2020 – 09/23 In an announcement, the IRS stated that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act shouldn’t file Form 1099-C, “Cancellation of Debt” with the IRS or provide a payee statement to the eligible recipient as a result of the qualifying forgiveness. Filing such information returns with the IRS could result in the issuance of under-reporter notices (IRS Letter CP2000) to eligible recipients, and the furnishing of such payee statements to eligible recipients could cause confusion. For additional information, see Announcement 2020-12:
Similar Posts
Take a fresh look at your company’s brand
2020 – 08/19 A strong, discernible brand is important for every business. Even a company that never undertakes a formal branding effort will, over time, establish a brand through its communications with customers and interactions with the public. For this reason, it’s a good idea to regularly take a fresh look at your brand and…
2020 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Thursday,…
Records Destroyed in a Disaster?
2020 – 09/29 Have some of your records been destroyed in a disaster? Records can help people prove their disaster-related losses. Past financial statements can be recovered from credit card companies or banks. Homeowners can get property-related documents by contacting their title or escrow companies, or the lender that handled their home purchase. Also, taxpayers…
Do You Have a Financial Safety Plan?
2020 – 08/13 A disaster can strike at any time whether it strikes your home, your city or a much bigger area. That’s why the IRS is encouraging taxpayers to think ahead and prepare. This may include developing an evacuation plan, assembling kit of essential supplies and putting financial safety measures in place. Here are…
Deductions: Estates and Trusts
2020 – 09/22 Final guidance is available for decedent’s estates and non-grantor trusts on the treatment of certain deductions. The Tax Cuts and Jobs Act prohibits individuals, estates and non-grantor trusts from claiming miscellaneous itemized deductions for tax years after 2017 and before 2026. The final regulations clarify deductions that don’t fall under that heading,…
Does Your Vehicle Qualify for a Tax Credit?
2020 – 09/29 New vehicles are now available for a tax break. On its website, the IRS has added several 2021 model year Honda and Volvo vehicles to the list of vehicles eligible for the plug-in electric drive motor vehicle tax credit. The tax code provides a credit to the purchaser of a qualified plug-in…
