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The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing guidance, Frequently Asked Questions (FAQs) on PPP Loan Forgiveness, to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act).
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On March 12, 2019, Governor Kay Ivey signed into law Act 2019-2, also known as the Rebuild Alabama Act (the “Act”). The Act was codified in Title 40, Chapter 17, Articles 12 and 12A. Pursuant to the provisions of the Act, the following fuel tax rate changes and filing requirements will take effect on October 1, 2020.
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Notice 2020-62: Administrators of qualified retirement plans are required to provide a written explanation of tax consequences when making distributions that are eligible for rollover.
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Notice 2020-61 provides guidance regarding the special rules relating to single-employer defined benefit pension plans under § 3608 of the CARES Act.
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Notice 2020-55 provides expanded disaster relief, in the form of a postponement until October 31, 2020, of certain Federal excise tax filing and payment deadlines, and associated interest, penalties, and additions to tax, for taxpayers who owe a federal excise tax for sales of sport fishing or archery equipment for the first quarter of 2020.
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The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return.
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This is the second of two tips exploring the IRS Dirty Dozen tax scam list. Tax scams tend to rise during tax season or during times of crisis. Scam artists are using the COVID-19 pandemic to try to steal money and information from taxpayers.
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All tax scams put taxpayers at risk. This is the first of two tips taking a closer look at the IRS Dirty Dozen tax scam list. This year, taxpayers should be especially, watchful for aggressive schemes related to COVID-19 relief, including Economic Impact Payments.
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As more tax professionals consider teleworking during COVID-19, the Internal Revenue Service and the Security Summit partners today urged practitioners to secure remote locations by using a virtual private network (VPN) to protect against cyber intruders.
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Every year the IRS mails letters or notices to taxpayers for many different reasons. Here are some do's and don'ts for taxpayers who receive one.
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Navy SEAL persistence paid off in a fight against the Idaho State Tax Commission on the treatment of gain on the sale of interests in a pass-through entity.
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Because of the burdens the COVID-19 pandemic has placed on taxpayers claiming the rehabilitation credit, the Internal Revenue Service today issued Notice 2020-58 (PDF) that provides additional relief to taxpayers in satisfying the substantial rehabilitation test.