BLog-News-updates
Accounting News
AICPA Issued Technical Question and Answer regarding Appropriate Accounting for PPP
In June 2020, AICPA and FASB worked together to answer stakeholder’s questions regarding how PPP should be accounted for in accordance with GAAP. The official Technical Q&A (TQA) can be found in the link below:...
IRS reminder: Deadline postponed to July 15 for those who pay estimated taxes
WASHINGTON – The Internal Revenue Service reminds taxpayers that estimated tax payments for tax year 2020, originally due April 15 and June 15, are now due July 15. This means that any individual or corporation that has a quarterly estimated tax payment due has until...
Final Rule on Safe Harbor for Department of Labor (DOL) Electronic Disclosure Documents for Retirement Plans
The DOL issued a final rule on May 21, 2020 that establishes a new, voluntary safe harbor for retirement plan administrators who want to use electronic media, as a default, to furnish covered documents to covered individuals. Retirement plan administrators who...
Economic Impact Payment FAQs Include Rules On When Payments Must Be Returned
The IRS has answered more frequently asked questions (FAQs) about economic impact payments (EIPs) on its website, including rules on when and how EIPs must be returned to IRS. . Background. As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act),...
IRS: Three New Credits Available to Many Businesses Hit By COVID-19
WASHINGTON — The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them. Employee Retention Credit: The employee retention credit is designed to encourage businesses to keep employees on their payroll....
June 4 New Deadline for Taxpayer Response to IRS Micro-Captive Insurance Letter
In a statement, the IRS has automatically extended the due date of responses to IRS Letter 6336 from May 4, 2020 to June 4, 2020. Background. The IRS has concluded that certain micro-captive insurance company transactions had the potential for tax avoidance and...
Employee Retention Credit Available If PPP Loan Paid Back
On its website, the IRS has clarified that Paycheck Protection Program (PPP) loan recipients that pay back the loan by May 7 (potentially May 14) can be eligible for the employee retention credit. Background—employee retention credit. The Coronavirus Aid, Relief, and...
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...