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IRS to recalculate taxes on unemployment benefits

By Erica Ryder
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The IRS has announced that it will automatically refund money to taxpayers who reported unemployment compensation in their tax return before the recent changes made by the American Rescue Plan signed on March 11, 2021.  The American Rescue Plan allows taxpayers earning less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for other taxpayers. The legislation only applies to 2020 unemployment benefits.  The news release clarifies that those who filed before the legislation was signed will have the appropriate changes made to their returns, which may result in a refund. ...
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Biden Signs PPP Extension Act Into Law, Moving Application Deadline to May 31

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy March 30, 2021 Pre sident Biden on March 30 signed into the law the bipartisan Paycheck Protection Program (PPP) Extension Act of 2021 ( HR 1799) , which moves the application deadline to May 31, 2021. The PPP application window was originally set to expire the next day on March 31.   The bill was overwhelmingly approved in the House by a 415-to-3 vote; the Senate cleared it 92-to-7. Additionally, the measure provides the U.S. Small Business Administration (SBA) with an extra 30 days to process loans submitted prior to June 1. However, no additional funding was provided for the program, which is expected ...
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IRS extends additional tax deadlines for individuals to May 17

By Erica Ryder
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March 29, 2021 The IRS issued  Notice 2021-21 , stating that individuals now have until May 17, 2021, to meet additional deadlines such as making IRA contributions and filing certain claims for refund. Following previous guidance from the IRS extending the tax filing due date for individuals for the 2020 tax year from April 15, 2021, to May 17, 2021, NSA wrote a letter to the IRS and Treasury recommending that all payments and returns with an April 15, 2021, deadline be postponed.  Additionally, in separate correspondence, NSA expressly asked the IRS for clarification of the postponement of 2020 contribution deadlines for IRAs and HSAs. While Notice ...
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NSA Sends Letter to IRS, Treasury Urging Postponement of April 15, 2021, Tax Returns and Payments Deadline to June 15, 2021

By Erica Ryder
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Alexandria, VA, March 24, 2021 — NSA sent a letter to IRS Commissioner Chuck Rettig and Treasury Acting Assistant Secretary for tax policy Mark Mazur   applauding, in part, the IRS’s recent deadline postponement of individual tax returns and payments ordinarily due April 15 to May 17, 2021. NSA added that this relief, however, falls short of adequately addressing the ongoing complexities of the 2021 tax filing season. For the IRS to successfully serve taxpayers and tax professionals, NSA recommends that all payments and returns with an April 15, 2021, deadline be promptly postponed to June 15, 2021.  Download and read NSA’s letter to the IRS and Treasury ...
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SBA Announces April 8 Opening for Shuttered Venue Operators Grant (SVOG) Program

By Jessica Jeane, J.D.
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March 19, 2021 The U.S. Small Business Administration (SBA) has announced an April 8 opening date for accepting Shuttered Venue Operators Grant (SVOG) applications.  Members can sign up here to be notified once the SVOG program opens. The SBA released SVOG FAQs  on March 12.
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SBA Releases PPP Interim Final Rule Incorporating American Rescue Plan Act's Amendments

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy March 18, 2021 The U.S. Small Business Administration (SBA) has released the following Paycheck Protection Program (PPP) Interim Final Rule (IFR): Business Loan Program Temporary Changes; Paycheck Protection Program as amended by American Rescue Plan Act The IFR incorporates the American Rescue Plan Act's ( P.L. 117-2 ) amendments to the Paycheck Protection Program (PPP). Members will be sent additional information on this IFR separately.  Second Draw PPP Loans Additionally, SBA has released the following updated application for Second Draw PPP Loans: SBA Form 2483-SD
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Treasury and IRS extend individual filing and payment deadline to May 17

By Erica Ryder
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The Treasury Department and IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be extended from April 15, 2021, to May 17, 2021. The IRS noted that formal guidance will be provided in the coming days. "This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities," said IRS Commissioner Chuck Rettig. "Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. ...
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Neal, Pascrell Applaud IRS Tax-Filing Extension to May 17

