COVID-19 tax news and information

TOPICS

October 1, 2020

TFRP: A possible second financial crisis for business owners

Employers should beware of the trust fund recovery penalty.

October 1, 2020

How employers account for recapture of excess employment tax credits

The IRS issued temporary and proposed regulations on how it will recapture excess credits taken by employers under recent coronavirus relief legislation.

October 1, 2020

COVID-19’s impact on withholding, unemployment insurance, and nexus

COVID-19 has added to employers’ compliance requirements.

October 1, 2020

Navigating the tax accounting impacts of the CARES Act

This discussion highlights some key issues under Topic 740 that may arise in both interim and annual financial statements.

September 22, 2020

Lenders will not file Form 1099-C for forgiven PPP loans

The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.

September 16, 2020

E-filing problems plague some Sept. 15 tax returns

Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing returns by the midnight deadline. The AICPA is talking to the IRS about relief for the problem.

September 11, 2020

Pandemic makes meeting Sept. 15 filing deadline difficult

Tax practitioners have expressed concerns that they will not be able to meet looming Sept. 15 tax filing deadlines for a variety of reasons related to the global pandemic.

September 10, 2020

6 more IRS forms can be filed with e-signatures

The IRS added 6 forms to its list temporarily permitting electronic signatures.

September 9, 2020

IRS issues guidance on COVID-19 testing coverage

The IRS said that COVID-19 testing and diagnostics are not minimum essential coverage under a government-sponsored program and therefore do not disqualify taxpayers from taking the Sec. 36B premium tax credit or Medicaid.

September 1, 2020