by Rupinder | Oct 8, 2020 | Uncategorized
The IRS is temporarily allowing taxpayers to fax the required separate copy of Form 8886, Reportable Transaction Disclosure Statement with the Office of Tax Shelter Analysis (OTSA). “The IRS will accept the separate OTSA copy of the initial year filing of Form 8886...
by Rupinder | Oct 7, 2020 | Uncategorized
The U.S. Small Business Administration (SBA), in consultation with Treasury, released updated FAQs for the Paycheck Protection Program (PPP) late in the evening on October 7. The sub-regulatory guidance is intended for both lenders and borrowers participating in the...
by Rupinder | Oct 7, 2020 | Uncategorized
The IRS continues to work through its mail backlog, which consists of over 5 million unopened items, according to IRS Commissioner Charles “Chuck” Rettig. Notably, there are an estimated 2.5 million unopened paper income tax returns included within the backlog. “We...
by Rupinder | Oct 2, 2020 | Uncategorized
The U.S. Small Business Administration (SBA) is expected to begin processing and issuing forgiveness for some Paycheck Protection Program (PPP) loans next week, according to a Treasury spokesperson. The announcement comes on the heels of a multitude of criticisms from...
by Rupinder | Oct 1, 2020 | Uncategorized
Treasury and the IRS, on the evening of October 1, 2020, issued final regulations for Achieving a Better Life Experience (ABLE) Accounts. ABLE Accounts ABLE accounts, enacted in 2014 under the ABLE Act (P.L. 113-295), serve to assist individuals with disabilities and...
by Rupinder | Sep 28, 2020 | Uncategorized
The National Society of Accountants (NSA) is pleased to report that its seminar, “Other Income: Taxable or Not” was the single most highly attended out of 30 seminars at the 2020 IRS Nationwide Tax Forum. According to information provided to NSA by the IRS, a total of...
