Main Street Practitioner Blog

Tax and Accounting News for Practitioners from Main Street to Wall Street

  • Jessica L. Jeane, J.D. Director of Public Policy & Communications October 24, 2020 The IRS released draft 2020 Form 1040 and 1040-SR Instructions overnight on October 23, which includes instructions for Schedules 1 through 3. Additionally, the U.S. Small Business Administration (SBA) has ...

  • Jessica L. Jeane, J.D. Director of Public Policy and Communications October 13, 2020 The U.S. Small Business Administration (SBA), in consultation with Treasury, on October 13 released updated  FAQs on Paycheck Protection Program (PPP) loan forgiveness. The sub-regulatory guidance is intended for ...

  •   Jessica L. Jeane, J.D. Director of Public Policy and Communications October 13, 2020 "The National Society of Accountants (NSA) appreciates the importance of PPP-related information for our members and their clients," said NSA's CEO John Rice. "While uncertainty still surrounds the program, NSA ...

  • Jessica L. Jeane, J.D. Director of Public Policy and Communications October 13, 2020 The IRS, for the first time, is adding barcode technology to the CP14 and CP14 IA notices. “Starting this month, the CP14 and CP14 IA notices that inform taxpayers that they owe money on unpaid taxes and their ...

  •   Jessica L. Jeane, J.D. Director of Public Policy and Communications October 11, 2020 Treasury and the White House are urging Congress to pass a stand-alone Paycheck Protection Program (PPP) bill as stimulus talks between the Trump administration and Democratic congressional leadership have stalled.  ...

  • Jessica L. Jeane, J.D. Director of Public Policy and Communications October 8, 2020 The U.S. Small Business Administration, in consultation with Treasury, unveiled late in the evening of October 8 a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or ...

  • October 8, 2020 Jessica L. Jeane, J.D. Director of Public Policy and Communications The IRS is temporarily allowing taxpayers to fax the required separate copy of Form 8886, Reportable Transaction Disclosure Statement with the Office of Tax Shelter Analysis (OTSA). “The IRS will accept the separate ...

  • October 7, 2020 Jessica L. Jeane, J.D. Director of Public Policy and Communications The U.S. Small Business Administration (SBA), in consultation with Treasury, released updated FAQs for the Paycheck Protection Program (PPP) late in the evening on October 7. The sub-regulatory guidance is intended ...

  • October 7, 2020 Jessica L. Jeane, J.D. Director of Public Policy and Communications The IRS continues to work through its mail backlog, which consists of over 5 million unopened items, according to IRS Commissioner Charles “Chuck” Rettig. Notably, there are an estimated 2.5 million unopened ...

  • October 2, 2020 Jessica L. Jeane Director of Public Policy and Communications The U.S. Small Business Administration (SBA) is expected to begin processing and issuing forgiveness for some Paycheck Protection Program (PPP) loans next week, according to a Treasury spokesperson. The announcement comes ...