Tax Preparation

July 28, 2020

IRS issues FAQs on taxation of payments and loans from Coronavirus Relief Fund

On its website, the IRS has issued two FAQs regarding the taxation of payments and loans from the Coronavirus Relief Fund that was established by the […]
August 26, 2020

IRS Sent Incorrect Form 941 Failure-to-Deposit Notice

On its website, IRS has announced that it recently sent, in error, notices stating that there was a failure-to-deposit penalty applicable to Form 941, to employers that […]
September 7, 2020

Risks vs. Benefits of Life Insurance Loans

Because of the economic downturn triggered by the COVID-19 crisis, many people have found themselves in need of cash to pay unexpected medical bills, mortgage payments […]
September 24, 2020

IRS Says No Information Returns When PPP Loans Are Forgiven Under CARES Act

The IRS has announced that lenders who make Paycheck Protection Program (PPP) loans that are later forgiven under the Coronavirus Aid, Relief, and Economic Security Act (CARES […]