CARES Act

New regulations to help employers reconcile any advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary, in line with the CARES Act and the Families First Act.

IRS Commissioner Chuck Rettig expressed his appreciation to tax professionals Tuesday for their cooperation during the extended tax season that was prolonged by the novel coronavirus pandemic and pledged to deliver any future stimulus payments approved by Congress.

Firms may want to trade short-term cash for long-term goodwill.

The speed and scale of the Paycheck Protection Program made it particularly susceptible to fraud, explains Juliette Gust, a forensic accountant and founder of Ethics Suite -- and that means businesses need to take steps to protect themselves.

Over a hundred members of Congress are asking the service to resolve a number of issues preventing the remaining Economic Impact Payments from going out.

A study has found that the last batch of stimulus checks arrived at wealthier, White households more quickly than to those of Blacks and Hispanics.

The Internal Revenue Service said Wednesday it has begun to send letters to taxpayers who are seeing delays in the processing of their Form 7200, Advance Payment of Employer Credits Due to COVID-19.

Even the extra time to file hasn’t been enough for some businesses struggling to pay the government as the pandemic threatens to worsen.

The tax deadline is coming Wednesday after tax season was extended by three months to give taxpayers and preparers more time to deal with the novel coronavirus pandemic, but many of them will be dealing with extensions and amended returns in the months ahead.

Meanwhile, the AICPA is working to come up with a uniform approach for the applications.

The Internal Revenue Service and the Treasury Department released proposed regulations and temporary regulations to offer guidance for consolidated groups on net operating losses in the wake of changes under both the Tax Cuts and Jobs Act of 2017 and the CARES Act.

The Trump administration released details of almost 4.9 million loans to businesses – from sole proprietors to restaurant and hotel chains – under the federal government’s largest coronavirus relief program so far, the $669 billion Paycheck Protection Program.

The House gave final last-minute congressional approval Wednesday to extending the popular loan program for small businesses until Aug. 8, hours after the deadline for applications lapsed with more than $130 billion still available.

Cost segregation can be more complex than you think, depending on who owns the asset, how the property reports revenue, the nature of repairs and improvements made, and the depreciation time frame desired.

The IRS still hasn’t found everyone who is due a $1,200 stimulus check from the government, and locating everyone eligible for the payments will be key for any additional pandemic relief Congress may pass later this year.

The Senate has passed an extension of the popular Paycheck Protection Program for small businesses, which was set to close down Tuesday night with more than $130 billion in funding left over.

As small businesses in different parts of the country reopen in the midst of the novel coronavirus pandemic, they are beginning to increase the number of hours worked by their employees, according to payroll giant Paychex, although spikes in the virus are threatening to set back those gains.

National Taxpayer Advocate Erin Collins released her first report to Congress Monday, discussing some of the difficulties confronting taxpayers and the IRS during the COVID-19 pandemic.

The head of a federal watchdog agency had some direct experience with the shortcomings of one of the coronavirus stimulus programs — a check from the IRS made out to his late mother.

The extension also applies to Americans living abroad who would otherwise generally have had a filing deadline of June 15.