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The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll.
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As part of a larger effort related to the Taxpayer First Act, the Internal Revenue Service announced today the creation of a new Chief Taxpayer Experience Officer position to help unify and expand efforts across the agency to serve taxpayers.
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Governor Kay Ivey on Thursday issued her twenty-second supplemental emergency proclamation extending the Safer at Home Order that includes a statewide mask requirement. Individuals will be required to wear a mask or other facial covering when in public and in close contact with other people, as described in the order. This order extends until Friday, March 5, 2021 at 5:00 p.m.
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On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the Act) became law as a part of the Consolidated Appropriations Act, 2021. The Act provides $284.5 billion of additional funding for the Paycheck Protection Program (PPP) through the U. S. Small Business Administration (SBA). The following is a review of key provisions of the PPP after enactment of this legislation.
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The guidance and forms issued by the SBA and Treasury are integral to understanding PPP. Please review the authoritative resources linked here to help you answer questions you have about the program.
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The U.S. Small Business Administration (SBA) and Treasury issued an 18-page document detailing how Paycheck Protection Program (PPP) borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans. The guidance also lists the documents borrowers must provide to support each set of calculations
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As people get ready to file their 2020 tax return, the IRS reminds taxpayers they can find answers to their tax questions from the safety of their home using IRS online tools and resources. These IRS.gov tools are easy to use and available 24 hours a day.
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The IRS is open & processing mail, tax returns, payments, refunds, and correspondence. Here's guidance on the IRS' mission critical functions during the pandemic.
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The Alabama Society of CPAs has partnered with National Benefit Group to provide an exclusive Long Term Care benefit not available in the individual marketplace.
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IRS Free File – online tax preparation products available at no charge – launched today, giving taxpayers an early opportunity to claim credits like the Recovery Rebate Credit and other deductions, the Internal Revenue Service announced.
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The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.
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Taxpayers who paid too little tax during 2020 can still avoid a tax-time bill and possible penalties by making a quarterly estimated tax payment now, directly to the Internal Revenue Service. The deadline for making a payment for the fourth quarter of 2020 is Friday, January 15, 2021.
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The U.S. Small Business Administration (SBA) released procedural guidance that details the requirements for Paycheck Protection Program (PPP) borrowers to reapply for a PPP loan or request an increase to a PPP loan.