The IRS announced that it is postponing the April 15 deadline for individual tax returns and payments. The postponement applies only to individual taxpayers. Formal guidance is expected in the near future.
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TOPICS / COVID-19
Advocacy & Tax Relief
Federal aid could hobble new state tax cuts and credits
The American Rescue Plan Act’s $350 billion in “fiscal recovery” aid to states comes with a big string attached — the states may not use the money to offset new tax credits or other revenue reductions.
House passes PPP deadline extension in 415-3 vote
The U.S. House of Representatives voted 415-3 Tuesday night to extend the Paycheck Protection Program application deadline by 60 days. The PPP Extension Act of 2021 moves the PPP application deadline from March 31 to May 31 and allots an additional 30 days for processing applications received by May.
AICPA asks for guidance on S corp. and partnership PPP loan forgiveness
In a letter dated March 15, the AICPA asked for IRS guidance on how S corporations and partnerships should treat tax-exempt income from PPP loan forgiveness, especially when it occurs during a different tax period.
House gives final approval to $1.9 trillion pandemic aid bill
The bill contains numerous tax provisions, including a $1,400 rebate for individuals. It also extends federal unemployment benefits and provides funds for small businesses, COVID-19 vaccination and testing, K-12 schools and colleges and universities, and state and local governments.
American Rescue Plan Act passes with many tax components
The $1.9 trillion coronavirus relief bill that passed Congress contains many tax provisions, including changes to the child tax credit and many other credits, making certain unemployment benefits tax-free in 2020, and a $1,400 recovery rebate credit for many individuals.
AICPA’s Simpson pushes for PPP deadline delay at congressional hearing
The AICPA’s vice president for Firm Services, Lisa Simpson, CPA, CGMA, told a congressional committee during a hearing that Congress should push back the application deadline for the Paycheck Protection Program by at least 60 days.
Senate passes amended $1.9 trillion COVID-19 stimulus bill
The Senate approved a $1.9 trillion pandemic economic relief bill on Saturday. The bill will be sent back to the House of Representatives because the Senate changed the legislation originally approved by the House.
AICPA requests tax deadline postponements until June 15
In a letter, the AICPA asked the IRS to postpone until June 15, 2021, all 2020 federal income tax and information returns and payments (e.g., extension and estimated payments) originally due April 15, 2021.
Will states be able to extend their tax filing seasons?
An AICPA expert details some of the factors that could affect changes to filing dates.
IRS issues employee retention credit guidance
The IRS issued guidance on the employee retention credit in effect for qualified wages paid after March 12, 2020, through Dec. 31, 2020, including how it interacts with Paycheck Protection Program loans.
House passes $1.9 trillion stimulus bill with a variety of small business relief
The $1.9 trillion economic relief bill passed by the House of Representatives includes $25 billion for restaurants as well as additional funding for EIDL advance payments and the PPP. The bill also includes $1,400 stimulus payments to individuals and extends unemployment insurance supplements.
Tax provisions in the American Rescue Plan Act
The stimulus bill passed by the House contains many tax provisions, including a new round of economic stimulus payments, tax credits for COBRA continuation coverage, and expansions of the child tax credit, the earned income credit, and the child and dependent care credit.
AICPA seeks certainty on filing deadline and relief for 2020 tax year
The AICPA has written to Treasury and the IRS, calling for certainty about the April 15 tax filing and payment deadline and for underpayment and late-payment penalty relief during the COVID-19 pandemic.
IRS provides cafeteria plan relief for the pandemic
The IRS issued guidance on how employers can amend their health flexible spending arrangements and dependent care assistance programs to respond to the coronavirus pandemic.
Eligible educators may deduct personal protective equipment expenses
The IRS issued guidance providing a safe harbor under which eligible educators who have unreimbursed expenses for personal protective equipment, disinfectant, and other supplies used to prevent the spread of COVID-19 in the classroom can deduct those expenses as educator expenses.
Identity theft tips and PPP-related employee retention credit changes
News to know in this express version of the JofA podcast: Reminders for online shopping, employee retention credit changes, and more.
Tax penalty relief amid the pandemic
Help clients establish COVID-19-related reasonable-cause defenses and abatement requests.
Employee retention credit changes leave practitioners with questions
The IRS issued guidance on two aspects of the employee retention credit — how to claim the credit when filing the fourth quarter Form 941 when the taxpayer knows its loan under the PPP will not be forgiven and how the newly extended and amended employee retention credit will apply.
IRS explains extended payroll tax due dates
The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.
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