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Author Archive for Andrew Presti

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IRS Highlights Online Tools and Resources Ahead of Tax Filing Season

IRS Highlights Online Tools and Resources Ahead of Tax Filing Season The IRS encouraged taxpayers to use its online tools and resources to find the information they need to be ready to file their 2021 federal tax returns, including important special steps related to Economic Impact Payments (EIP) and advance Child Tax Credit (CTC) payments. […]

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IRS Announces that it will be Sending Out Information Letters

January 3, 2022 Dear Clients, Colleagues and Friends, The Internal Revenue Service will be sending information letters to recipients of Advance Child Tax Credit Payments and third Economic Impact Payments that were paid during 2021. Taxpayers who received these payments will need the information provided on these letters to prepare their 2021 individual income tax […]

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Economic Injury Disaster Loan (EIDL) Program Updates

September 10, 2021 Dear Clients, Colleagues and Friends, On September 8, 2021, the U.S. Small Business Administration 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 on October 8, 2021, for loans greater than $500,000, the SBA is increasing […]

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IRS Announces New Online Tools to Help Taxpayers Manage Child Tax Credit Payments

IRS Announces New Online Tools to Help Taxpayers Manage Child Tax Credit Payments The IRS has announced the launch of two new online tools to help families verify, manage and monitor monthly payments of child tax credits under the American Rescue Plan Act (ARP) (P.L. 117-2). These are in addition to the Non-filer Sign-up tool […]

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No Surprise Billing Act Interim and Proposed Regulations

No Surprise Billing Act Interim and Proposed Regulations The Departments of the Treasury, Labor, and Health and Human Services (the Departments), have issued interim final rules and identical proposed regulations to implement provisions of the No Surprises Act. On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA), which included the No Surprises Act, was […]

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IRS Issues Proposed Electronic Filing Requirements for Specified Returns and Other Documents

IRS Issues Proposed Electronic Filing Requirements for Specified Returns and Other Documents The IRS has proposed regulations that would amend the rules for filing electronically and affects persons required to file partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, certain information returns, registration statements, disclosure statements, notifications, actuarial reports, […]

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Treasury Secretary Yellen Addresses Support for Corporate Global Minimum Tax

Treasury Secretary Yellen Addresses Support for Corporate Global Minimum Tax Secretary of the Treasury Janet L.Yellen addressed the support for a global minimum tax for corporations at a press conference at the close of the G20 Finance Ministers and Central Bank Governors Meetings, on July 11, 2021, see https://home.treasury.gov/news/press-releases/jy0270. Secretary Yellen stated that now 132 countries, […]

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IRS Provides Answers to Question Pertaining to Treasury Grants and Related Taxes

IRS 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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PPP Loan Forgiveness Update

July 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 […]

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