The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed in an administrative forbearance, which allows borrowers to temporarily stop making … Read More
Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board (FASB) has decided to give certain entities an extra year to make the changes, if they … Read More
Social media for business: Your time has come. That’s not to say it wasn’t important before but, during the novel coronavirus (COVID-19) pandemic, connecting with customers and prospects via a popular platform is essential to maintaining visibility, building goodwill and perhaps even generating a bit of revenue. What’s challenging is that the social media strategy … Read More
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under the PPP, and The income associated with the forgiveness is excluded from gross … Read More
Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion. However, some people are still waiting for … Read More
With the July 15 federal tax filing and payment deadline fast approaching, as part of its People First Initiative, the IRS has posted answers to FAQs on tax balances due and payment options. One question on the top of many taxpayers’ minds is: Will the IRS forgive tax debts? The answer: No. Any tax debts … Read More
Testimony by IRS Commissioner Charles Rettig before the Senate Finance Committee on June 30 included information on President Trump’s fiscal year 2021 IRS budget proposal. It includes $106 million to implement the Taxpayer First Act of 2019. It also provides for creation of a new IRS website that allows taxpayers to prepare, file and distribute … Read More
What are the latest audit targets of the IRS? IRS Commissioner Charles Rettig gave some clues in recent written testimony before the Senate Finance Committee. Rettig set out the following audit priorities: 1) Abusive tax shelters, particularly syndicated conservation easements and micro-captive insurance shelters; 2) Virtual currency; 3) Tax compliance among high-income taxpayers (generally those … Read More
Sustainability reports explain the impact of an organization’s activities on the economy, environment and society. During the novel coronavirus (COVID-19) pandemic, stakeholders continue to expect robust, transparent sustainability reports, with a stronger emphasis on the social and economic impacts of the company’s current operations than on environmental matters. Investors, lenders and even the public at … Read More
The IRS “Pseudonym Program” needs improvement, according to a report by the Treasury and Inspector General for Tax Administration (TIGTA). The program manages fictitious names used by IRS employees when taxpayer interaction may involve harassment, threats or assaults. As of Dec. 2018, 729 IRS employees had registered pseudonyms. Previous steps taken to control the program … Read More