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Errors by partnerships in reporting partners’ tax capital accounts under new rules for 2020 may be excused, the Internal Revenue Service outlined.
Source: JOA News
Read More here – Partner capital account reporting gets transition penalty relief
The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.
Source: Tax News
Read More here – IRS explains extended payroll tax due dates
The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.
Source: JOA News
Read More here – IRS explains extended payroll tax due dates
The SBA and Treasury released updated Paycheck Protection Program loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less.
Source: JOA News
Read More here – Updated PPP loan forgiveness applications and rules unveiled
The AICPA asked the IRS and Treasury to clarify that the filing of a Paycheck Protection Program loan forgiveness application is not an election by the taxpayer to forgo the employee retention credit for wages reported on the application exceeding the amount of wages necessary for loan forgiveness.
Source: Tax News
Read More here – Taxpayers need clarity on coordination of ERC and PPP loans
The AICPA asked the IRS and Treasury to clarify that the filing of a Paycheck Protection Program loan forgiveness application is not an election by the taxpayer to forgo the employee retention credit for wages reported on the application exceeding the amount of wages necessary for loan forgiveness.
Source: JOA News
Read More here – Taxpayers need clarity on coordination of ERC and PPP loans
The SBA and Treasury issued guidance addressing how Paycheck Protection Program borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans — and what documentation should be provided to support those calculations.
Source: JOA News
Read More here – PPP calculations guidance released
The IRS announced that it will start accepting 2020 tax returns on Feb. 12, a later date than usual. The delay stems from programming changes needed to account for year-end tax legislation.
Source: Tax News
Read More here – Tax filing season to start Feb. 12, IRS announces
The IRS announced that it will start accepting 2020 tax returns on Feb. 12, a later date than usual. The delay stems from programming changes needed to account for year-end tax legislation.
Source: JOA News
Read More here – Tax filing season to start Feb. 12, IRS announces
Licensed CPAs can apply for individual .cpa domains beginning Jan. 15, the AICPA announced. Thousands of firms and approved organizations applied for the top-level domain during their application window, which was open from Sept. 1.
Source: JOA News
Read More here – Individual CPAs can apply for .cpa web domain Friday
