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Archive for March 17th, 2021

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afarrell

Lenders Notified to File Corrected Forms 1099-MISC to Exclude Subsidized Loan Payments

Lenders 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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srusso

Teachers Receive Safe Harbor for Certain COVID-related Expenses

Teachers 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 […]

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srusso

Double-Check for Missing, Incorrect Forms Before Filing

Double-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 […]

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srusso

Increased Deduction Limit for Disaster Relief Cash Contributions by Corporations

Increased 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 […]

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srusso

New IRS Tool to Upload Authorization Forms With Digital Signatures

New 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 […]

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srusso

IRS Urges E-Filing, Direct Deposit

IRS 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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apresti

PPP Important Changes For Schedule C Filers

March 8, 2021 Dear Clients, Colleagues and Friends, On March 3rd, 2021, the U.S. Small Business Administration (SBA) issued an Interim Final Rule (IFR) that provides an alternative method for IRS Form 1040, Schedule C filers to calculate their Paycheck Protection Program (PPP) Loan amounts. The IFR now allows Schedule C filers to calculate their […]

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aaguanno

Attendance on Demand and Clair announce a new partnership

February 25, 2021 Workforce Management Leader Meets Social Impact Fintech Startup https://finance.yahoo.com/news/attendance-demand-clair-partner-free NORTHVILLE, Mich., Feb. 25, 2021 /PRNewswire/ — Attendance on Demand, a leader in workforce management technology, and Clair, a New York-based social impact fintech startup, have announced a vital new partnership to provide free wage advances to more than one million hourly employees […]

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ekoumniotes

Guidance on Business Deductions of PPP Loan Recipients

Guidance on Business Deductions of PPP Loan Recipients The IRS has issued guidance clarifying that taxpayers receiving loans under the Paycheck Protection Program (PPP) may deduct their business expenses, even if their PPP loans are forgiven. The IRS previously issued Notice 2020-32 and Rev. Rul. 2020-27, which stated that taxpayers who received PPP loans and […]

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