COVID-19 tax news and information

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April 22, 2021

Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns

The IRS issued guidance on a safe harbor permitting qualifying taxpayers who have PPP loans, who did not deduct expenses related to those loans paid or incurred in 2020 on their 2020 returns, to deduct the expenses on their returns for the immediately subsequent tax year, instead of on an amended return or administrative adjustment request for the 2020 tax year.

April 20, 2021

IRS extends e-signature authorization for 6 months

In response to the coronavirus pandemic, the IRS issued guidance extending the temporary authorization to issue a number of IRS forms using electronic signatures from June 30, 2021, through Dec. 31, 2021.

April 14, 2021

IRS extends penalty relief for pandemic payroll credits

The IRS provided for penalty relief under Sec. 6656 for an employer’s failure to timely deposit certain employment taxes with the IRS to allow employers to immediately take advantage of various credits enacted in response to the COVID-19 pandemic.

April 8, 2021

AICPA recommendations on Q1 estimates and 2020 Form 709 extensions

The AICPA has released some recommendations for practitioners concerning various issues that have arisen due to the postponement of the April 15 tax deadline for individuals.

April 8, 2021

IRS explains which meals qualify for temporary 100% expense deduction

The IRS issued guidance on Thursday on the temporary rule that allows a 100% deduction for eligible restaurant meals in 2021 and 2022.

April 8, 2021

Bill to postpone estimated tax due date to be introduced in Congress

Rep. Lloyd Smucker, R.-Pa., announced he will introduce a bill that pushes back the due date for first-quarter 2021 estimated tax payments from April 15, 2021, to May 17, 2021. The AICPA expressed its support for the bill.

April 5, 2021

How to claim the employee retention credit for the first half of 2021

The IRS issued guidance on how to claim the employee retention credit for the first and second quarters of 2021. It will issue guidance on the employee retention credit from July 1 to Dec. 31, 2021, provided in new Sec. 3134, at a later date.

April 1, 2021

Members of Congress request estimated tax deadline postponement

A bipartisan group of 60 members of Congress wrote the IRS, urging that the deadline for first quarter 2021 federal estimated tax payments be postponed until May 17.

April 1, 2021

Managing state taxes in an uncertain world

Businesses with employees working remotely in a new location as a result of the pandemic should
carefully evaluate the rules in those states to ensure proper withholding.

April 1, 2021

Debt workouts involving commercial real estate

As short-term agreements that borrowers and creditors reached at the beginning of the pandemic start to expire, real estate companies and others
will need to find long-term solutions to their insolvency problem.