Economic Impact Payment info available on IRS.gov

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 […]

IRS backlog leads to due date confusion

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 […]

The 2020 Payroll Tax Deferral is a Bad Idea

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 […]

Congress liberalizes PPP forgiveness

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 […]