Taxes

April 26, 2020 

As of April 17, 2020, the IRS reported that 115,961,000 individuals had filed their 2019 tax returns, compared to 137,233,000 returns filed for 2018 by April 19, 2019. That is 21,272,000 less— a drop-off of 15.5%.

April 25, 2020 

Supplemental Security Income and Department of Veterans Affairs beneficiaries need to act by May 5 if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.

April 24, 2020 

The final bill includes $320 billion to make new loans under the Paycheck Protection Program, which provides forgivable loans to small business that keep employees on the payroll for eight weeks. The measure includes $60 billion in EIDL.

April 23, 2020 

As the country works to navigate changes in federal and state tax filing and payment deadlines as a result of the global coronavirus pandemic, the American Institute of CPAs (AICPA) is providing recommendations for administrative, filing and payment ...

April 23, 2020 

The AICPA, after discussions with its coalition partners, and key banking leaders and stakeholders, is working to drive a common understanding and approach around the firm – lender relationship related to the implementation of the PPP.

April 22, 2020 

In addition, 68% of survey respondents reported applying for a Paycheck Protection Program loan before funding for the $350 billion program to help small businesses weather the COVID-19 crisis ran dry last week.

April 21, 2020 

The Senate passed $484 billion in new pandemic relief funds Tuesday to bolster a tapped-out small business aid program, pay for coronavirus testing and help hospitals deluged by sick patients.

April 20, 2020 

The effective dates of the SASs were for audits of private company financial statements for periods ending on or after December 15, 2020. The deferral means that effective dates now apply for periods ending on or after December 15, 2021.

April 20, 2020 

Their $1,200 payments will be issued soon and, in order to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law,

April 20, 2020 

The American Institute of CPAs (AICPA) has submitted seven recommendations to the Department of the Treasury and the Internal Revenue Service (IRS) calling for much needed clarity and guidance in how small businesses should apply certain employee ...

April 20, 2020 

The new Coronavirus Aid, Relief, and Economic Security (CARES) Act provides some much-needed relief for businesses hindered by a cap on business interest deductions. Icing on the cake: The tax changes are retroactive to 2019.

April 20, 2020 

The new sales tax obligation applies to marketplace facilitators with a physical presence in Georgia, and those with at least $100,000 in direct and indirect sales into the state. Georgia defines a “marketplace facilitator” as a person that ...