By Erica Ryder
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Today, House Ways and Means Committee Chairman Richard E. Neal (D-MA) and Oversight Subcommittee Chairman Bill Pascrell, Jr. (D-NJ) applauded the decision by the IRS to extend the federal tax-filing deadline from April 15 to May 17, 2021. “This extension is absolutely necessary to give Americans some needed flexibility in a time of unprecedented crisis,” said Chairman Neal and Chairman Pascrell. “Under titanic stress and strain, American taxpayers and tax preparers must have more time to file tax returns. And the IRS itself started the filing season late, continues to be behind schedule, and now must implement changes from the American Rescue Plan. We ...
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SBA Issues Updated Paycheck Protection Program (PPP) Guidance

By Jessica Jeane, J.D.
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The U.S. Small Business Administration (SBA) has issued the following updated guidance for the Paycheck Protection Program (PPP): PPP FAQs - March 12, 2021  How to Calculate Maximum Loan Amounts for First Draw PPP Loans - March 12, 2021 How to Calculate Revenue Reduction and Maximum Loan Amounts for Second Draw PPP Loans - March 12, 2021 ​ ###     The core mission of NSA is to help tax and accounting professionals become more successful. NSA presents this information in the interest of its members for information purposes only and is not intended to provide, nor should it be relied upon, as legal, tax, or accounting advice.
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Biden Signs Into Law the American Rescue Plan Act (ARPA) – NSA Outlines Tax Provisions

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy March 11, 2021 President Biden on March 11 signed into law the American Rescue Plan Act (ARPA), a nearly $1.9 trillion COVID-19 relief package containing several tax provisions. The House approved the Senate-amended ARPA ( HR 1319 ) by a 220-to-211 vote on March 10; the Senate passed it on March 6 by a 50-to-49 vote. Senate Democrats used a procedure known as budget reconciliation, which requires only a simple majority for approval instead of the 60-vote threshold required under regular order. No Republicans in either chamber voted for the measure.  The ARPA expands and extends many provisions originally ...
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News Release: Comptroller Franchot Extends Maryland State Income Tax Filing Deadline to July 15

By Jessica Jeane, J.D.
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Franchot Extends State Income Tax Filing Deadline to July 15 State, federal pandemic relief programs require extensive changes to tax forms; all updates anticipated by April 15 ANNAPOLIS, Md. (March 11, 2021) -  Using statutory authority granted to him, Comptroller Peter Franchot today announced that he is extending the state income tax filing deadline by three months until July 15, 2021. No interest or penalties will be assessed if returns are filed and taxes owed are paid by the new deadline. The   extension, which applies to individual, pass-through, fiduciary and corporate income tax returns, including first and second quarter estimated payments ...
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NSA Sends Letter to IRS, Treasury Regarding Postponement of 2021 Tax Filing Season Deadlines

By Erica Ryder
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FOR IMMEDIATE RELEASE Contact: Erica Ryder Communications Coordinator eryder@nsacct.org 703-549-6400 ext. 1330 NSA Sends Letter to IRS, Treasury Regarding Postponement of 2021 Tax Filing Season Deadlines Alexandria, VA, March 10, 2021 — NSA sent a letter to the IRS and Treasury voicing concerns raised by NSA members regarding the postponement of this year’s tax filing season deadlines. For the IRS to successfully serve taxpayers and communicate with the tax practitioner community, NSA recommends that all filings, payments, and returns due March 1 through June 15 of this year have both a retroactive and extended due date of June 15, 2021. ...
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SBA Releases Revisions to Paycheck Protection Program

By Erica Ryder
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March 9, 2021 The U.S. Small Business Administration (SBA) has released revisions to the Paycheck Protection Program. The PPP Revisions, released March 9, address SBA COVID-19 Economic Aid Funding Options, PPP Loan Forgiveness Data, Economic Injury Disaster Loan (EIDL) Updates, the Debt Relief Adjustment Plan, and Revisions to Schedule C Loan Amount Calculation.  Download the presentation slides here . ###     The core mission of NSA is to help tax and accounting professionals become more successful. NSA presents this information in the interest of its members for information purposes only and is not intended to provide, nor should it be relied ...
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NSA Supports Calls for Postponing This Year’s Tax Filing Season Deadlines

