In an update provided on January 11, 2023 the IRS explained relief measures for residents and businesses in counties affected by the recent storms. This tax relief delays various tax filing and payment deadlines. According to publication IR-2023-03 from January 10, 2023, the IRS is offering relief to any area designated by the Federal Emergency…
The Internal Revenue Service increases interest rates for the calendar quarter beginning January 1, 2023. “For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up from 6% for the quarter that began on October 1. “ List of the new interest rates announced by the IRS: • 7% for…
The Middle Class Tax Refund is a one-time payment provided by the state of California, which posted a record-high surplus of $97 billion this year. California is issuing payments to eligible residents automatically between October 2022 and January 2023 according to recent publications by the State of California Franchise Tax Board. The following criteria should…
IR-2022-182, October 18, 2022 WASHINGTON — The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38PDF provides details about these annual adjustments. New for 2023 The Inflation Reduction Act extended certain energy related tax breaks and…
IR-2022-175, October 7, 2022 WASHINGTON — The Internal Revenue Service today reminds taxpayers who requested an extension to file their 2021 tax return to do so by Monday, October 17. While October 17 is the last day for most people to file a Form 1040 to avoid the late filing penalty, those who still need…
The Treasury Department and the IRS extended the federal income tax filing and payment deadline from April 15, 2021 to May 17, 2021. “This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while…
U.S. Department of the Treasury announced in today’s press release reopening the Paycheck Protection Program (PPP) for new and certain existing PPP borrowers. As stated in the press release published on January 8, 2020, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11 and Second Draw…
The US Small Business Administration and Department of Treasury released guidance late Wednesday night for for the revived and reconstituted Paycheck Protection Program (PPP). The guidance came in the form of two interim final rules (IFRs). Full Story: Journal of Accountancy online
The Treasury Department and the Internal Revenue Service issued a new guidance on January 4, 2021. The recent Revenue Ruling 2021-2 allows deductions of eligible expenses for loans taken under the Paycheck Protection Program (PPP). Information regarding the eligibility of expense deductions is available in the IRS publication IR-2021-04 Recently passed the Consolidated Appropriations Act,…
In their new guidance, the U.S. Treasury Department and the Internal Revenue Service (IRS) clarified the tax treatment of a Paycheck Protection Program (PPP) loan which was not forgiven by the end of the year the loan was received. Expenses of a forgiven PPP loan are not tax deductible. For business not taxed on the…