The Tax Professionals Blog
Summary of the Paycheck Protection Program Flexibility Act of 2020
Posted by Lee Reams Sr., BSME, EA on
On June 5, 2020, the President signed the Paycheck Protection Program Flexibility Act of 2020. The legislation liberalizes the qualifications for forgiveness.
Filing, Payment & Actions Deadlines for 2019 Tax Returns
Posted by Lee Reams Sr., BSME, EA on
On March 18, 2020, the IRS issued Notice 2020-17 which postponed the due date for certain Federal income tax payments from April 15, 2020 until July 15, 2020. Since then the IRS issued Notice 2020-18 which effectively supersedes Notice 2020-17
Families First Coronavirus Response Act
Posted by Lee Reams Sr., BSME, EA on
H.R. 6201, the Families First Coronavirus Response Act was signed into law by President Trump and becomes effective April 2, 2020, and the provisions of the legislation will continue through December 31, 2020. This legislation makes significant changes to the Family Medical Leave Act (FMLA) and to Emergency Paid Sick Leave.
Reporting a Gift from a Foreign Source
Posted by Lee Reams Sr., BSME, EA on
If the value of the aggregate “foreign gifts” (described below) received by a U.S. person (other than an exempt organization) exceeds specified amounts, the U.S. person must report each foreign gift to the IRS. (Code Sec. 6039F)
Solar Installation Battery Add-On
Posted by Lee Reams Sr., BSME, EA on
Emergency power outages imposed by utilities in high fire prone areas during periods of high winds and low humidity as well as other disaster areas can be a major inconvenience especially for those that work from home. The answer may be a solar charged battery.