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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 More

Teachers Receive Safe Harbor for Certain COVID-related Expenses

The IRS is providing a safe harbor ...Read More

Double-Check for Missing, Incorrect Forms Before Filing

With some areas seeing mail ... Read More

Increased Deduction Limit for Disaster Relief Cash Contributions by Corporations

The IRS has highlighted how corporations may qualify ... Read More

New IRS Tool to Upload Authorization Forms With Digital Signatures

The IRS has announced that tax ... Read More

IRS Urges E-Filing, Direct Deposit

The IRS has urged taxpayers to e-file ... Read More

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IRS Urges Employers to Claim Employee Retention Credit

By: Wayne Naegele, CPA, Senior Partner

The IRS is urging employers to take advantage of the newly-extended employee retention credit (ERC), which makes it easier for businesses that have chosen to keep their employees on the payroll despite challenges posed by COVID-19. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Division EE of P.L. 116-260), which was enacted December 27, 2020, made a number of changes to the ERC previously made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ( P.L. 116-136), including modifying and ... Read More

New Form for Self-Employed COVID-19 Leave Credits

By: Steve Grgas, MBA, CPA, Partner

The IRS has released new Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. The form allows eligible self-employed individuals to calculate the amount to claim for qualified sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA) ( P.L. 116-127). They can claim the credits on their 2020 Form 1040 for leave taken between April 1, 2020, and December 31, 2020, and ... Read More

Lenders Notified to File Corrected Forms 1099-MISC to Exclude Subsidized Loan Payments

By: Angelica Farrell, CPA, Tax Manager

The IRS has announced that lenders who had filed or furnished Form 1099-MISC, Miscellaneous Information, to a borrower, reporting certain payments on loans subsidized by the Administrator of the U.S. Small Business Administration (Administrator) as income of the borrower, must file and furnish corrected Forms 1099-MISC that exclude these subsidized loan payments.

On January 19, 2021, the Department of the Treasury and the IRS issued, Notice 2021-6, I.R.B. 2021-6 ... Read More