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    Month: October 2020

    1099 & W2 E-File Requirement

    This requirement has been postponed.  See our November 19, 2020 post for details. Effective for the 2020 tax year, businesses that file more than 100 Forms W-2 or Forms 1099 must file such returns electronically.  As a result, practitioners with clients who will be required to electronically file these forms for the 2020 tax year in January of 2021 must register to be able to electronically fi...

    Simplified PPP Forgiveness for $50,000 or Less

    Update: See our January 26, 2021 post for an update regarding Form 3808S. On October 8, 2020, the Treasury Department and the Small Business Administration announced a simplified forgiveness application form for Paycheck Protection Program (“PPP”) loans of $50,000 or less. Under the new rules, borrowers with such loans are exempt from reductions in loan forgiveness amounts based on reduction...

    Early Retirement Account Withdrawal Reminder

    As discussed in our earlier post on March 31, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act includes provisions that waive the penalty on certain early withdrawals from retirement accounts, allow the option for such withdrawals to be returned to a retirement account, and provides for a special three-year recognition of income from such distributions for some taxpayers.  Ho...