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”
Tag: IRS
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”
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 releases final rules on business meals and entertainment
The IRS on Wednesday issued final regulations (T.D. 9925) implementing provisions of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, that disallow… Read more “IRS releases final rules on business meals and entertainment”
Azari T Benjamin PL 