Tax

Did your 2019 Tax Return get rejected by the IRS?

This happened to one of my clients. In ordinary years ( “ordinary” hereinafter defined as “not 2020”) rejection of an otherwise-correct return usually means identity theft, but this year, we have another twist. If you called  the IRS to inquire about your stimulus check, the IRS systems show a return was filed with adjusted gross …

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PPP Guidance- What if a laid-off employee refuses to come back to work?

The SBA has issued clarification on this issue. Question: Will a borrower’s PPP loan forgiveness amount (pursuant to section 1106 of the CARES Act and SBA’s implementing rules and guidance) be reduced if the borrower laid off an employee, offered to rehire the same employee, but the employee declined the offer? Answer: No. As an …

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Overview of Cares Act sent to clients April 2, 2020

The CARES Act which was passed last week by Congress and signed by the President has a number of provisions that effect you and your business. I’ll try the summarize the most relevant and timely issues here. This is a broad overview – some may not be relevant to you/your business but I hope to …

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Filing date is now extended to July 15, but please note the following

Treasury Secretary Mnuchin announced this morning (March 20, 2020) that the filing date for 2019 individual tax returns has been moved to July 15, 2020. You will not incur penalty or interest if the return is filed and paid by then. It appears that C corporations for calendar year 2019 are included in this announcement. …

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Penalties and Interest

IRS Penalties and interest – The Very Basics for Individual Taxpayers     Interest is the easiest. For the past several years, the interest rate has been 3%, per annum, compounded daily, for both underpayments and overpayments.   There are three types of penalties most taxpayers will see: Underpayment of estimated tax Failure to file …

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