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NSA sent a letter to Senator Chuck Grassley (R-IA) last week objecting to details of IRS Notice 2020-32.    Lawmakers on both sides of the aisle are requesting that the Internal Revenue Service (IRS) reverse their ruling made in   Notice 2020-32 . This momentum, now building in Congress, seeks to allow small businesses to receive tax-free loan forgiveness under the Paycheck Protection Program (PPP) while also deducting their expenses, a move that would provide clarity and unusually generous tax benefits.   Late last Tuesday, senior senators seemed willing to back legislation that would overturn the IRS ruling if the agency was unwilling to change ...
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The SBA reopened the PPP last Monday, once again offering a pipeline for small-business loans and grants. The reopening, however, echoed the previous efforts by the administration to support small businesses with a chorus of complaints from borrowers and lenders alike regarding delays and systems failures holding up the approval process. Click here for the full story
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Key government agencies are simply overwhelmed by the worst economic downturn in 80 years, the resulting demand for the relief, and the speed at which it is needed. These agencies are understaffed and underfunded and are struggling to deliver.   Millions of households and small businesses are still waiting to receive the help they were promised under the CARES Act. It is becoming a growing concern that many may never receive the aid they thought would arrive. Read the full article here:  CARES_Act_Article_4-19-2020.pd
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On April 23, the Small Business Administration (SBA) issued new guidance intended to prevent larger publicly traded companies from accessing the next round of Paycheck Protection Program (PPP) funding intended for small business relief. The new SBA guidelines require that companies applying for relief certify that the loans are necessary and that they cannot tap other sources of funding. Read the full story here: CARES_Act_Article_4-23-2020_I.pd
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As the owner of a commercial building, you rely on your tenants to pay their rent on time or on your workers to do their jobs. In return, they expect you to ensure that the building meets their needs.  One of the most common needs is a working HVAC system. HVAC provides the necessary heating or cooling to maintain stable temperatures in the building and excellent air quality. When your HVAC system isn’t doing what it is supposed to, worker productivity can suffer, and expenses can increase rapidly. Both these scenarios result in a diminishing bottom line, so it is in your interest to make sure the system is running optimally. The symptoms of a faulty ...
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The Small Business Administration (SBA) has announced further guidance and details to the advance on their Economic Injury Disaster Loan (EIDL). Information is also given regarding the Paycheck Protection Program. NSA will provide further information as it becomes available. Read the full SBA statement here
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The Treasury & IRS have unveiled the new online application to help with COVID-19 Economic Impact Payments.  Get My Payment  allows people to provide direct deposit information and gives an expected payment date.   " Get My Payment  will offer people with a quick and easy way to find the status of their payment and, where possible, provide their bank account information if we don't already have it," said IRS Commissioner Chuck Rettig.   He continued ... "Our IRS employees have been working non-stop on the Economic Impact Payments to help taxpayers in need. In addition to successfully generating payments to more than 80 million people, ...
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NSA CEO John Rice has written an article to keep you up to date on the evolving Paycheck Protection Program loan roll-out. This article discusses the US Senate's failure to reach a deal on an additional $250 billion for the PPP and the urgency for funding to reach small businesses. Here is a brief excerpt from the article. The US Senate Adjourned Thursday without a deal on an additional $250 billion for the Paycheck Protection Program (PPP). John Rice, NSA CEO The CARES Act is only a week old and the initial $349 billion allocated for the Paycheck Protection Program (PPP) is proving insufficient as widespread need for the program ...
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Alexandria, V.A. (April 8, 2020) –   Today, the National Society of Accountants (NSA) sent a letter to all members of Congress voicing concerns raised by NSA members regarding the implementation issues of the CARES Act. The position of the NSA is that the programs aimed at providing assistance to small businesses across the United States have not proceeded in an efficient manner and have been subject to many significant setbacks. One of the major concerns raised by NSA’s CEO John Rice is the CARES Act definition of “small business.” “…new SBA guidance released on April 7, 2020 states that small businesses eligible for relief may, in some cases, have ...
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The IRS has released infographics explaining the upcoming economic stimulus checks for people who have yet to file (or may not need to file) their tax return, and general information about the value of the payments. These PDFs are an excellent resource to share with your community to answer the most basic questions about the checks they can expect to receive. Early this week, the IRS is expected to release new guidance on how people who have not, or are not required to file, a return will be able to enter their information online to get their economic impact payment through direct deposit. Those who do not wish to share their banking information with the IRS ...
