Since many taxpayers may have mistakenly discarded their Letter 1444, which came with the Economic Impact Payments (stimulus payment) during the spring of 2020 and during January of 2021, the IRS has made this information available on taxpayers’ online accounts at IRS.gov. Here is a brief how-to video to show you how to access your […]
UPDATE: President Trump has signed the ECRA into law on Sunday, December 27. Downloadable summary of pandemic relief for: Individuals Businesses Original Post: After months of political bickering, Congress has reached an agreement on an emergency coronavirus relief bill and the President has said he would sign it. Although not all the details are fully […]
During the shutdown, the IRS generated more than 20 million notices of various types; however, due to the challenges of the ongoing pandemic, the IRS was unable to mail the notices in a timely manner. Therefore, some of them have due dates that have passed. For that reason, if you have received one of these notices in the […]
This past Thursday, the Treasury & SBA released a simplified application for PPP loan forgiveness for borrowers of less than $50k. In addition, a new interim final rule (IFR) was issued that provides guidance about forgiveness and loan review processes (for banks and other lenders) for these smaller loans. The good news here is that under the […]
The IRS issued guidance last week on the 2020 payroll tax deferral, which was enacted by Executive Order by President Trump. Under the guidance (IRS Notice 2020-65, summarized below), employers are able to stop withholding Social Security taxes from employee paychecks from September 1 through December 31, 2020. A bullet point summary of IRS Notice […]
With all the confusion surrounding Paycheck Protection Program (PPP) loans, much time and talk has been spent in the past couple of months in dealing with the forgiveness piece of the puzzle, and we now have some concrete answers. Congress, on Wednesday, passed the Paycheck Protection Program Flexibility Act (PPPFA), which incorporates some much-needed changes […]
