by Rupinder | Oct 13, 2020 | Uncategorized
“The National Society of Accountants (NSA) appreciates the importance of PPP-related information for our members and their clients,” said NSA’s CEO John Rice. “While uncertainty still surrounds the program, NSA will continue to provide timely...
by Rupinder | Oct 13, 2020 | Uncategorized
The IRS, for the first time, is adding barcode technology to the CP14 and CP14 IA notices. “Starting this month, the CP14 and CP14 IA notices that inform taxpayers that they owe money on unpaid taxes and their payment options are now equipped with QR bar codes to help...
by Rupinder | Oct 11, 2020 | Uncategorized
Treasury and the White House are urging Congress to pass a stand-alone Paycheck Protection Program (PPP) bill as stimulus talks between the Trump administration and Democratic congressional leadership have stalled. “Now is the time for us to come together and...
by Rupinder | Oct 8, 2020 | Uncategorized
The U.S. Small Business Administration, in consultation with Treasury, unveiled late in the evening of October 8 a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. “The PPP has provided 5.2 million loans worth $525...
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...
