If you have received an IRS notice requesting an amount due when you know you’ve already sent in a payment, don’t panic. The delay is on their end, where they haven’t cashed the checks or applied the payments. They’re asking to allow 90 days to complete this action.
If you took a Required Minimum Distribution (RMD) in 2020, you now have until August 31, 2020 to rollover any RMD that was received in 2020, according to the latest IRS Notice 2020-51.
A new application and instructions to apply for tax-free forgiveness of the new small business loans is now available. Released June 17, the Form 3508EZ and instructions allow eligible borrowers that meet certain criteria to take advantage of a simplified forgiveness application process, which eliminates the complicated forgiveness calculations previously required.
On June 4, 2020, the Paycheck Protection Program Flexibility Act that adjusts several PPP loan forgiveness provisions was signed into law. These changes clarified several questions that remained and could make loan forgiveness more attainable for certain business owners.
The much-anticipated PPP forgiveness application and related guidance have now been released. As many anticipated, the steps to securing forgiveness may be challenging. We break down the key components for you as you seek to apply this to your business.
One thing now clear from the PPP is that while the application process is primarily based on certifications made by the applicant, there will be significant oversight and scrutiny of many borrowers from the government, lenders, the public, and other third-parties. This is in addition to the government publishing the names and PPP loan amounts of borrowers and any current and future self-reporting requirements imposed on borrowers.
While many have flocked to the PPP loan due to its forgivable nature, a new IRS notice creates a challenge by making the forgiveness taxable. Read on to find out more and reach out to your SL advisor with any questions.
Deadlines for tax payments and state filings have been updated. First and second quarterly federal estimated tax payments are now both due July 15. Unsure of state deadlines? Read on for our comparative spreadsheet.
RMDs are suspended for 2020, including inherited IRAs as well as traditional IRAs of those over age 70½. We answer two of the most common questions we’ve received in this post.