Summary: Paycheck Protection Program (PPP) Expenditures Under the CARES Act
Today, the IRS updated their Economic Impact Payment (EIP) eligibility and general information to address that deceased individuals and non-resident aliens would not qualify for the EIP. The guidance also provided instructions on how non-qualifying payments should be returned.
Under the Families First Coronavirus Response Act
Notice 2020-21
I. PURPOSE This notice provides that the tax credits for qualified sick leave wages and qualified family leave wages required to be paid by the Families First Coronavirus Response Act will apply to wages paid for the period beginning on April 1, 2020, and ending on December...
While the stimulus bill is still going through congress, the IRS has acted on its own to modify collections of past due tax balances. The projected effective dates will run from April 1 through July 15.
Below are the highlights of the People First Initiative:
The Internal Revenue Service today advised that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA).
The IRS released the inflation-adjusted items for 2020 for various provisions of the Internal Revenue Code. Read on for highlights on the updated 2020 amounts as well as the respective 2019 figures for comparison (skip to the end for 2019 and 2020 federal income tax rates). Rates that stayed the same from 2019 to 2020 are not included in the...
The IRS has released the optional standard mileage rates for 2020. Most taxpayers may use these rates to compute deductible costs of operating vehicles for business, medical, and charitable purposes.
2020 Standard Mileage RatesTaxpayers may use the standard mileage rates, instead of their actual expenses, to calculate certain deductions. The...
The IRS will allow a farmer that is exempt from the uniform capitalization (UNICAP) rules by reason of having average annual gross receipts of $25 million or less to revoke a prior election out of the UNICAP rules made under Code Sec. 263A(d)(3) with respect to pre-productive plant expenditures. The guidance also explains how a farmer may...
Summary
The IRS has provided a process for eligible taxpayers to make a one-time claim for the credits and payments allowed under Code Secs. 6426(c), 6426(d) and 6427(e) for biodiesel (including renewable diesel) mixtures and alternative fuel sold or used during calendar years 2018 and 2019. These credits had expired after 2017 but were...
The IRS has released Publication 5382, "Internal Revenue Service Progress Update / Fiscal Year 2019—Putting Taxpayers First." This new annual report describes accomplishments across the agency and highlights the work of IRS employees during the past year. It covers a variety of taxpayer service efforts, including development of the...
