Cryptocurrency and blockchain technology have grown in popularity and ubiquity in the past few years. Just within the last year alone, the most well-known and popular type… Read more “THE TAXATION OF CRYPTOCURRENCIES”
Author: atbplcom
Online sign-up now available for advance child tax credit payments
The IRS opened an online site Monday that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up… Read more “Online sign-up now available for advance child tax credit payments”
IRS suspends requirement to repay excess advance payments of the 2020 premium tax credit
The premium tax credit helps pay for health insurance coverage bought from the Health Insurance Marketplace. Eligible people can choose to have all, some, or none of the estimated… Read more “IRS suspends requirement to repay excess advance payments of the 2020 premium tax credit”
IRS extends penalty relief for pandemic payroll credits
To continue to allow employers to take immediate advantage of various credits enacted in response to the COVID-19 pandemic, the IRS is permitting eligible employers who pay… Read more “IRS extends penalty relief for pandemic payroll credits”
Current developments in partners and partnerships
QBI In general, Sec. 199A, enacted by the TCJA, permits a deduction of up to 20% of QBI from partnerships, proprietorships, and S corporations. However, the deduction… Read more “Current developments in partners and partnerships”
IRS to automatically issue refunds on tax-free unemployment benefits
In good news for many taxpayers, the IRS said that, beginning in May and continuing through the summer, it will automatically issue refunds to eligible people who… Read more “IRS to automatically issue refunds on tax-free unemployment benefits”
IRS explains which meals qualify for temporary 100% expense deduction
Under Sec. 274(n)(1), a deduction for any expense for food or beverages is generally limited to 50% of the amount that would otherwise be deductible. However, the… Read more “IRS explains which meals qualify for temporary 100% expense deduction”
New Stimulus PPP Package: What You Need to Know
New Stimulus PPP Package: What You Need to Know Late on December 21, 2020, Congress passed its latest stimulus package. The bill, which runs over 5,000 pages,… Read more “New Stimulus PPP Package: What You Need to Know”
The IRS and Treasury Department recently released guidance clarifying how Paycheck Protection Program (PPP) participants must treat loan expenses when they have not received loan forgiveness by the end of the 2020 tax year.
Under Revenue Ruling 2020-27 and Revenue Procedure 2020-51, businesses that “reasonably believe” the SBA will forgive their PPP loans in the future cannot deduct expenses related to those loans… Read more “The IRS and Treasury Department recently released guidance clarifying how Paycheck Protection Program (PPP) participants must treat loan expenses when they have not received loan forgiveness by the end of the 2020 tax year.”
IRS GRANTS CERTAIN DEDUCTIONS FOR ESTATES AND NON-GRANTOR TRUSTS, INCLUDING EXCESS DEDUCTIONS ON TERMINATION BY JEFFREY M. MUTNIK, CPA/PFS
The Internal Revenue Service (IRS) recently issued final regulations that allow decedents’ estates and non-grantor trusts to claim certain deductions that would otherwise have been disallowed under… Read more “IRS GRANTS CERTAIN DEDUCTIONS FOR ESTATES AND NON-GRANTOR TRUSTS, INCLUDING EXCESS DEDUCTIONS ON TERMINATION BY JEFFREY M. MUTNIK, CPA/PFS”
Azari T Benjamin PL 