The IRS released guidance (Notice 2020-32) to explain that a taxpayer that receives a loan through the Paycheck Protection Program (PPP) is not permitted to deduct expenses that are normally deductible under the Code, to the extent the expenses were reimbursed by a PPP loan that was then forgiven. The PPP was created by Section [...]
The IRS will start recalling “certain employees in mission-critical functions” to agency offices starting Monday, though it is urging them to bring their own face masks and suggesting the employees can make them out of t-shirts or bandanas, according to an internal memo circulated Saturday by two lawmakers. Tony Reardon, who heads the National Treasury Employees [...]
Companies that are preparing to reopen in the coming weeks still need to be in "survival mode" if they want to outlast the impact of the coronavirus pandemic. That's according to Marilyn Landis, CEO of Basic Business Concepts, which provides CFO services to small companies. Landis spoke at the National Small Business Town Hall, a live webinar hosted by Inc. and the [...]
Under a recently enacted law, eligible small and midsize employers can claim two new refundable payroll tax credits, designed to reimburse them, dollar for dollar, for the cost of providing coronavirus-related leave to their employees. The relief was enacted under the Families First Coronavirus Response Act, P.L, 116-127, signed by President Donald Trump on March 18, [...]
Taxpayers who filed their 2019 tax return and are waiting for their refund can check their refund status by going to IRS.gov and clicking on Get Your Refund Status to access the Where's My Refund? tool. People can check the status of their tax return about 24 hours after the IRS acknowledges receipt of an electronically filed [...]
Even though many taxpayers were surprised to receive smaller refunds for the 2019 tax year, it is likely many still did not heed warnings about adjusting their withholding before the current tax filing season. According to this survey, 56 percent of ... Taxpayers are ill-informed about changes to the tax law that may impact them [...]
A new IRS question appears at the top of Schedule 1 to your 2019 Form 1040. It asks if you received, sold, sent, exchanged, or otherwise acquired any financial interest in any virtual currency at any time during the year. It is not asking for numbers or detail, although if you sold some, it should go [...]
Here’s how you can take control of your brain’s knee-jerk reactions to distressing situations, says psychology researcher Lisa Penney. This post is part of TED’s “How to Be a Better Human” series, each of which contains a piece of helpful advice from people in the TED community; browse through all the posts here. Question: When you’re under [...]
More than half of employees at businesses in the UK do not think their merits are being properly recognised. The survey by Gartner company Capterra found that almost all (94%) employees saw employee recognition as being key to retaining talent and that most (78%) found recognition to be a strong motivator. But only about 50% [...]
The Internal Revenue Service has provided relief to financial institutions that were expected to provide required minimum distribution (RMD) statements to IRA owners by Jan 31, 2020. Notice 2020-6 clarifies that if an RMD statement is provided for 2020 to an IRA owner who will turn age 70½ in 2020, the IRS will not consider [...]