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Author Archive for Elias Koumniotes

ekoumniotes

State And Local Fiscal Recovery Funds Program Final Rule Issued

State And Local Fiscal Recovery Funds Program Final Rule Issued The U.S. Department of the Treasury issued the final rule implementing the State and Local Fiscal Recovery Funds (SLFRF) Program. The program, created as part of the American Rescue Plan, provides $350 billion to state, local, and tribal governments to support their response to the […]

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ekoumniotes

Qualified Sick and Family Leave Wages Reporting Guidance Issued

Qualified Sick and Family Leave Wages Reporting Guidance Issued The IRS and the Treasury Department have issued guidance to employers about reporting the amount of qualified sick and family leave wages paid to employees for leave taken in 2021 on Form W-2, Wage and Tax Statement. Further, the notice provides guidance under recent legislation, including: the […]

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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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ekoumniotes

IRS Spotlights Upcoming Tax Filing Season

IRS Spotlights Upcoming Tax Filing Season As part of a series of reminders, the IRS has urged taxpayers get ready for the upcoming tax filing season. A special page ( https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes), updated and available on the IRS website, outlines steps taxpayers can take now to make tax filing easier in 2021. Taxpayers receiving substantial amounts of […]

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ekoumniotes

AICPA Urges IRS, Treasury to Issue Guidance on Payroll Tax Deferral

AICPA Urges IRS, Treasury to Issue Guidance on Payroll Tax Deferral The American Institute of CPAs (AICPA) has urged the IRS and Treasury in an August 12 letter to issue guidance on President Trump’s payroll tax deferral memorandum. The executive action signed by the president on August 8 instructs Treasury to defer the collection and […]

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ekoumniotes

Lawmakers Continue Phase Four Economic Relief Talks; “CARES 2” in the Works

Lawmakers Continue Phase Four Economic Relief Talks; “CARES 2” in the Works Lawmakers are continuing talks on a “phase four” economic relief package in response to the COVID-19 global pandemic. To that end, the House’s “CARES 2” package is currently in the works and could see a floor vote as early as this month. “CARES 2”President Trump signed into […]

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ekoumniotes

Guidance Provided on Qualifying for EITC

Guidance Provided on Qualifying for EITC The IRS has provided guidance on qualifying for the Earned Income Tax Credit (EITC). The EITC is a refundable tax credit that is intended to be a financial boost for families with low to moderate incomes. Due to changes in marital, parental or financial status, millions of workers may […]

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ekoumniotes

Proposed Rules Clarifying Carried Interest Limitation Expected Early 2020, Kautter Says

Proposed Rules Clarifying Carried Interest Limitation Expected Early 2020, Kautter Says Treasury and the IRS are expected to release proposed rules in “early 2020” that would clarify certain limitations on the carried interest tax break, according to David Kautter, Treasury’s assistant secretary for tax policy. Kautter briefly addressed the proposed regulations’ timeline while speaking at […]

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ekoumniotes

Eligible Partnerships Granted Extension to File Form 1065 and Schedules K-1

Eligible Partnerships Granted Extension to File Form 1065 and Schedules K-1 The IRS has granted a six-month extension to eligible partnerships to file a superseding Form 1065, U.S. Return of Partnership Income, and furnish corresponding Schedules K-1, Partner’s Share of Income, Deductions, Credits. For a calendar year partnership, the deadline to file Form 1065 and […]

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ekoumniotes

Final Rules Limit Charitable Contributions Made for SALT Credits

Final Rules Limit Charitable Contributions Made for SALT Credits The IRS has issued final regulations that require taxpayers to reduce the amount any charitable contribution deduction by the amount of any state and local tax (SALT) credit they receive or expect to receive in return. The rules are aimed at preventing taxpayers from getting around […]

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