COVID-19 tax news and information

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May 1, 2020

AICPA challenging nondeductibility of PPP-related expenses

The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.

May 1, 2020

COVID-19 pandemic prompts many tax changes

Taxpayers have a variety of tax relief measures to help them through the economic disruption caused by the coronavirus pandemic. From tax credits to filing postponements, here is a breakdown of the initial changes benefiting individuals and businesses.

April 30, 2020

PLR and other requests for IRS guidance can now be sent electronically

The IRS is temporarily allowing taxpayers to submit requests for private letter rulings, closing agreements, determination letters and information letters electronically instead of by mail.

April 29, 2020

CARES Act QIP change requires action

Taxpayers with qualified property must act to take advantage of changes to the treatment of qualified improvement property, which is now eligible for bonus depreciation. Here are some considerations for taxpayers and their advisers.

April 22, 2020

Relief for tax residency impacts of COVID-19 travel disruptions

Individuals and businesses can avoid having their prolonged stay in a country affect their tax residence if their cross-border travel was disrupted by the COVID-19 pandemic, under limited relief the IRS announced in two revenue procedures and FAQs.

April 21, 2020

Guidance sought on employee retention credit

In a letter to Treasury and the IRS, the AICPA pointed out several issues involving the new employee retention credit that need clarification and guidance.

April 21, 2020

Deadline looms for nonfilers to register for child stimulus payments

Social Security and Railroad Retirement beneficiaries who didn’t file 2018 or 2019 tax returns must enter their children’s information by noon EDT on Wednesday, April 22, to get an automatic $500 child stimulus payment.

April 21, 2020

IRS explains how to file returns to receive economic impact payments

The IRS issued guidance on how to file tax returns in order to receive an economic impact payment for taxpayers who do not normally file income tax returns or who have zero adjusted gross income amounts to report can file returns using special IRS procedures.

April 17, 2020

IRS posts FAQs on paid sick and family leave

The IRS posted and updated 67 FAQs about the employer tax credits for paid sick and family leave enacted in the Families First Coronavirus Response Act.

April 17, 2020

Veterans Affairs recipients to receive automatic economic impact payments

Recipients of Veterans Affairs benefits were added to the list of individuals who will automatically receive economic impact payments, the IRS announced.