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IRS issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Continue Reading
The IRS announced taxpayers who may have had excess Sec. 36B premium tax credits to report for the 2020 tax year are not required to file Form 8962, Premium Tax Credit, or report an excess advance premium tax credit (APTC) repayment on their 2020 Form 1040 or Form 1040-SR. Continue Reading
This week's topics: IRS gives guidance on ARPA and the advance premium tax credit for 2020; CCA issued to give details on apply tax provisions to hard forks of virtual currency; IRS disagrees with court decision on treatment of defined benefit pension benefit for insolvency; a restaurant is defined for 100% deduction; the saga of 2020 Form 1040 overpayments, extensions and first quarter estimates. Continue Reading
The IRS announced today it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. Continue Reading
This week's topics: IRS makes a major change in computation of excludable ARPA unemployment; PPP loan program applications extended for two months - but funds only likely to last until mid-April without replenishment; PPE is defined by the IRS to represent medical care for purposes of deducting the expenses. Continue Reading
The IRS, Treasury, and Bureau of the Fiscal Service announced they are disbursing approximately 37 million payments in the second batch of Economic Impact Payments from the American Rescue Plan. Continue Reading
This week's topics: IRS releases instructions on reporting ARPA unemployment exclusion; AICPA recommends IRS issue clarification on PPP forgiveness/passthrough issues; IRS pushes back the filing date for Forms 1040 only - everything else still due on April 15, including Q1 2021 estimates. Continue Reading
The Small Business Administration issued new guidance incorporating changes made by the American Rescue Plan, including guidance regarding the Shuttered Venue Operators Grant and PPP loans. Continue Reading
This week's topics: The American Rescue Plan Act of 2021 - Unemployment exclusion for 2020; Recovery Rebate for 2021; Prepaid Child Tax Credit for 2021; Earned Income Tax Credit Changes; Refundable Dependent Care Assistance; Sick/Family Leave Credits; 2021 Employee Retention Credit; Premium Tax Credit Revisions. Continue Reading