Category Archives: Tax

The AICPA issued a Technical Q&A (Section 3200) in coordination with the Chief Accountant of the SEC on the treatment of forgivable loans received under the Small Business Administration (SBA) Paycheck Protection Program. The treatment of Paycheck Protection Program (PPP) loans has caused confusion in both the for-profit community and nonprofit community. The FASB is […]

It seems IRS has been issuing guidance of late at a rapid pace. The PPP loan program has attracted inordinate media attention. The goal of keeping American payrolls up and running has now been funded with two-thirds of a trillion dollars. Much has been written about viable, solvent, and even deep-pocketed entities collecting PPP dough […]

With the Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted into law, Treasury is issuing clarifying guidance at a fast and furious pace. Many practitioners are aware that the Setting Every Community Up for Retirement Enhancement (SECURE) Act, with a few exceptions, eliminated the option for beneficiaries to stretch distributions over their life expectancies […]

Perhaps no single topic has dominated the tax news of late more than the government’s extensive efforts to provide relief to small businesses devastated by the COVID-19 pandemic. The Paycheck Protection Program (PPP) provides up to 349 billion dollars to small businesses (with up to 500 employees) to primarily pay up to eight weeks of […]

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748, hereinafter “the Act”) was enacted into law on March 27, 2020. It contains many tax provisions which will impact your practice immediately. This post highlights the major tax law changes contained in the Act. QIP Fix As you know, Qualified Improvement Property should […]

Tax Day has been moved from April 15th to July 15th by Notice 2020-18 which issued on March 20, 2020. July 15th is the deadline for both filing returns and paying income tax. Contrary to a previous Notice, there is no limit on the amount that can be deferred to July 15th without interest or […]

On March 18, 2020, Notice 2020-17 issued and gave taxpayers more certainty as to filing and payment information for this season’s returns. As reported in my post of March 18, 2020, the filing deadline of April 15th remains in place. The payment deadline is extended to July 15th (which is 91 days from April 15th, […]

Treasury Secretary Steven Mnuchin stated at a press conference on March 17, 2020 that the payment deadline would be extended 90 days from April 15, 2020. His comments did not alter the Form 1040 filing deadline of April 15, 2020. Individuals can defer up to $1M, and corporations are able to defer up to $10M […]

The IRS recently announced it was expanding aid to taxpayers indebted to federal or private student loans for attendance at both non-profit and for-profit schools. Rev Proc 2020-11 issued January 15, 2020, and it provides safe harbor relief against income recognition after loan discharge for the following three specific situations. Any taxpayer whose private student […]

By: Rachel Parsia, CPA and Nick Spoltore, Esq. It is that dreaded time of the year. The holidays are over. No longer is it socially acceptable to wake up and eat a plate of candy and cookies for breakfast. Even worse, busy season is looming just around the corner. But fear not, there is one […]