Included in the Biden Administration’s proposed budget for fiscal 2022 is an additional $1.2 billion in funding to help the IRS ramp up its tax enforcement efforts after more than a decade of spending and staffing cuts. What this means for taxpayers is a likely increase in IRS audits and heightened scrutiny of tax compliance, […]
The expansion of the government’s Payroll Protection Program (PPP) under recent economic stimulus packages is welcome news to nonprofits and small businesses struggling to keep their doors open and their workers employed through the prolonged COVID-19 pandemic. Yet, these entities must be careful to recognize that some of the new relief provisions of the forgivable […]
Posted on April 07, 2021
by
Joanie Stein
The American Rescue Plan (ARP), signed into law on March 11, 2021, allows eligible taxpayers to exclude from their 2020 taxable income up to $10,200 in unemployment benefits they received last year. This relief is subject to certain restrictions and limitations as well as further changes as the IRS continues to issue guidance. Ordinarily, unemployment […]
Posted on March 30, 2021
by
Angie Adames
The IRS today updated its guidance on the previously announced extension of the federal income tax filing and payment deadlines from April 15 to May 17, 2021. In doing so, the agency has also postponed the following tax deadlines to May 17: 2020 contributions to individual retirement accounts (IRAs) and Roth IRAs and reporting and […]
Posted on March 18, 2021
by
Edward Cooper
In response to the ongoing pandemic, the U.S. government continues to postpone several critical deadlines, including recent extensions of the due date for individual federal income tax filings and the application period for paycheck protection program (PPP) loans. However, taxpayers must take special care to understand the unique applications and limitation of each announcement and […]
Posted on March 18, 2021
by
Eric Green
Like so much of 2020, the Qualified Opportunity Zone (QOZ) program suffered under the weight of the COVID pandemic. In response, the IRS relaxed certain deadlines and requirements taxpayers must meet to yield the program’s generous tax savings. A second round of relief was issued by the IRS in early 2021, and a bill making […]
The latest round of stimulus approved by Congress in response to the ongoing pandemic further enhances the employee retention tax credit (ERC) and the benefits it provides to eligible taxpayers that keep employees on payroll despite COVID-related suspensions of operations or declines in gross revenue. With the enactment of the $1.9 trillion American Rescue Plan […]
Posted on March 04, 2021
by
Eric Green
In January 2021, the IRS issued final regulations concerning the taxation of carried interest under the Tax Cuts and Jobs Act (TCJA) effective for tax years beginning in 2018. These regulations, which modify certain provisions of proposed guidance issued last year, bring mostly welcome changes to real estate businesses and private equity funds. Background Carried […]
At the direction of President Joe Biden, the Small Business Administration (SBA) has established a special 14-day period for the nation’s smallest businesses and non-profits to apply for potentially forgivable loans under the Paycheck Protection Program (PPP). This exclusive application period for entities with fewer than 20 employees runs from Feb. 24 through March 9, […]
Posted on February 22, 2021
by
John Ebenger
With all the economic hardships caused by the COVID-19 crisis, businesses must take the time to carefully review their financial losses to uncover potential opportunities for which they may use those deductions to maximize tax efficiency in 2020 and the years ahead. For example, much ink has been spilled over the Coronavirus Aid, Relief and […]
