Late September IRS Updates

Improperly Forgiven PPP Loans are Taxable The IRS has released guidance addressing improper forgiveness of Paycheck Protection Program (PPP) loans. When a PPP loan is forgiven based upon misrepresentations or omissions, the taxpayer is not eligible to exclude the forgiven loan proceeds from taxable income. Taxpayers who inappropriately received PPP loan forgiveness are encouraged to […]

IRS Updates September 13

Estimated Taxes Due 15 September The IRS reminds taxpayers who pay estimated taxes that the deadline for payment of their third quarter estimated taxes is September 15, 2022. Those who typically make quarterly estimated tax payments are the self-employed, investors, retirees, or those receiving income from dividends, interest, rental income, alimony and other sources not […]

Tax Updates Late September

Extension Deadline Approaching The IRS is reminding those taxpayers who filed an extension for their 2020 tax returns that they have until October 15, 2021 to file . Electronic and FreeFile options are still available. Those who are in a federally declared disaster area may have more time to file, thanks to the disaster relief […]

Tax Updates September 18

Third Quarter Tax Payments Due The IRS reminds taxpayers that those owing estimated quarterly tax payments must pay their third quarter installment by September 16 . This generally applies to small business owners and the self-employed, including those participating in the sharing economy as well as others whose earnings aren’t subject to withholding, such as […]

Paycheck Checkup for September

Tax Planning – Paycheck Checkup With the change of seasons and start of the traditional school year, it’s a good time to review your tax planning, and a Paycheck Checkup is an important part of that. What is a Paycheck Checkup? A Paycheck Checkup is a review of your tax withholding. Making sure the proper […]

Tax Updates September 1

IRS Waives Penalty Automatically More than 400,000 eligible taxpayers who were subject to a penalty for underestimated tax payments for the 2018 tax year will automatically receive the waiver, the IRS has announced . No action is required for eligible taxpayers to receive this waiver. Additionally, taxpayers who already paid the penalty will receive refunds. […]

IRS Updates Early September

IRS Updates Sep 13 Adjustments to Compliance Assurance Process (CAP) Announced The IRS has proposed changes to the Compliance Assurance Process (CAP), a pre-filing program to assist some of the largest taxpayers with compliance. Changes and reinforced rules include an October 1, 2018 opening date for applications, and taxpayers must submit a list of material […]