(212) 736-0055

Schedule Your Small Business Success Consultation

Blog

Home \ BlogPage 8
Avatar photo

Guidance for Claiming Employee Retention Credit in Third and Fourth Quarters of 2021

Guidance for Claiming Employee Retention Credit in Third and Fourth Quarters of 2021 The IRS has issued guidance for employers claiming the employee retention credit under Code Sec. 3134, enacted by section 9651 of the American Rescue Plan Act of 2021 (ARP), P.L. 117-2, which provides a credit for wages paid after June 30, 2021, and before […]

Read more
Avatar photo

Gross Receipts Safe Harbor for Employers Claiming Employee Retention Credit

Gross Receipts Safe Harbor for Employers Claiming Employee Retention Credit The Treasury and IRS have provided an optional safe harbor allowing employers to exclude the following amounts from their gross receipts solely for determining eligibility for the employee retention credit: the amount of the forgiveness of a Paycheck Protection Program (PPP) Loan; the amount of […]

Read more
Avatar photo

Transition Relief Guidance for Employers Claiming the WOTC

Transition Relief Guidance for Employers Claiming the WOTC The IRS issued transition relief for certain employers claiming the Work Opportunity Tax Credit (WOTC) under Code Sec. 51. This would apply for certain employees beginning work after December 31, 2020, in response to legislation permitting the designation of an Empowerment Zone under Code Sec. 1393(b) to be extended from […]

Read more
Avatar photo

PPP Direct Forgiveness Portal Created, Loan Questionnaire Discontinuance Explained

PPP Direct Forgiveness Portal Created, Loan Questionnaire Discontinuance Explained The U.S. Small Business Administration ( SBA) is launching a streamlined application portal to allow certain borrowers to apply for Paycheck Protection Program (PPP) Loan forgiveness directly through the SBA. The SBA also is explaining why it discontinued use of Loan Necessity Questionnaires for PPP borrowers. PPP Direct Forgiveness […]

Read more
Avatar photo

IRS Releases Information on CTC; Update Portal for Payments

IRS Releases Information on CTC; Update Portal for Payments The IRS stated that families should use the Child Tax Credit (CTC) Update Portal to confirm their eligibility for the payments. If eligible, the tool also indicates whether taxpayers are enrolled to receive their payments by direct deposit. More information can be found at https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021. Direct DepositFor taxpayers currently […]

Read more
Avatar photo

Guidance Provided on Premium Assistance for COBRA Continuation Coverage

Guidance Provided on Premium Assistance for COBRA Continuation Coverage The IRS provided additional guidance on the application of the American Rescue Plan Act of 2021 (ARP) (P.L. 117-2) relating to temporary premium assistance for Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) continuation coverage. This notice supplements Notice 2021-31, I.R.B. 2021-23, and addresses additional issues. EligibilityThe […]

Read more
Avatar photo

Foreign Tax Credit Did Not Apply Against Net Investment Income Tax

Foreign Tax Credit Did Not Apply Against Net Investment Income Tax The foreign tax credit did not apply against the net investment income tax (NIIT). The structure of the Internal Revenue Code made the credit inapplicable to the NIIT, and tax treaties did not override that fact. Under Code, Foreign Tax Credit Did Not Apply […]

Read more
Avatar photo

Unknown Gift Tax Return Could Be Reasonable Cause for Late Filing

Unknown Gift Tax Return Could Be Reasonable Cause for Late Filing A missing or unknown federal gift tax return could constitute reasonable cause for the late filing of an estate tax return. To understand the appropriate steps to take after the decedent’s death, the executor was in contact with the decedent’s tax preparer, a family […]

Read more
Avatar photo

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 […]

Read more

August 2021 Newsletter

Salvatore Russo discusses, “Penalty Relief for Certain Pass-through Forms”. Brian Whelan takes a look at, “Farm NOL Election Procedures Provided”. Angelica Farrell examines, “IRS Highlights Website and Online Tools”.

Read more

© Presti & Naegele Accounting Offices