The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.
Indications are that businesses with Paycheck Protection Program loans of $2 million or more will not have to submit a Loan Necessity Questionnaire when applying for forgiveness of their loans.
The IRS issued guidance on how to claim the employee retention credit for the first and second quarters of 2021. It will issue guidance on the employee retention credit from July 1 to Dec. 31, 2021, provided in new Sec. 3134, at a later date.
The SBA extended deferral periods for all disaster loans, including those made through the COVID-19 Economic Injury Disaster Loan (EIDL) program. With the deferral, small businesses that received a COVID-19 EIDL loan won’t have to make a first payment on the loan until next year.
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.
Examples from several states show that rolling conformity is not as clear-cut as it sounds.
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.
The IRS granted individual taxpayers a waiver from the penalty for underestimated tax due solely to the amendment to Sec. 461(l)(1)(B) in the CARES Act repealing the excess business loss limitations for years before 2021.
COVID-19 relief measures confront return preparers with novel predicaments. [Updated with tax provisions from the Consolidated Appropriations Act, 2021, the COVID-19 relief package signed into law in late December 2020.]
The year-end coronavirus relief and spending bill passed by Congress includes many tax provisions, including pandemic-related relief, extensions of expired provisions, and a large number of miscellaneous items, including temporary 100% deductibility for business meals.
Two experts look at the issue of the deductibility of expenses paid with PPP loan funds and conclude that they should be deductible.
Employers must be wary of the trust fund recovery penalty if they take advantage of deferrals in the CARES Act.
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For a limited time, taxpayers have flexibility for using net operating losses.
The Federal Reserve board announced that it lowered the minimum loan size for three of its Main Street Lending Program facilities in an effort to make the program available to more and smaller businesses.
The IRS announced that it was extending the deadline from Oct. 15 to Nov. 21 at midnight for certain individuals to enter their information on the Non-Filers: Enter Payment Info Here tool on the IRS website to receive the $1,200 stimulus payment due to individual taxpayers.
A one-time deduction of up to $300 can be taken directly on individual returns.
Relative to CARES Act tax provisions, state conformity to date is varied.
The IRS issued a package of related guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the CARES Act.
The IRS issued temporary and proposed regulations on how it will recapture excess credits taken by employers under recent coronavirus relief legislation.