If there is one word that can describe tax planning for a broad cross-section of America this year, it would be “hesitant.” Let me assure you it’s completely understandable – tax planning can mean spending money now to take advantage of a deduction, credit, or…
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On December 21, 2020, Congress passed the much anticipated COVID-19 relief legislation (Consolidated Appropriations Act, 2021 (“CAA, 2021”), sending the bill to President Donald Trump to sign. In CAA 2021, Congress delivered clarity to PPP loan borrowers in confirming that business expenses paid with the…
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On December 21, 2020, Congress passed the much anticipated COVID-19 relief legislation (Consolidated Appropriations Act, 2021 (“CAA, 2021”), sending the bill to President Donald Trump to sign. This relief bill provides for stimulus checks to be mailed to many Americans, a second round of Paycheck…
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For any employer that expected PPP loan proceeds to be “free money,” the IRS has essentially said – not so fast. In guidance issued on May 1, 2020, the IRS clarified that to the extent that an employer makes payments of expenses that result in…
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The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act includes two very important payroll tax provisions: an Employer Payroll Tax Delay and an Employee Retention Payroll Tax Credit. Employer Payroll Tax Deferral What it is: For the remainder of the year, employers may elect to…
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On Wednesday March 25, 2020, the IRS announced a new initiative focused on temporary relief for taxpayers with past due tax obligations, as well as those who are under audit or have matters pending before the IRS Office of Appeals. IRS Commissioner Chuck Rettig stated, “[The…
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The federal and Missouri state governments have announced consistent and simple automatic relief from the April 15, 2020, tax filing and payment deadlines. Federal Relief The IRS and the Department of Treasury recently announced that the federal income tax filing due date is automatically extended…
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