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Client Alert

IRS Guidance on Employee Retention Credit

December 11, 2020The Employee Retention Credit created under Section 2302 of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Since the adoption of the CARES Act, employers have expressed concern that if one employer acquires another employer that previously received a PPP loan, the acquirer’s entire aggregated group may no longer be eligible to claim the Employee Retention Credit.Client Alert

IRS Responds - Economic Impact Payments Do Not Belong to Nursing Homes or Care Facilities

June 17, 2020In response to the concerns that some nursing homes and care facilities have been taking patients economic impact payments (“EIP”) and claiming the EIP belongs to the facility, the IRS issued a reminder that the EIP does not belong to a nursing home or care facility even if that facility receives the individual’s payments, either directly or indirectly. The EIP does not count as income or a resource in determining an individual’s eligibility for Medicaid or other federal programs for a period of 12 months from when the EIP is received. What this means: an individual’s EIP does not have to be turned over by the benefit recipient.Client Alert

Economic Impact Payment is Not Taxable Income

May 12, 2020The IRS stated that the economic impact payments are not considered taxable income. Therefore, individuals will not owe tax on the amount of economic impact payment received.Client Alert

Did You Know that Certain Expenses May Not Be Deductible if You Received a PPP Loan?

May 1, 2020On April 30, 2020, the IRS issued a Notice stating that for Federal income tax purposes, certain expenses that would otherwise be deductible in a taxpayer’s trade or business may not be deductible if the taxpayer received a loan under the Paycheck Protection Program (“PPP”).Client Alert

UPDATE: Exempt Organizations Filing Deadline Extended Until July 15, 2020

April 13, 2020In a recent announcement, the IRS has expanded the deadline for any taxpayers, whether individuals, trusts, estates, corporations, and other non-corporate tax filers, where a filing or payment deadline falls on or after April 1, 2020 and before July 15, 2020. These taxpayers now have until July 15, 2020 to file and pay any federal income tax that is generally due on April 15. The IRS will not assess any late-filing penalty, late-payment penalty, or interest.Client Alert

New IRS Portal for Non-filing Taxpayers to Enter Payment Information & Receive Economic Impact Payments

April 13, 2020The IRS has created a portal for non-filers to enter payment information in order to receive the economic impact payments. This portal is for taxpayer’s who have gross income that does not exceed $12,200 if single and $24,400 if married filing jointly, or were not otherwise required, or plan, to file a tax return for 2019.Client Alert

IRS Grants Additional Extensions and Suspends Collection Activity

April 13, 2020More Extensions Granted for Filing Returns In addition to those previously announced, the IRS has granted extensions for filing of the following returns and payments of amounts due for any of the returns listed below due after April 1, 2020 and before July 15, 2020: Form 706 - Estate and Generation-Skipping Transfer Tax; Form 8971 – Information Regarding Beneficiaries Acquiring Property form a Decedent; Form 709 – United States Gift (and Generation-Skipping Transfer) Tax; Any Estate Tax payment due as a result of an election under sections 6166, 6161, and 6163; Form 990-T – Exempt Organization Business Income Tax; Form 990-PF – Return of Private Foundation or Section 4947 Trust; Form 4720 – Return of Certain Excise Taxes; and All estimated payments made on Form 990-W; 1040-ES, 1041-ES, 1120-W. (This is a change from the extension of only the first quarter estimate to include the June 15, 2020, estimate).Client Alert

IRS Provides Guidance for Payroll Tax Deferrals and Credits

April 13, 2020IRS Provides Guidance for Payroll Tax Deferrals and CreditsClient Alert

UPDATED: Impact Payment Breakdown: How Much Will I Get, When Will I Get It and What Do I Need to Do?

April 2, 2020UPDATED: The IRS announced that Social Security beneficiaries who are not typically required to file a tax return will not need to file a return to receive the economic impact payments. These payments will automatically be deposited into their bank accounts. This only applies to individuals receiving social security. Other individuals who typically do not file a tax return will still need to submit a return in order to receive the economic impact payment.Client Alert

UPDATE: U.S. Treasury Secretary Announces Extended Tax Season

March 20, 2020In a move for further relief for taxpayers, U.S. Treasury Secretary, Steve Mnuchin, has announced the April 15, 2020 filing deadline has been extended.Client Alert

IRS Announces Coronavirus Relief

March 19, 2020On March 18, the IRS released Notice 2020-17, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic which sets forth the scope of the relief being granted taxpayers.Client Alert

U.S. Treasury Secretary Announces Some Relief for Taxpayers Due to Coronavirus

March 18, 2020In an unprecedented move, U.S. Treasury Secretary, Steve Mnuchin, has announced some limited relief for taxpayers in light of the Coronavirus pandemic.Client Alert

IRS Issues Guidance Relating to High Deductible Health Plans and Coronavirus Testing

March 12, 2020In response to the Coronavirus/COVID-19 pandemic, the IRS has released guidance in Notice 2020-15 relating to the testing and treatment for individuals covered by a High Deductible Health Plan (HDHP).Client Alert

CLIENT ALERT: IRS Announces 401(k) and HSA Contribution Limits for 2020

November 6, 2019With 2020 just around the corner, the IRS announced important information for the upcoming year for both 401(k) Contributions and Health Saving Accounts (HSAs).Client Alert

CLIENT ALERT: Taxpayer Passport Application will be Denied Due to Unpaid Taxes

July 23, 2018In late 2015, Congress passed The Fixing America’s Surface Transportation Act (FAST) into law. This law allows the IRS and State Department to refuse to issue a Passport if the taxpayer has a seriously delinquent tax debt. The law also permits the IRS and State Department to revoke a taxpayer’s Passport for these same delinquent tax debts. To be considered a seriously delinquent tax debt, the tax debt must total more than $51,000.