COVID-19 tax news and information

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April 1, 2021

Lenders required to send corrected Forms 1099-MISC

The IRS issued guidance requiring lenders who mistakenly sent Forms 1099-MISC reporting loan payments that are permitted to be excluded from the taxpayer’s gross income under the Consolidated Appropriations Act, 2021, to send corrected forms.

April 1, 2021

Underpayment penalty relief for individuals affected by excess business loss repeal

The IRS grants underpayment penalty relief for
taxpayers affected by excess business loss repeal.

April 1, 2021

Revisiting withholding on equity compensation

In the time of COVID-19, where employers may
increasingly turn to equity compensation to save on cash compensation expenses and employees are increasingly mobile, there is increased risk for employers.

April 1, 2021

Small firm lessons from the pandemic

Small firms improvise to maintain productivity while
keeping employees and clients safe from COVID-19.

March 29, 2021

IRS provides details on April 15 postponement

The IRS issued a notice providing more details and clarification of its previously announced postponement of the April 15 tax deadline for individuals. The notice extends the date for making 2020 IRA contributions; however, it does not extend the date for estimated tax payments.

March 26, 2021

Amounts paid for personal protective equipment qualify for medical deduction

The IRS announced that purchases of personal protective equipment used to combat the COVID-19 pandemic qualify for the Sec. 213 medical expenses deduction to the extent they exceed 7.5% of a taxpayer’s adjusted gross income and have not been compensated for by insurance or otherwise.

March 23, 2021