IRS Updates CARES Act Employee Retention Credits & Payroll Tax Deferrals FAQ

The IRS recently updated its frequently asked questions (FAQs) on the Employee Retention Credit (ERC) and payroll tax deferrals under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). These provisions encourage businesses to keep employees on their payroll during the COVID-19 global pandemic. Although the FAQs...

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Service Disallows Tax Deductions For Eligible PPP Expenditures

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Does someone who is deceased qualify for the Economic Impact Payment? 

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Effective Date for Employment Tax Credits

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...
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Key Takeaways from IRS' People First Initiative

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:
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High-deductible Health Plans Can Cover Coronavirus Costs

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).   

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Updated 2020 Inflation-Adjusted Items for Individuals’ Tax Planning

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...

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2020 Standard Mileage Rates Released

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...

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Small Farmers Can Revoke Election Out of Capitalization Rules

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...

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IRS Provides Procedures to Claim Fuel Credits


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...

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