Eligible Paycheck Protection Program expenses now deductible

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,…

Stimulus Payment Update

The IRS has published its latest update on Economic Impact Payments. This payment is automatic for most taxpayers who filed a 2018 or 2019 tax return eligible for an Economic Impact Payment. The IRS publication,  Economic Impact Payment Information Center, provides the following guidelines for eligibility for a stimulus payment: $2,400 for married filing jointly…

The IRS has announced additional key tax deadlines

The IRS has announced additional key tax deadlines to help individuals and businesses struggling with economic turmoil caused by the Coronavirus pandemic.  In the link below from April 9, 2020, the IRS elaborates on the latest extension of tax deadlines. IRS extends more tax deadlines to cover individuals, trusts, estates corporations and others IR-2020-66, April…

Update on the Deadline for 2019 IRA Contributions

  In a recently published Q&A session, the IRS has important provided updates on relief for taxpayers affected by the ongoing coronavirus pandemic, including information on workplace-based employment plans and IRAs. To align with the extended due date for 2019 tax returns, the IRS has also extended the deadline for making IRA contributions during the…

The IRS postpones Filing and Payment Deadlines

  The IRS recently announced special Federal income tax return filing and payment relief in Notice 2020-18, which expands on the relief provided in Notice 2020-17. Specifically, the due date for filing Federal income tax returns and payments has been postponed from April 15, 2020 to July 15, 2020. There is no limit to the…