Tyler Jones

Understanding the Paycheck Protection Program Loan Forgiveness Application

Business, Coronavirus / COVID-19, Taxation

On a May 15, 2020, the Small Business Association (“SBA”) provided its first draft of the Paycheck Protection Program loan forgiveness application (“Loan Forgiveness Application”). Although there will be a great deal of work to do in order to unpack everything in the application from a legal and accounting perspective, it is helpful to take […]


Taylie Riddle

IRS Issues Notice 2020-23 Providing More Relief for Taxpayers Due to Coronavirus Pandemic

Coronavirus / COVID-19, Taxation

The Treasury Department has issued Notice 2020-23, an update to Notice 2020-18 (and Notice 2020-20) which provided additional relief for taxpayers affected by the ongoing Coronavirus Pandemic. The Notice provides an explicit list of Federal tax payment obligations and Federal Tax or other Form filing obligations due dates that will be given automatic extension. Under […]


Taylie Riddle

COVID-19: CARES Act and Retirement Relief

Coronavirus / COVID-19, Estate Planning and Probate, Taxation

The Coronavirus, Aid, Relief, and Economic Security (CARES) Act provides relief to those affected by the pandemic.  This blog post will focus on the provisions solely affecting retirement plans. Hardship Distributions:  The Act allows individuals affected by the virus to take early withdrawals of up to $100,000 from their retirement plans or IRAs, without incurring […]


Taylie Riddle

COVID-19: IRS Postpones Filing and Payment Due Date for Taxpayers with April 15, 2020 Deadlines

Coronavirus / COVID-19, Estate Planning and Probate, Taxation

The IRS has issued Notice 2020-18 expanding tax filing and tax payment relief for taxpayers due to the Coronavirus pandemic. Who qualifies?  Any “person,” which includes an individual, trust, estate, partnership, association, company, or corporation under IRC §7701(a)(1), with a federal income tax payment or a federal income tax return due on April 15, 2020, […]


Tyler Jones

199A Treasury Regulations

Taxation

IRS Issues Regulations on 20% Pass-Through Deduction On August 9, 2018, the IRS issued proposed Treasury Regulations to provide administrative guidance on one of the more drastic changes to the Internal Revenue Code contained in the Tax Cuts and Jobs Act, which was passed at the end of last year. Specifically, the newly proposed Treasury […]


Laura Hoexter

Newman’s Own Scores a Win

Taxation

Newman’s Own Foundation, which has donated over $500 million to charities over 35 years, has been fighting to change the law that requires private foundations to divest themselves of certain investments. Private foundations are prohibited from owning “excess business holdings” (IRC Section 4943). An “excess business holding” is an ownership interest of more than 20% […]


Tyler Jones

Passport Revocation for Seriously Delinquent Tax Debt

Taxation

In 2015, Congress passed the Fixing America’s Surface Transportation (FAST) Act, which requires the State Department to deny an individual’s passport application and revoke or limit an individual’s passport if the IRS has certified to the State Department that the individual has a “seriously delinquent tax debt.” After several years of non-enforcement, the IRS appears […]


Laura Hoexter

Preventing Tax Scams

Taxation

Despite its additional diligence, this year the IRS is predicting that we will see the highest rate of tax scams, from aggressive calls “from the IRS” asking for payment to third parties stealing your identity and filing tax returns in your name. Knowing what to look for and taking a few precautions will help you avoid these scams.