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Accounting News
IRS Releases Guidance Related to Loans Received and Forgiven from the Paycheck Protection Program
The IRS provided guidance regarding whether taxpayers receiving loans under the Paycheck Protection Program (PPP) may deduct otherwise deductible expenses. The Coronavirus Aid, Relief, and Economic Security (CARES) Act did not address whether generally allowable...
Common Errors to Avoid When Filing for Advance Payment of Employer Credits Due to COVID-19
Employers who are filing Form 7200, Advance Payment of Employer Credits Due to COVID-19 should read the instructions carefully and take their time when completing this form to avoid mistakes. Using a reputable tax preparer – including certified public accountants,...
Latest NAIC Updates Surrounding COVID-19
Allison Johnson, CPA, is an Audit Manager specializing in the insurance industry. She is the Education and NAIC Update Specialist...
The LIBOR Phase-Out: LIBOR vs. SOFR
Corinne Gustafson is an audit intern at Larson & Company. She has done an in-depth study on cybersecurity issues relating to...
CARES Act Makes Retroactive Corrections to the Excess Business Loss Deferral Limits from 2017 Tax Law
Deferral of the excess business loss limits. The Tax Cuts and Jobs Act (the 2017 Tax Law) provided that net tax losses from active businesses in excess of an inflation-adjusted $500,000 for joint filers, or an inflation-adjusted $250,000 for other covered taxpayers,...
Taxpayers Should Be Aware of Coronavirus-Related Scams
Taxpayers should be on the lookout for IRS impersonation calls, texts and email phishing attempts about the coronavirus or COVID-19 Economic Impact Payments. These scams can lead to tax-related fraud and identity theft. Here’s what taxpayers should know: The IRS will...
Treasury and IRS Announce Applications for Economic Impact Payment through Get My Payment
Treasury, IRS unveil online application to help with Economic Impact Payments; Get My Payment allows people to provide direct deposit information and gives payment date WASHINGTON – Working with the Treasury Department, the Internal Revenue Service today unveiled the...
REMINDER: Schedule and pay federal taxes electronically due by July 15
Only a few hours remaining for taxpayers to reschedule payments set for April 15 WASHINGTON – The Internal Revenue Service reminds taxpayers they have several options to schedule and pay federal taxes electronically that are due on July 15. Taxpayers with payments...