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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 More

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

Lawmakers are continuing ... Read More

Proposed Regs to Clarify Miscellaneous Deductions of Estate, Non-Grantor Trust

The IRS has released proposed regulations clarifying ... Read More

Treasury, SBA Release PPP Loan Forgiveness Application

Treasury and the Small Business Administration (SBA) have ... Read More

Simplified Procedures for Nonfilers to Receive Economic Impact Payments

Eligible individuals who are not ... Read More

Proposed Regulations Address Deductibility of Fines and Penalties

The IRS has released proposed ... Read More

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IRS Releases Guidance Related to Loans Received from Paycheck Protection Program

By: Wayne Naegele, CPA, Senior Partner


Wayne Naegele, CPA, Senior PartnerThe 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 More

Due Dates Extended for Additional Filings and Payment Obligations

By: Angelica Farrell, CPA, Tax Manager


Angelica Farrell, CPA, Tax ManagerThe 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 More

Extension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak

By: Donald Sager, CPA, Partner


Wayne Naegele, Senior PartnerThe 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 More


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