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
Social Security and Medicare Taxes
2020 – 08/10 In an executive order, President Trump directed that Social Security and Medicare taxes be deferred from Sept. 1 through Dec. 31, 2020. There are still many questions that are unanswered about how this will work and there may be legal challenges. At this point, the taxes are just deferred, meaning they will…
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,…
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…
Choose the Right Financial Engagement for Your Business
Navigating financial reporting can feel overwhelming when terms like ‘audit,’ ‘review,’ or ‘agreed-upon procedures’ are thrown around. But choosing the right engagement for your business isn’t just about compliance—it’s about saving money, improving operations, and making informed decisions. Here’s what you need to know to pick the right service for your needs. Audits: The Gold…
Businesses considering incorporation should beware of the reasonable compensation conundrum
Small to midsize businesses have valid reasons for incorporating, not the least of which is putting that cool “Inc.” at the end of their names. Other reasons include separating owners’ personal assets from their business liabilities and offering stock options as an employee incentive. If you’re considering incorporation for your company, however, it’s essential to…
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…