By Erica Ryder
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FOR IMMEDIATE RELEASE Contact: Erica Ryder Communications Coordinator eryder@nsacct.org NSA Supports Calls for Postponing This Year’s Tax Filing Season Deadlines Alexandria, VA, March 9, 2021 — After numerous listening sessions and mounting challenges, NSA supports many of its members' calls for postponing this year’s tax filing season deadlines. NSA recommends that all payments and returns due March 1 through June 15 have an extended due date of June 15, 2021.   While NSA acknowledges that not all of its members are in favor of extending the 2021 tax filing season, it has become apparent that many practitioners and taxpayers are facing too many ...
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NSA Celebrates International Women's Day

By Erica Ryder
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NSA celebrates our incredible members who support us, challenge us and inspire us daily. To all the hardworking women making waves in the tax and accounting industry, NSA is working for you. In honor of International Women's Day, here's what we're reading:   International Women’s Day Needs to Start With Women Supporting Women #ChooseToChallenge is the theme for International Women's Day 2021. Here's what you should know. Women’s History in Accounting
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SBA Releases New, Updated Paycheck Protection Program FAQs

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy March 3, 2021 The U.S. Small Business Administration (SBA) has released new and updated Paycheck Protection Program FAQs. The PPP FAQs , released March 3, include changes made by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), enacted under the Consolidated Appropriations Act, 2021 ( P.L. 116-260 ) on December 27, 2020. The SBA is in the process of revising the FAQs to incorporate changes to PPP loan amount calculation and eligibility implemented via the interim final rule released yesterday. Note. The new FAQs are 57 through 65. Additionally, the prior FAQs have ...
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SBA Releases New PPP Borrower Application Form for Schedule C Filers Using Gross Income

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy March 3, 2021 The U.S. Small Business Administration (SBA) has released a new Paycheck Protection Program (PPP) Borrower Application Form for Schedule C Filers Using Gross Income . The new application released on March 3 reflects the updated interim final rule (IFR) released the same day, which allows individuals who file an IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income. Additionally, the IFR implements other recent changes to the PPP announced by the Biden administration last week.  “Previously, PPP rules defined payroll costs for individuals who file an IRS Form ...
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IRS Provides Guidance for Employers Claiming the Employee Retention Credit for 2020, Including Eligibility Rules for PPP Borrowers

By Jessica Jeane, J.D.
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IR-2021-48, March 1, 2021  WASHINGTON – The Internal Revenue Service today issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act), for calendar quarters in 2020. The guidance in Notice 2021-20 is similar to the information in the employee retention credit FAQs , but includes clarifications and describes retroactive changes under the new law applicable to 2020, primarily relating to expanded eligibility for the credit.  For 2020, the employee retention credit can be claimed by employers ...
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Rettig: IRS Has No Plans to Generally Extend 2021 Tax Filing Season

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy February 23, 2021  IRS Commissioner Charles P. Rettig on February 23 told lawmakers on Capitol Hill that the IRS has no plans to generally extend the 2021 tax filing season. Additionally, Rettig informed lawmakers that the IRS is still processing about 6 million 2019 tax returns. “We have no present plans to extend the filing season,” Rettig said during Tuesday’s House Appropriations Financial Services and General Government Subcommittee hearing. Rettig stated that extending the filing season creates confusion for taxpayers while "backing up" the IRS. However, he acknowledged the many calls among tax practitioners ...
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Biden Administration Announces Several PPP Reforms

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy & Strategic Communications February 22, 2021 The Biden administration has announced several reforms to the Paycheck Protection Program (PPP), which are aimed at targeting the PPP more narrowly toward certain small businesses. The White House on February 22 released a Fact Sheet outlining the following changes to be implemented: A 14-day period will begin Wednesday, February 24, during which time only businesses with fewer than 20 employees can apply for relief through the PPP. 98 percent of small businesses have fewer than 20 employees, according to the White House. The 14-day exclusive application ...
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