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NSA CEO John Rice has written an article to update members on the first day's activity of the Payroll Protection Program. It is apparent that businesses that are able to apply for loans from banks that are participating in the program are doing so in large numbers. Here is a brief excerpt from the article. En Masse Small Businesses Make Grab for Government Relief John Rice, NSA CEO The Small Business Administration’s $350 billion lifeline for small businesses had some growing pains to say the least yesterday, Friday, April 3rd. But that is not to suggest that they were not successes … by 9 a.m. on Friday, institutions had already processed approximately ...
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The IRS and Department of the Treasury have released more information about the Employee Retention Credit program that has been recently launched. Below is the information directly from the source, covering business qualifications, credit calculations, wages, and how funds will be delivered. IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19 The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business ...
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The IRS has published Notice 2020-21, defining the effective date for employment tax credits under the Families First Coronavirus Response Act.  Notice 2020-21 provides that employment tax credits for paid qualified sick leave wages and paid qualified family leave wages required by the Act will apply to such wages and compensation paid for periods beginning on April 1, 2020 and ending on December 31, 2020, and that days beginning on April 1, 2020 and ending on December 31, 2020 will be taken into account for credits for paid qualified sick leave equivalents and paid qualified family leave equivalents for certain self-employed individuals provided by ...
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The National Public Liaison Office sent out a notice last night detailing service interruptions due to the national health emergency. Help desks closed due to staff limitations: PPS (Practitioner Priority Services) line e-Services Help Desk line e-Services, FIRE (Filing Information Returns Electronically) and AIR (Affordable Care Act Information Returns) These are closed until further notice. Please make IRS.gov your first option for answers to questions. The IRS is temporarily suspending acceptance of new Income Verification Express Services (IVES) requests at this time and is experiencing delays with existing IVES processing as well as CAF ...
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Senate Passed Relief Bill John Rice, NSA CEO Washington, DC, March 26, 2020—Late Wednesday, March 25, 2020, the Senate passed an unparalleled $2.2 trillion economic rescue package providing aid to businesses, workers, and health care systems, suffering from the huge economic effects caused by the coronavirus pandemic. The unanimous vote came with misgivings on both sides regarding whether the rescue went too far, or not far enough, and ended days of partisan negotiations that caused a delay until Wednesday night. The 880-page bill is the largest economic relief bill in U.S. history. Majority Leader Mitch McConnell was clearly somber and exhausted ...
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The IRS has updated the FAQ page for filing and payment deadline extensions outlined in  Notice 2020-18 . The FAQ page will be updated periodically from this point to reflect any new information or IRS notices. Visit the FAQ . The IRS has also created a new page to keep you informed of mission-critical operations and changes
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I spoke with a client the other day who says she hasn’t seen grocery stores this empty since rationing during WWII. While I wasn’t there to see that for myself, it makes sense. This is a scary time. When you watch the news, or even talk to people you know, it’s clear that we’re rattled. People stock up on things to feel a sense of certainty or security. We normally do it when there is bad weather coming … a blizzard or a hurricane or even a flood. But this is different … this is an unpredictable public health emergency. Speaking of the news, you probably received NSA’s new email update yesterday, just like this one. Because NSA is here for you, we want to ...
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Life is changing rapidly. The impact of the coronavirus is being felt everywhere. NSA is going to help you stay on top of things. Tax Deadline Extensions As you may already know, Secretary Mnuchin announced at today's White House news conference that while the tax deadline of April 15th hasn't changed, that people who owe (or will owe) taxes have 90-days to pay. No interest or other penalties will be assessed during the 90-day period. Some media outlets have reported that there is both a 90-day payment deferral and a 90-day extension to file, and others have only reported the deferral as did we. NSA expects that the Treasury Department and the IRS will ...
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Today: Treasury Secretary Mnuchin has announced that major programs will be taking effect to assist the American public during the COVID-19 crisis. Briefly, the Treasury Department will try to send checks to Americans immediately, within the next two weeks, and people who will owe or currently owe the IRS can defer those payments (without interest charges) for 90-days.
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Alexandria, V.A. (March 13, 2020) – Today, the National Society of Accountants (NSA) sent a letter to The Honorable Charles P. Rettig, Commissioner of the Internal Revenue Service, requesting an extension of filing season. The letter was drafted in response to concerns voiced by NSA members relating to the COVID-19 public health crisis. Supply chain interruptions, travel restrictions, and other challenges related to the spread of COVID-19 may make it difficult or impossible for members’ clients to organize their tax information or make payments on time. The IRS has an automatic extension in place, but it is not a grace period and does not extend the date ...
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