The Internal Revenue Service has issued what is known as an “Internal Revenue Notice” taking the position that expenses paid under the Paycheck Protection Program Loan is not a deductible business expense. The IRS argument is that since Congress determine that forgiveness of the PPP...
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...
New COVID-19 law makes favorable changes to “qualified improvement property” The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP)....
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 Paycheck...
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...
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, Relief, and Economic Security Act (CARES...
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 the lull!...
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...
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 IRS...