There has been much debate among tax professionals concerning the tax issues surrounding the forgiveness of Paycheck Protection Program (PPP) loans authorized under Section 7(a)(36) of the Small Business Act, which was added by the Coronavirus Aid, Relief, and Economic Security Act (CARES A...
IRS Grants Relief for COVID-19 Disruptions on Tax Residency: Time Rules Are Eased for the Substantial Presence Test for Foreign Citizens in the US and the Foreign Earned Income Exclusion for US Citizens AbroadThe IRS provided relief to individuals and businesses whose tax residence might be ...
furnish certain payee statements otherwise required bychapter 61 of the Codewith respect to amounts excluded from gross income by reason of section 7A(i) of the Small Business Act (15 U.S.C. § 631 et seq.) or sections 276(b), 277, or 278 of the COVID Relief Act," the IRS notes...
Amid rising concerns about a flood of improper Employee Retention Credit claims, the Internal Revenue Service today announced an immediate moratorium through at least the end of the year on processing new claims for the...
AICPACOVID-19employee retention creditemployee retention tax creditERChow to claim ERCIRSIRS backlogIRS guidancepayroll taxsmall biz ownersmall biz reliefsmall businesssmall business ownersmall businesses First-Quarter “Safe-Harbor” Quarterly IRS Estimated Tax Payments: Why and How to Make Them ...
The Senate introduced the bipartisan Small Business Expense Protection Act of 2020 for proposed changes. The House may submit similar legislation to change the new IRS rule. Congressional relief would help millions of taxpayers now facing the choice of a greater tax burden or foregoing forgiveness ...
On December 14, lawmakers unveiled a draft of the Bipartisan Emergency COVID Relief Act of 2020, which includes a provision allowing deductions for PPP expenses that result in PPP loan forgiveness. The proposed legislation would provide, in relevant part, that “[N]o deduction shall be denied ...
for me. resolving tax issues can be an intimidating and stressful process and silver tax group had my back every step of the way and even… patrick g google review i started an at-home business at the start of covid. my business has grown immensely since then, so i knew it was time...
“Eligible Employers,” defined as those who carry on a trade or business during calendar year 2020 that either (1) fully or partially suspends operation during any quarter in 2020 due to an order from a governmental order relating to COVID-19; or (2) experiences a significant dec...
This way, business owners can keep workers on their payrolls without laying employees off. Here’s what it covers: Paid sick leave for workers relating to COVID-19 Employees receive up to 80 hours of paid sick leave at 100% of their pay of the employee must quarantine or experiencing ...