Taxes

March 7, 2021 

President Joe Biden’s signature $1.9 trillion Covid-19 relief bill passed the Senate 50-49 on Saturday following a more than 25-hour marathon of amendment votes completed after Democrats settled an intra-party dispute over unemployment aid.

March 5, 2021 

The closing letter is issued to an executor of a decedent’s estate for which a Form 706, U.S. Estate (and Generation-Skipping Transfer) Tax Return, or Form 706-NA, United States Estate (and Generation-Skipping Transfer) Tax Return ...

March 4, 2021 

In a letter to the Department of the Treasury and the Internal Revenue Service (IRS), the American Institute of CPAs (AICPA) called for the extension of the filing and payment deadline for the 2020 tax year until June 15, 2021.

March 4, 2021 

Following the submission of AICPA’s recommendations, the IRS released guidance on the ERC. However, the guidance failed to clarify whether wages paid to S corporation owners and their actively employed spouses qualify for the ERC if all other ...

March 3, 2021 

As you gear up for tax season, it’s also a good idea to assess your strengths and weaknesses organizationally. This year, perhaps to a greater degree than ever, I predict the demand for strong, experienced finance leaders who can navigate the C-suite...

Jodi Chavez

March 2, 2021 

For 2020, the employee retention credit can be claimed by employers who paid qualified wages after March 12, 2020, and before January 1, 2021, and who experienced a full or partial suspension of their operations or a significant decline in gross receipts.

March 2, 2021 

The Internal Revenue Service says that interest rates will remain the same for the calendar quarter beginning April 1, 2021. The rates will be: 3% for overpayments [2%t in the case of a corporation]; 0.5%for the portion of a corporate overpayment exceeding $10,000; 3% for underpayments; and 5% for large corporate underpayments. Under the Internal...…

March 2, 2021 

The American Institute of CPAs (AICPA) has called upon Congress to extend the Paycheck Protection Program’s (PPP) March 31 loan application deadline. AICPA believes that Congress can still support small businesses and non-profits by ...

March 2, 2021 

The pandemic has impacted many influential tax rules. At the same time, the new presidential administration has implemented additional changes, making tax planning even more challenging.

March 2, 2021 

In a letter sent earlier last month, the AICPA called attention to the hardship that millions of taxpayers and tax practitioners are facing while making good faith efforts to comply with their tax obligations. The AICPA called for relief from ...

March 2, 2021 

"Firms are facing an urgent need for much more comprehensive supervision of the broadest possible array of digital communications and collaboration tools," continued Marsh. "Regulators have made it clear that failure to do so will trigger significant..."

March 2, 2021 

To help businesses prepare and file reports, the IRS created a video on How to Complete Form 8300 – Part I, Part II. The short video points out sections of Form 8300 for which the IRS commonly finds mistakes and explains how to accurately complete ...