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Latest Tax
Alerts
Check out the latest tax
alert section of our website, full of links and articles
for professional and personal tax news. Read
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Client News
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IRS Addresses Queries on COVID-19 Economic Impact Payments; No Return Required for Certain Social Security Recipients
The IRS announced on March 30 ... Read
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Lawmakers Continue Phase Four Economic Relief Talks; "CARES 2" in the Works
Lawmakers are continuing ... Read
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Proposed Regs to Clarify Miscellaneous Deductions of Estate, Non-Grantor Trust
The IRS has released proposed regulations clarifying ... Read
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Treasury, SBA Release PPP Loan Forgiveness Application
Treasury and the Small Business Administration (SBA) have ... Read
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Simplified Procedures for Nonfilers to Receive Economic Impact Payments
Eligible individuals who are not ... Read
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Proposed Regulations Address Deductibility of Fines and Penalties
The IRS has released proposed ... Read
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Naegele
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IRS Releases Guidance Related to Loans Received from Paycheck Protection Program
By: Wayne Naegele, CPA, Senior Partner
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The IRS has provided guidance regarding whether taxpayers receiving loans under the Paycheck Protection Program (PPP) may deduct otherwise deductible expenses. Act Sec. 1106(i) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) did not address whether generally allowable deductions such as those under Code Secs. 162 and 163 would still be permitted if ... Read
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Due Dates Extended for Additional Filings and Payment Obligations
By:
Angelica Farrell, CPA, Tax Manager
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The Treasury Department and IRS have provided a notice with additional relief for taxpayers, postponing until July 15, 2020, a variety of tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020. Associated interest, additions to tax, and penalties for late filing or late payment will be suspended until July 15, 2020. Additional time to perform certain time-sensitive actions during this period is also provided... Read
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Extension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak
By: Donald Sager, CPA, Partner
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The IRS and the Employee Benefits Security Administration are extending certain timeframes during the Outbreak Period for group health plans, disability and other welfare plans, pension plans, and participants and beneficiaries of these plans during the COVID-19 National Emergency. The beginning of the Outbreak Period is is March 1, 2020. The end date is yet to be determined. ... Read
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