The cost of home testing for COVID-19 and personal protective equipment considered medical expenses within meaning of Code Sec. 213(d) are eligible to be paid or reimbursed under various FSAs, HRAs, and HSAs. This means these costs can be paid or reimbursed by the...
How Much Can Taxpayers Rely on IRS? Acting IRS Chief Counsel William M. Paul said at the NYU conference recently, "IRS is comfortable with the view that if a taxpayer relies in good faith on an FAQ and that reliance is reasonable under all the facts and circumstances,...
The IRS is resuming certain collection and enforcement processes that were suspended since April 2020 due to the coronavirus pandemic. On June 15, 2021, the IRS began following up with taxpayers who have failed to respond to prior balance due notices. Balance due...
A significant portion of a company’s tax entanglements often involves employee misclassification. Although employers are sometimes not up to date on changes to employment law, by avoiding employee withholding taxes for some or all of their workers, many seek to keep...
IRS Defines Restaurant to Qualify for 2021-2011 100% Food & Beverage Deduction: See, Notice 2021-25, 2021-17 IRB; IR 2021-79, 4/8/2021 IRS Updates FAQ on Second Economic Impact Payments for example if it was lost, stolen, or you didn't receive...
Employers to Defer WH Tax DEPOSITS(Notice 2020-65, 2020-38 IRB 1). Employees who earned less than $4,000 in wages every two weeks between 9/1/20 and 12/31/20 are able to use this deferral. With this deferral, the employer is required to pay all applicable taxes...
IRS Small Business/Self-Employed Division (SB/SE) temporarily modifies levy procedures for Paycheck Protection Program loans whereby employees are to (1) if the taxpayer secured a PPP loan, the amount; and (2) where and when the funds were deposited. Further, SB/SE...
Recent COVID tax legislation has led to changes in the 1040 and 1040-SR instructions for the 2020 tax year. The new draft has recently been released by the IRS, incorporating the changes from the CAA, 2021. Among the changes is new information regarding the handling...
MAILBOX RULE For COVID & Beyond? According to the IRS, with the July 15 filing and tax returns possibly sitting in mail facilities for several days because of COVID-19, by following IRC §7502 Mailbox Rule, a return will be treated as filed on the date of the...
In recent months, the United States has come up with a number of solutions to help taxpayers and corporations keep their heads above water. With tens of millions of families losing their stream of income and businesses shut down, the revenue stream is at a critical...
