Posted on July 30, 2020
by
Joanie Stein
The COVID-19 pandemic that precipitated a three-month delay of the 2019 federal income tax filing deadline is also requiring taxpayers to wait longer than usual to receive any refunds to which they may be entitled. It is not unusual for taxpayers to view refunds as welcome surprises they can use to free-up cash flow, pay […]
Posted on July 28, 2020
by
Angie Adames
The use of net operating losses (NOLs) to offset taxable business income continues to evolve under the CARES Act, which temporarily reinstates NOL carrybacks that were previously eliminated under the Tax Cuts and Jobs Act (TCJA). The most recent IRS guidance concerns the application of the new NOL rules for consolidated groups. The TCJA, which […]
Congress agreed to extend the timeline of the Paycheck Protection Program (PPP) to August 8, giving small businesses and nonprofit organizations an additional five weeks to apply for potentially forgivable government-backed loans. The PPP was introduced by the CARES Act to help qualifying businesses, nonprofits and self-employed taxpayers maintain operations and retail employees through the […]
Posted on July 09, 2020
by
Adam Cohen
The IRS recently issued new guidance providing individuals with more flexibility to use their employer-sponsored health-benefit plans, including Health Savings Accounts (HSAs) and Flexible Spending Arrangements (FSAs), to cover the unique medical and dependent-care expenses required during the COVID-19 pandemic. Under the CARES Act, high-deductible health plans (HDHP) may temporarily cover telehealth and other remote-health […]
One of the provisions included in the CARES Act to help U.S. taxpayers during the financial crisis precipitated by COVID-19 is a suspension of required minimum distributions (RMDs) from IRAs, 401(k) plans and 403(b) plans for 2020. Because this relief is retroactive to Jan. 1, 2020, the IRS announced it will allow taxpayers who took […]
In the wake of the COVID-19 pandemic, the U.S. enacted laws providing a variety of financial-relief measures to support businesses struggling to maintain operations and payroll through the crisis period. Key among those provisions are tax credits for businesses that retain employees despite full or partial suspensions of their operations and that continue to pay […]
Posted on July 01, 2020
by
Karen Lake
Businesses that were forced to close their offices and send employees home to work remotely during the COVID-19 pandemic must consider how those actions may impact their state and local tax payment and reporting obligations. Just one employee telecommuting from a state outside his or her usual work location may be enough to trigger a […]
Posted on June 26, 2020
by
Rick Bazzani
The COVID-19 pandemic has not slowed the pace of financial crimes targeting taxpayers. In fact, the IRS Criminal Investigation division (CI) has noted an increase in coronavirus-related scams seeking to steal taxpayers’ money and personal information. Reducing your risks of falling victim to these schemes requires you to take precautionary measures to secure your data […]
COVID-19 social distancing has upended the logistical functions of nearly all aspects of American governance, including court systems. With courthouses completely or partially shuttered, the courts are rapidly expanding their reliance on remote teleconferencing capabilities and stepping-up their use of technology to keep dockets moving. Members of our firm recently attended a three-day hearing in […]
The July 15, 2020, extended deadlines for filing 2019 federal income tax returns is right around the corner, but there is still ample time for taxpayers to identify their eligibility for new or expanded tax credits and deductions and pay the appropriate amount of taxes due. Taxpayers may request an additional three months to prepare […]
