRS reminded taxpayers that their website ( www.irs.gov) provides millions of visitors with the answers they need to fit their busy summer schedules. Taxpayers who requested an extension to October 15 or missed the May 17 deadline can still prepare and e-file tax returns for free with the IRS Free […]
Read moreJuly 29, 2021Andrew PrestiBlog Posts0 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, […]
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