March 15, 2024: This date may be the expiration of the statute of limitations for 2020 income tax returns if returns were filed without extension. Consider filing a protective claim for refund if you claimed the ERC and reduced the ERC-related wage deduction on your 2020 return (whether originally or an amended return). This proactive step [...]
The IRS has concerns about scams regarding employee retention credit (ERC) claims based on false and misleading public advertisements and scams targeting businesses. In early December, the IRS sent letters to 20,000 taxpayers advising them that their ERC claims were disallowed because the business either did not exist or did not have paid employees for [...]
For certain retail storefronts that were operationally shut down or restricted at their retail storefront by a COVID-19-related order or by an action imposed by Kansas, the COVID-19 Retail Storefront Property Tax Relief Act may be able to provide relief. The refunds, for property taxes or rent actually paid, are for tax years 2020 and [...]
The IRS has sent reminder notices for the upcoming due date for payments of deferred self-employment from 2020 tax returns. Payments of the deferred tax are due half by the end of 2021 and the remaining half by the end of 2022. Background: The CARES Act created a provision allowing employers, including household employers and [...]
In the recently issued Notice 2021-49 (August 4, 2021), the IRS provides guidance for employers claiming the Employee Retention Credit (ERC). Included in the IRS notice is guidance on the definition of related parties’ wages for purposes of claiming the ERC and whether the wages paid to shareholders and their spouses qualify for the credit. [...]
The SBA just informed lenders that the loan necessity review requirement for Paycheck Protection Program (PPP) loans of $2 million or more has been eliminated for both for-profit and not-for-profit borrowers. Additionally, borrowers are no longer required to submit a loan necessity questionnaire that had been previously requested by the SBA. Leading up to this, [...]
On the eve of the deadline, President Biden signed the Paycheck Protection Program (PPP) Extension Act of 2021. The deadline for loan applications for forgivable loans under the Paycheck Protection Program was initially set to expire on March 31, 2021. The extension provides an additional two months for borrowers to apply for first and second [...]
The IRS just announced that personal protective equipment will be treated as medical expenses if they were purchased primarily for the purpose of preventing the spread of COVID-19. Thus, masks, hand sanitizer, and sanitizing wipes used to help stop the spread of the Coronavirus can be deducted as medical expenses as long as the taxpayer’s [...]
This afternoon, Wednesday, March 10th, Congress passed legislation designed as another stimulus to help those in need as a result of the COVID-19 pandemic. The American Rescue Plan Act of 2021 is a $1.9 trillion economic stimulus package designed to provide additional relief to address the continued impact of COVID-19 on the economy, public health, [...]
States have been struggling with how to deal with telecommuters as a result of the COVID-19 pandemic. This is especially interesting for employers in one state when the employee works from home in a different state. For 2020, Kansas had a temporary rule that applied from March 13, 2020 through December 31, 2020 that allowed [...]