Category Archives: IRS

COVID-19 Employer Payroll Tax Deferral UPDATED

Posted on June 5, 2020 by Carol

Updated 06/05/2020   SBA PPP Loan Forgiveness recipients, upon Paycheck Protection Program Flexibility Act becoming law, can now defer the employer share of Social Security and Medicare payroll taxes incurred through the end of the year.  Previously, SBA PPP Loan recipients … Continue reading →

Posted in Accounting, Covid-19, Grants & Assistance, IRS, Payroll, Taxes | Tagged , , , , , , | Leave a comment

COVID-19 Congress Makes PPP Loan Forgiveness A Bit Easier!

Posted on June 4, 2020 by Carol

Last week, on May 27, 2020 the House passed legislation, Paycheck Protection Program Flexibility Act, H.R. 7010, loosening the requirements for PPP loan forgiveness.  Yesterday, the Senate, while not in full session, unanimously consented to the House version of the … Continue reading →

Posted in Accounting, Business, Business Taxes, Covid-19, General Interest, Grants & Assistance, IRS, Payroll, Taxes | Tagged , , , , , | Leave a comment

COVID-19 SBA PPP Legislative Update

Posted on June 4, 2020 by Carol

Changing the PPP rules would be of great benefit across the board. Congress’ CARES Act was based on a two-month period. Congress did not anticipate or plan for many of the glitches and questions things that have unfolded since initial passage. Last week, … Continue reading →

Posted in Accounting, Business, Business Taxes, Covid-19, General Interest, IRS, Taxes | Tagged , , , , , , | Leave a comment

COVID-19 Why Hasn’t My Friend Gotten Their Stimulus Check?

Posted on May 23, 2020 by Carol

On April 16, 2020 we published The Corona Virus Version of Where’s My Refund which highlighted Just Asking for A Friend.  Today we publish Why Hasn’t My Friend Gotten Their Stimulus Check?   In case your friend is wondering where the … Continue reading →

Posted in Accounting, Business, Covid-19, General Interest, Grants & Assistance, IRS, Payroll | Tagged , , , , | Leave a comment

#COVID-19 Employer Payroll Tax Deferral UPDTD Part 2 of 3.

Posted on May 13, 2020 by Carol

“Section 2302 of the CARES Act provides that the payment and deposit of the employer’s share of the social security portion of FICA tax and the employer’s share of the social security portion of RRTA tax for deposits that are … Continue reading →

Posted in Business, Business Taxes, Covid-19, IRS, Payroll, Taxes | Tagged , , , , , | Leave a comment

#COVID-19 Employee Retention Tax Credit (ERTC) Part 1 of 3.

Posted on May 13, 2020 by Carol

The ERTC is encouragement, for employers to keep paying employees, in the form of a refundable credit equal to 50% of up to $10,000 of qualified wages for a maximum $5,000 credit – per employee. The credit is taken against … Continue reading →

Posted in Business, Business Taxes, Covid-19, General Interest, IRS, Payroll, Taxes | Tagged , , , , , , , | Leave a comment

COVID-19 IRS’ People First Initiative – Tax Relief for Not the Everyday Stuff

Posted on May 6, 2020 by Carol

The IRS People First Initiative aims to ease payment guidelines and postpone compliance and enforcement actions for an initial period of April 1, 2020 through July 15, 2020. Automated Liens and Levies. Suspended. Earned Income Credit & Wage Verification. Taxpayers … Continue reading →

Posted in Business, Business Taxes, Covid-19, Individual, Individual Taxes, IRS, Tax Planning, Taxes | Tagged , , , , , | Leave a comment

#COVID-19 The Corona Virus Version Of Where’s My Refund

Posted on April 17, 2020 by Carol

People call it a stimulus check. Government calls it a recovery rebate. The IRS calls it an economic impact payment (EIP). Starting this past Saturday and into next week, it is expected more than 80 million people will get it! … Continue reading →

Posted in Covid-19, General Interest, Individual Taxes, IRS, Taxes | Tagged , , | Leave a comment

#COVID-19 More Tax Relief From The IRS

Posted on April 15, 2020 by Carol

Last month the IRS was kind enough to say hey you don’t have to deal with us during a global pandemic and extended the filing AND paying deadlines of 1040s from April 15, 2020 to July 15, 2020. This also … Continue reading →

Posted in Business Taxes, Covid-19, General Interest, Individual Taxes, IRS, Taxes | Tagged , | Leave a comment

Timely Mailed = Timely Filed…Or Does It?

Posted on March 11, 2020 by Carol

Last week we introduced the Mailbox Rule. This week we tell a tale of how serious it is when “timely mailed = timely filed” meets “he said-she said”. This is a story, sad but true. Many years ago in 2005, … Continue reading →

Posted in Court Cases, General Interest, IRS, Supreme Court, Tax Court, Taxes | Comments Off on Timely Mailed = Timely Filed…Or Does It?