TAX COURT PETITIONS MUST BE TIMELY-FILED EVEN THOUGH US TAX COURT BUILDING IS CLOSED The US Tax Court building is closed. It is not accepting mail and it is not processing Tax Court petitions. Nevertheless, if you received a Notice of Deficiency, also known as a...
The SBA is finally getting around to processing the emergency loan requests. Originally, all small businesses work going to be able to qualify for a $10,000 loan which could be forgivable. The additional amount of loan would not be forgivable. This is now been changed...
CONGRESS HAS NOT PASSED THE ADDITIONAL $250 MILLION REQUESTED BY THE WHITE HOUSE, SO THE PAYCHECK PROTECTION PROGRAM IS NOW CLOSED. THIS IS THE EMAIL FROM BB&T: As you are likely aware, the SBA has announced that the limited amount of funds allocated for the...
THE NEW COVID-19 LAW PROVIDES BUSINESSES WITH MORE RELIEF On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid,...
IRS employees, including Revenue Officers who are IRS tax collection people, and Revenue Agents, that perform the audit function, are “working” from home. There are very few telephone calls, faxes, emails or other contacts from the IRS employees. Do not be lured by...
Tax filing and payment extension In Notice 2020-18, the IRS provides relief for taxpayers with a federal income tax payment due April 15, 2020. The due date for making federal income tax payments usually due April 15, 2020 is postponed to July 15, 2020. Important: The...
The US Tax Court building is shut down for trials and in-person cases. Nevertheless, if you have received a “Notice of Deficiency” which did you 90 days to file a Tax Court petition to appeal an assessment without paying the tax first, this must be done by mail. The...
SMALL BUSINESS OWNERS STILL HAVE TIME TO SET UP A SEP PLAN FOR LAST YEAR Do you own a business but haven’t gotten around to setting up a tax-advantaged retirement plan? Fortunately, it’s not too late to establish one and reduce your 2019 tax bill. A Simplified...
Here is the official IRS Announcement to Tax Professionals: 1. Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed The Treasury Department and IRS announced that the federal income tax filing due date is...