IRS Update on Economic Impact Payments
On March 17, the IRS, Treasury, and the Bureau of the Fiscal Service announced that they had disbursed approximately 90 million Economic Impact Payments (EIPs) from the American Rescue Plan. EIPs are ...
IRS Clarifies 2020 Unemployment Payment Treatment
On its website, the IRS has provided instructions on reporting 2020 unemployment compensation following the enactment of the American Rescue Plan Act.For taxpayers with modified adjusted gross income ...
SBA Introduces New PPP Loan Application Forms
The Small Business Administration has introduced new Paycheck Protection Program (PPP) loan application forms for borrowers that are Schedule C filers. These new applications reflect new rules that al...
Guidance on Employee Retention Credit for 2020
The IRS has issued guidance for employers claiming the COVID-19 employee retention credit under Act Sec. 2301 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ( P.L. 116-136), as ...
Alert on Improper DPAD Refund Claims
The IRS has issued an alert concerning amended returns and claims for the domestic production activities deduction (DPAD) under Code Sec. 199, which was repealed as part of the Tax Cuts and Jobs Act f...
Large Cash Transaction Reporting Reminder
The IRS has reminded businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000. Generally, any person in a trade or business who receives more than $10,000 in cash in ...
IRS Resources Available in Multiple Languages
The IRS has said that it continues its efforts to expand ways to communicate to taxpayers who prefer to get information in other languages. For the first time ever, the IRS has posted a Spanish langua...
2021 Foreign Housing Expense Amounts
The IRS has provided the foreign housing expense exclusion/deduction amounts for tax year 2021. Generally, a qualified individual whose entire tax year is within the applicable period is limited to ma...
NJ - Governor proposes middle-class tax relief
New Jersey Governor Phil Murphy has proposed the following personal income tax changes in his recommended budget for fiscal year 2022:expand the Veterans’ Property Tax Deduction to those who served ...
