No Further Extensions of Tax Day

The Department of Treasury and the Internal Revenue Service this week put an end to any further speculation that the government may delay again the July 15 due date for filing 2019 tax returns and payment of 2019 taxes owed. The IRS will not further extend the tax filing and payment deadline past July 15,…

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IRS Clarifies ERTC as Tax Day Approaches

Last Saturday, the Internal Revenue Service (IRS) revised some of the FAQs on the Employee Retention Tax Credit clarifying a number of provisions relating the maximum amounts of an eligible employer’s ERTC, qualified wages and determining allocable qualified health plan expenses among others. In addition, the agency announced that it will be re-opening all of…

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DOL, IRS Extend COBRA Deadlines

The US Department of Labor (DOL) and the Internal Revenue Service (IRS) earlier this month issued a Joint Rule extending certain time frames for group health plans and other welfare and pension plans. In accordance with this latest Rule, plans must disregard the period from March 1, 2020 until 60 days after the announced end…

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Treasury Expands Applicability of Tax Credit

Last week, the US Department of the Treasury announced in a letter to members of the US Senate that it will revise its initial guidance prohibiting employers from claiming the Worker Retention Tax Credit. That guidance disqualified employers from claiming the credit when paying for their workers’ health benefits but not providing wages. In response…

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IRS Calls Some Workers Back In

The Internal Revenue Service (IRS), which for over a month now has had its Call Centers, Taxpayer Assistance Centers and refund processing centers closed due to COVID-19, has begun bringing employees back into the office. Initially, according to the National Treasury Employees Union which represents IRS workers, the agency is asking for volunteers and offering…

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IRS and Treasury Extend Deadlines

In a similar vein, the Treasury and the Internal Revenue Service yesterday announced that they are extending the deadline to July 15, 2020 for a host of administrative acts under US tax law for fiscal year businesses, tax-exempt organizations and some 300 other tax-related deadlines. The extensions synchronize all tax filing and reporting deadlines for…

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SBA & IRS Regulations Released

As the “all hands on deck” mindset continues within the federal government in fighting the coronavirus crisis and restoring economic activity as soon as possible, federal regulatory agencies continue to issue guidance clarifying their mandates on a host of issues that dramatically impact business. In that vein, the Small Business Administration has posted guidance on…

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State Tax Deadlines

As we have reported to you, the Internal Revenue Service (IRS) postponed Tax Day, its tax filing and tax payment deadline by 90 days out to July 15, 2020 with many states immediately agreeing with the new IRS deadline. Others however were much slower to sync their state tax filing dates with the feds, but…

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IRS Removes Cap & Clarifies Impact of Deferment

Two weeks ago, President Trump declared a national emergency with regard to COVID-19. Acting on that declaration, the Internal Revenue Service (IRS) last week postponed the April 15 tax filing deadline for an additional 90 days – until July 15, 2020. As welcome as that postponement may have been, the agency also limited tax deferments…

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IRS Issues New Rule for Business Expenses

The Internal Revenue Service last week issued proposed new rules governing the deductibility of certain business expenses in light of changes dictated by the Tax Cuts & Jobs Act of 2017. Prior to the TCJA, business deductions for meal and entertainment expenses were limited to 50% of the cost, but the TCJA repealed entertainment expense…

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