COVID-19 Tax News

Has Covid-19 Changed the Way You Do Business?

Has Covid-19 Changed The Way You Do Business? You may be eligible for the Research and Experimentation Credit! By Kiersten Gaudet, CPA During a recent interview with former IRS Tax Commissioner Mark Everson, he stressed the importance of taking advantage of any short-term relief that may be available for both businesses and individual taxpayers. The…

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Salvaging Manufacturing Tax Benefits from New NOL Rules

Salvaging Manufacturing Tax Benefits from New NOL Rules Due to the COVID-19 pandemic, many small and mid-sized manufacturers expect to have significant net operating losses (NOLs) in 2020. What makes this prospect more discouraging is that some companies are still recovering from NOLs suffered in recent years. The Coronavirus Aid, Relief and Economic Security (CARES)…

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Avoid Personal Liability for Unpaid Federal Payroll Taxes

Unpaid Federal Payroll Taxes Will Result in Massive Penalties During the COVID-19 pandemic, some cash-strapped employers may fail to pay over federal income and employment taxes that were withheld from employee paychecks to the U.S. Treasury. In the eyes of the IRS, this is a major tax faux pas — punishable with a whopping 100%…

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Rules for NOL Carrybacks and QIP Change

CARES Act Changes Rules for NOL Carrybacks and QIP Consider these two favorable federal income tax rule changes included in the Coronavirus Aid, Relief and Economic Security (CARES) Act when deciding whether to take advantage of first-year depreciation breaks for assets placed in service this year. 1. NOL carrybacks The CARES Act allows net operating…

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IRS issues guidance on employee payroll tax deferral

IRS issues guidance on employee payroll tax deferral By: Anita Anand, JD, Director On August 8, President Trump issued a Presidential Memorandum directing the Secretary of the Treasury to use his authority to defer the withholding, deposit, and payment of employee payroll tax obligations starting September 1, 2020, through the end of the calendar year…

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