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    Month: November 2021

    Repaying Deferred Social Security Tax Reminder

    As discussed in our post on July 21, 2021, some taxpayers may have chosen to defer a portion of their self-employment tax that was due as part of their 2020 federal income tax return.  The first half of any such deferred Social Security tax is due on December 31, 2021, and the second half is due on December 31, 2022.  The repayment of the deferred Social Security tax must be made separately fr...

    PPP Forgiveness and Basis

    As discussed in our post on February 9, 2021, expenses paid with funds from the Paycheck Protection Program (PPP) are fully deductible, even though the loans were or will be forgiven.  In addition, the adjusted basis of owners of entities with PPP loans will be increased by the tax-free income resulting from the forgiveness of PPP loans.  Such entities include S corporations, partnerships and ...

    Retention Credit Ends Early

    As discussed in our posts on March 11, 2021,  December 22, 2020, and March 31, 2020, the expiration date of the employee retention credit was extended twice.  The Infrastructure Investment and Jobs Act, which was enacted on November 15, 2021, ends the retention credit earlier than was previously scheduled.  The credit now expires after September 30, 2021. Separately, the new law also includes...

    Paper File for Hurricane Ida Deferral

    As discussed in our posts on October 12, 2021, September 21, 2021 and September 16, 2021, certain taxpayers who were affected by the remnants of Hurricane Ida were given more time (until January 3, 2022) to file their 2020 extended income tax returns. The IRS will shut down the e-file system in order to prepare for the new filing season at 11:59 PM Eastern Time on Saturday, November 20, 2021....

    IT-653 and Estimated Taxes

    As discussed in our posts on September 30, 2021, September 9, 2021, August 26, 2021 and June 3, 2021, the New York State pass-through entity tax is effective for the 2021 tax year. New York State’s draft 2021 versions of Form IT-653, Pass-Through Entity Tax Credit, and Form IT-2105.9, Underpayment of Estimated Tax by Individuals and Fiduciaries, provide important information about the interact...

    W2/1099 E-file Mandate

    As discussed in our post on November 19, 2020, and on page 48 of the Tax Year 2020 edition of the  M+O=CPE Individual Tax Year-End Workshop Reference Book, the lower threshold for the e-file mandate for Forms W2 and 1099s was delayed by the Treasury Department for the 2020 tax year, and the threshold remained 250. However, the IRS recently issued proposed regulations regarding the mandate.  If...