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...
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 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...
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...
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 automatically extended from April 15, 2020, to July...
Instead of hiring a tax lawyer to help him fight the IRS, Matthew Banks decided that a simple Google search is good as a tax law degree! The US Tax Court disagrees and kicked out his appeal when the IRS denied his requested offer in...