Here’s Why the IRS Still Hasn’t Cashed Your Check

During the COVID-19 pandemic, the Internal Revenue Service (IRS) furloughed many of its employees or had them work from home to mitigate the spread of the virus. Many IRS offices remained shuttered for months, thus a backlog of millions of pieces of unopened mail, including IRS checks, accumulated in trailers set up outside IRS facilities.

Read More >>

How States are Reshaping Nexus Laws for Remote Employees Due to COVID-19

As more and more organizations make the decision that their staff members can work from home either permanently or on a long-term basis, they may need to take a closer look at how nexus laws will be addressed — especially as several state governments are beginning to address work-from-home employees in terms of nexus and on tax revenue.

Read More >>

Guidance Issued on Deferral of Payroll Taxes

For the period between September 1 and December 31, 2020, employers can opt out of withholding the 6.2% payroll tax that is the employee’s share of Social Security taxes. The deferral is only available to employees that earn less than the equivalent of an annual salary of $104,000. If the employer chooses to defer collection, the taxes would then be due no later than April 30, 2021.

Read More >>

Unique IRA Opportunities for 2020 as a Result of COVID-19

As hard as it has been financially for many individuals, the year has provided some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal IRA withdrawals and the decision whether to take advantage of the required minimum distribution suspension for 2020.

Read More >>

Why It’s Important to Keep and File IRS Notice 1444

The IRS is mailing all recipients of economic impact payments, commonly referred to as stimulus checks, a copy of Notice 1444 that provides information about the amount of their payment, how the payment was made and how to report any payment that wasn’t received.

Read More >>

Guidance on the PPP Loan Forgiveness Revised Forms

On June 16 and 17, 2020 the Small Business Administration (SBA) released revised loan forgiveness application forms and also provided additional guidance for a few provisions under the Paycheck Protection Program (PPP) loans. We believe further guidance may be forthcoming; however, the following information will be helpful as borrowers begin the process of applying for loan forgiveness.

Read More >>