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BREAKING: IRS Plans to Delay Tax Deadline to Mid-May

The Internal Revenue Service is planning to delay the April 15 tax filing deadline by about one month, giving taxpayers additional time to file returns and pay any outstanding levies, according to three people familiar with the discussions.

Which States Are Taxing Forgiven PPP Loans?

The U.S. Small Business Administration’s Paycheck Protection Program (PPP) is providing an important lifeline to help keep millions of small businesses open and their workers employed during the COVID-19 pandemic. Many borrowers will have these loans forgiven; .... Many states, however, remain on track to tax them by either treating forgiven loans as taxable income, denying the deduction for expenses paid for using forgiven loans, or both.

The clock is ticking on a new unemployment tax benefit

When the $1.9 trillion COVID relief bill was signed into law by President Joe Biden this past week, the clock officially started on a tax benefit that many Americans may sorely need. But the logistics involved with claiming it will create challenges for tax professionals.

Employer’s role in Rescue Act

he economic effects of the coronavirus (COVID-19) pandemic over the past year have presented several workforce challenges including unfortunate situations when individuals who were involuntarily terminated or had their hours reduced must make difficult decisions regarding the costly continuation of employer-sponsored healthcare via COBRA benefits at a time when they are no longer earning income during the pandemic.

Tax savings opportunities from the CARES Act

On March 27, President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act,¹ the third phase of legislation aimed at fighting the COVID-19 pandemic and mitigating the related economic harm for families, workers, and businesses. It is the largest stimulus package in history with an estimated cost of $2.2 trillion. The CARES Act, among other things, provides "recovery rebates" to individuals, expands and enhances unemployment benefits, extends loans and loan guarantees to eligible businesses, offers funding for the health care and education systems, and provides tax relief for businesses and individuals. This article discusses business and individual tax provisions of the CARES Act.

CPA Sample Client Letter: American Rescue Plan Act

Dear [Client],

While the COVID-19 pandemic is finally slowing down, the economic damage that it caused lingers on. In order to relieve the financial burdens facing many taxpayers and accelerate recovery, Congress has passed the American Rescue Plan Act (the Act). The Act is a $1.9 trillion relief package that will affect millions of individuals and businesses.

Shuttered Venue Operators Grant Program FAQs, etc.

Although the application period for the Shuttered Venue Operators Grant (SVOG) program hasn’t yet opened, the Small Business Administration (SBA) continues to issue additional guidance. The SVOG program makes over $16 billion in grants available to venues impacted by the COVID-19 pandemic.

IRS releases final rules on business M&E

The IRS on Wednesday issued final regulations (T.D. 9925) implementing provisions of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, that disallow a business deduction for most entertainment expenses. The regulations also clarify the treatment of business deductions for food and beverages that remain deductible, generally limited to 50% of qualifying expenditures, and how taxpayers may distinguish those expenditures from entertainment.