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Author Archive for Salvatore Russo

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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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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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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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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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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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PPP Deduction Safe Harbor if Loan Not Forgiven

PPP Deduction Safe Harbor if Loan Not Forgiven The IRS has released rulings concerning deductions for eligible Paycheck Protection Program (PPP) loan expenses. The rulings: deny a deduction if the taxpayer has not yet applied for PPP loan forgiveness, but expects the loan to be forgiven; and provide a safe harbor for deducting expenses if […]

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Final Regulation Addresses Tax Withholding on Certain Periodic Retirement and Annuity Payments

Final Regulation Addresses Tax Withholding on Certain Periodic Retirement and Annuity Payments The IRS has issued a final regulation addressing tax withholding on certain periodic retirement and annuity payments under Code Sec. 3405(a), to implement amendments made by the Tax Cuts and Jobs Act ( P.L. 115-97) (TCJA). The regulation affects payors of certain periodic payments, plan […]

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Final Regulations Clarify Deductions Allowed to Estates, Non-Grantor Trusts

Final Regulations Clarify Deductions Allowed to Estates, Non-Grantor Trusts The IRS has released final regulations clarifying that the following deductions allowed to an estate or non-grantor trust are not miscellaneous itemized deductions: costs paid or incurred in connection with the administration of an estate or non-grantor trust that would not have been incurred if the […]

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