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    PPP Loan Forgiveness Form

    On May 15, 2020, the Small Business Administration issued the form for requesting forgiveness of loans under the payroll protection program (“PPP.”)  The form and it’s instructions is available at: https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf Update: The Treasury Department and the Small Business Administration have announced that they...

    Economic Impact Payments to Deceased Individuals

    As discussed in our posts on April 14, 2020, April 9, 2020, and March 31, 2020, the federal law enacted on March 27, 2020 includes a provision to send recovery rebates to taxpayers.  The IRS now refers to these payments as economic impact payments. The IRS has sent numerous economic impact payments to taxpayers who are deceased.  On May 6, 2020, the IRS updated its frequently asked questions (...

    Payroll Protection Program and Tax Deductions

    The IRS recently issued Notice 2020-32, which disallows the deduction for wages or certain other expenses paid with proceeds from a loan from the Payroll Protection Program, to the extent that the loan is forgiven.  (Such forgiveness is excluded from income.) Some members of Congress have indicated that they disagree with this interpretation and have introduced new legislation to change this tr...

    Qualified Improvement Property

    As discussed in our post on March 31, 2020, the federal law enacted on March 27, 2020 retroactively fixed a drafting error related to qualified improvement property in the Tax Cuts and Jobs Act of 2017. Qualified improvement property is eligible for bonus depreciation retroactively effective to January 1, 2018.  In addition, also retroactively effective to January 1, 2018, the depreciable life ...

    More Due Dates Postponed

    On April 9, 2020, the IRS issued Notice 2020-23, which postpones many tax-related due dates that had not been addressed in previous guidance.  As a result, tax return or payment due dates that originally fell between April 1 and July 15, 2020 are generally postponed until July 15, 2020. Second quarter estimated income tax payments for individuals for the 2020 tax year, which were originally due...

    Direct Deposit Portal for Recovery Rebates

    As is in our post on April 9, 2020, individuals who received Social Security benefits and who are not required to file a federal income tax return will generally receive a recovery rebate without having to take any action. For other individuals who are not required to file a federal income tax return, the IRS has set up a portal for such individuals to provide information needed to receive a rec...

    Payroll Protection Program

    As discussed in our post on March 31, 2020, the new law signed on March 27, 2020 establishes the paycheck protection loan program, which provides that loans made to certain employers will be forgiven if the employers retain their employees for at least eight weeks after the loan occurs and the employers provide the required documentation that payroll payments were made to the employees or for ce...

    Extended Gift Tax Due Date

    In Notice 2020-20, the IRS announced that the postponement of the income tax filing due date from April 15 to July 15, 2020 also applies for federal gift tax returns and any payments due for gift tax or generation-skipping tax. 

    More on Recovery Rebates

    As discussed in our post on March 31, 2020, the new law signed on March 27, 2020 provides for recovery rebates to be sent to certain taxpayers.  The IRS has indicated that they will begin making direct deposits of recovery rebates to taxpayers during the week of April 13, 2020.  After that, the IRS plans to issue paper checks beginning in May of 2020.  The IRS has indicated that this process ...

    Other Provisions of CARES Act

    As discussed in our separate post discussing Recovery Rebates, the Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted on March 27, 2020.  In addition to the Recovery Rebates discussed in that separate post, the law also contains numerous other tax provisions.  Below is a summary of the other major provisions. Qualified Improvement Property: A tax provision that has languishe...