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The IRS said lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act should not file information returns or furnish payee statements to report the forgiveness. Continue Reading
This week's topics include expedited private letter ruling requests, marijuana industry, S elections, COVID-19 sick pay credits for self-employed, Form 941-X. Continue Reading
To assist taxpayers affected by the COVID-19 pandemic, the IRS reminds taxpayers and tax practitioners how to request expedited handling of requests for letter rulings under Rev. Proc. 2020-1, 2020-1 I.R.B. 1 (Jan. 2, 2020). Continue Reading
The strongest approach to combating fraud involves collective action from multiple financial stakeholders, including public company management, audit committees, internal auditors, external audit firms and regulators. Continue Reading
The IRS has reopened the registration period for individuals who receive Social Security, Supplemental Security Income, Railroad Retirement or veteran’s benefits, but didn't receive $500 per child earlier this year when they received their own Economic Impact Payment. Continue Reading
A review of recent guidance, court cases and rulings that could affect the taxation of individuals. The article covers recent activity by the Tax Court and issues related to the CARES Act and SECURE Act. Continue Reading
Information from the IRS about recent interest payments. Continue Reading
To protect the health of taxpayers and tax professionals, the IRS announced today it will temporarily allow the use of digital signatures on certain forms that cannot be filed electronically. Continue Reading
The forgivable portion of a Paycheck Protection Program loan should be accounted for by the lender as an interest-bearing loan until payment for that loan is received from the Small Business Administration, according to new guidance from AICPA. Continue Reading