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IRS Will Resume Issuing Balance-Due Notices

October 26, 2020
balance-due notices

The IRS will resume mailing balance-due notices to taxpayers later this month. The 500 series balance-due notices were suspended temporarily in May because of a…

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Temporary Procedures to Fax Certain Forms Will Stop at Year-End

October 20, 2020
Application for Change in Accounting Method

The IRS is ending the temporary procedures to fax Forms 1045 and 1139 for claiming tentative tax refunds on December 31, 2020. The temporary procedures…

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New Simplified Forgiveness for Paycheck Protection Program Loans Under $50,000

October 12, 2020
ppp loan

Small businesses with Paycheck Protection Program (PPP) loans of $50,000 or less can apply for forgiveness using a new, simplified application. The US Small Business…

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Deadline for Non-Filers to Claim an Economic Impact Payment Is Extended to November 21

October 6, 2020
stimulus check

The IRS extended the deadline for non-filers to register for an Economic Impact Payment (EIP) to November 21, 2020. The original deadline was October 15,…

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IRS Releases Draft of Form For Self-Employed Individuals To Report Sick Leave And Family Leave Credits

October 1, 2020
paycheck protection program

The IRS has released a draft of Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals, for self-employed individuals claiming qualified…

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Navigating Meetings for Your Audit During COVID-19

September 30, 2020
virtual board meeting

Remote audit procedures can help protect the parties from health risks during the COVID-19 pandemic as well as streamline the audit process. Though, seeing people…

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IRS Released Revised Form 941-X

September 28, 2020

The final version of the second quarter Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, has been released by the IRS.…

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Deadline Approaching to Amend 2018 and 2019 Partnership Tax Returns

September 24, 2020
tax advisory cpa

The deadline for partnerships, that are subject to the Bipartisan Budget Act of 2015 (BBA)’s centralized partnership audit procedures, to file an amended 2018 and/or…

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U.S. Department of Labor Revises Families First Coronavirus Response Act Regulations

September 23, 2020
ppp loan forgiveness

The U.S. Department of Labor (DOL) issued new regulations on the paid sick leave as well as the family and medical leave provisions of the…

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Are You Working From Home or Collecting Unemployment? Be Aware of These Tax Implications

September 21, 2020
tax implications

The COVID-19 pandemic has changed our lives in many ways, and some of the changes have tax implications. Working from home or collecting unemployment are…

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