as it avoids “double dip” scenarios, there is no indication as to whether this was what Congress intended when it included Section 1106(i) in the CARES Act. Certain members of Congress, including the chairman of the Senate Finance Committee (Senator Grass...
the revenue ruling provides that if the taxpayer has a reasonable expectation that the PPP loan will be forgiven, the taxpayer cannot deduct the expenses paid with the PPP loan. In the ruling, the IRS specifically rejected the use of the tax benefit doctrine to delay the taxable event un...
3.Refundable Tax Credits- Employers may also take advantage of certain refundable tax credits available for payroll taxes for employees impacted by Covid-19. 4.General Relief- If you simply need assistance with resolving issues with the Internal Revenue Service (IRS), we resolve issues, including:...
The Joint Chiefs of Global Tax Enforcement, consisting of the IRS’s Criminal Investigation unit, with representatives of the UK, Canada, Australia, and the Netherlands (known as the Joint Chiefs of Global Tax Enforcement or the J5) meets yearly to discuss and cooperate on combating common ...
Guiding You Through the COVID-19 Economic Relief Options The COVID-19 pandemic placed a huge economic burden on businesses across the country. Qualifying businesses, large and small, have been able to benefit from an array of enacted legislative packages which provided direct and tax credit-based...
October 24, 2024RealClearWire In 2021, near the peak of the coronavirus pandemic, investigators tailed a Jeep Cherokee stolen from an airport Avis to a New York City apartment they called a “fraud factory” – no furniture, just an air mattress, a computer, stacks of loan and tax forms,...
The tax agency will begin accepting and processing 2020 tax year returns on that date. This start date allows the IRS time to do additional programming and testing of IRS systems, following the December 27 tax law changes that provided a second round of Economic Impact Payments and other ...
5.IRS and payroll tax problems Currently there are approximately 14 million taxpayers facing some sort of IRS action. It is expected that this will increase by millions of people as a result of the COVID-19 emergency. We recommend pros begin setting up the marketing collateral now to s...
the former assistant surgeon general, worries it could jeopardize funding for PEPFAR (the United States President’s Emergency Plan for AIDS Relief), the enormously successful public health program that has supported HIV testing, prevention, and treatment in lower-resource countries since the George W...
To help employers contend with the uncertainty and challenges brought on by the COVID-19 outbreak, recent legislation has made new relief opportunities available. We outline the details of three of these opportunities—theemployee retention tax credit(ERTC), the paid sick leave credit, and the pai...