A quarterly magazine from the National Association of Enrolled Agents
Winter 2024 vol.42 no.4
Important Tax News You Can Use
Tax News Briefs

Important Tax News You Can Use

Penalty Relief for 2019 and 2020 Tax Returns The Internal Revenue Service (IRS) is providing relief for taxpayers from certain failure-to-file penalties with respect to tax returns for the ... TheTaxBook

Nov/Dec 2022, Tax News Briefs, foreign, penalty, relief, COVID-19, PPP, SECURE Act, Form 1040, §6651(a)(1), Form 5471, Form 3520, Form 3520-A, RMD, Form 1040-NR, Form 1040-SS, Form 1040-PR, Form 1040-SR, Form 1040-C, Form 1041, Form 1041-N, Form 1040-QFT, Form 1120, Form 1120-C, Form 1120-F, Form 1066, Foem 990-PF, Form 990-T, international information returns, IIR, Form 5472, §6698(a)(2), §6698(a)(1), §6699(a)(2), §6699(a)(1), §6721(a)(2)(A), Setting Every Community Up for Retirement Enhancement Act, livestock, drought, Notice 2006-82, Notice 2022-43
The ERTC Means Big Dollars for Small Businesses, and It Is Not Too Late
Capitol Corner

The ERTC Means Big Dollars for Small Businesses, and It Is Not Too Late

As small business owners and individuals alike now pass the two-year mark of when their lives were first upended by COVID-19 shutting down the world and their livelihoods, many fraught mo... Thad Inge and Claire Nevill

May/June 2022, Capitol Corner, relief, Coronavirus Aid, CARES Act, PPP, American Rescue Plan Act, Consolidated Appropriations Act, Infrastructure Investment and Jobs Act, Emergency Economic Injury Disaster Loan, EIDL, employee retention tax credit, ERTC, small business
IRS Clarifies Timing of Paycheck Protection Program Loan Forgiveness Basis Increase
Preparation

IRS Clarifies Timing of Paycheck Protection Program Loan Forgiveness Basis Increase

The Internal Revenue Service (IRS) released three new revenue procedures last month clarifying Paycheck Protection Program (PPP) loan and other federal COVID-19 grant tax-exempt income recognition, expense deductions paid with COV... Jane Ryder, EA, CPA

Jan/Feb 2022, Preparation, s corporation, partnership, COVID-19, PPP, Paycheck Protection Program, SBA loans, Schedule K-1, Form 1065, net operating loss, NOL, COVIDTRA, COVID-related Tax Relief Act of 2020, tax-exempt income, loans, Rev. Proc. 2021-49, Emergency Economic Injury Disaster Loan, EIDL, SBA 7(a) loans, Rev. Proc. 2021-50, SBA Community Advantage loans, SBA microloan, Restaurant Revitalization grants, subsidiary member, Bipartisan Budget Act of 2015, carryback, pass-through
2021 Employee Retention Credit Overview
Tax News Briefs

2021 Employee Retention Credit Overview

Employee Retention Credit Guidance for First and Second Quarters of 2021 The Internal Revenue Service (IRS) has now released guidance to address changes made by the Consolidated Appropriations Act, 2021, for... TheTaxBook

Nov/Dec 2021, Tax News Briefs, business, Internal Revenue Code, CARES Act, PPP, Social Security, Paycheck Protection Program, Medicare, American Rescue Plan Act, Consolidated Appropriations Act, Form 941, employee retention credit, Notice 2021-23, wages, §3121(a), §3231(e), grant
Recent Developments in Employment Tax Controversies
Feature Article

Recent Developments in Employment Tax Controversies

THE INTERNAL REVENUE CODE (IRC OR THE CODE) IS CHOCK-FULL of laws employers must follow. They are required to collect and remit taxes withheld from employee wages, including federal income tax and taxes under the Federal Insurance Contributions Act (FICA), which ... Marcus E. Dyer, CPA

Sept/Oct 2020, Feature Article, criminal, COVID-19, CARES Act, FICA, PPP, noncompliance, employment tax