The IRS issued guidance last week on the 2020 payroll tax deferral, which was enacted by Executive Order by President Trump. Under the guidance (IRS Notice 2020-65, summarized below), employers are able to stop withholding Social Security taxes from employee paychecks from September 1 through December 31, 2020. ***At this time, I am recommending that...
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As it stands right now, PPP loan proceeds (and the related forgiven amount) are expressly excluded from income. However, the proceeds are technically taxable because the IRS has published guidance that disallows expenses paid with forgiven PPP proceeds. This seems to be against Congress’s intent for the program, and many members of Congress are upset...
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During the shutdown, the IRS generated more than 20 million notices of various types; however, due to the challenges of the ongoing pandemic, the IRS was unable to mail the notices in a timely manner. Therefore, some of them have due dates that have passed. For that reason, if you have received one of these notices...
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