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Posted By Jessica Jeane, J.D. 9/16/2020 2:14:24 PM
Found In Community: Main Street Practitioner Blog Blogs
September 15, 2020 Jessica Jeane Director of Public Policy and Communications National Taxpayer Advocate (NTA) Erin M. Collins outlined various resources available to taxpayers and practitioners during the IRS’s Small Business Forum on September 15. The IRS hosted the forum in partnership with the ...
Posted By Jessica Jeane, J.D. 9/16/2020 6:27:27 PM
Found In Community: Main Street Practitioner Blog Blogs
September 16, 2020 Jessica L. Jeane Director of Public Policy and Communications The prospects of another bipartisan economic stimulus and Paycheck Protection Program (PPP) expansion bill clearing Congress before the November election appear to be standing on shaky ground. While the fate of a broad ...
Posted By Jessica Jeane, J.D. 9/21/2020 4:49:22 PM
Found In Community: Main Street Practitioner Blog Blogs
September 21, 2020 Jessica L. Jeane Director of Public Policy and Communications Treasury and the IRS have released the second round of final regulations implementing the 100% bonus depreciation deduction. The final regulations ( T.D. 9916 ), released on September 21, provide guidance regarding ...
Posted By Jessica Jeane, J.D. 9/19/2020 12:44:12 PM
Found In Community: Main Street Practitioner Blog Blogs
September 18, 2020 Jessica L. Jeane Director of Public Policy and Communications The National Society of Accountants (NSA) supports relief of all fees and penalties associated with late returns attributable to the CCH Axcess electronic filing (e-filing) service disruption on September 15, 2020, as ...
Posted By Jessica Jeane, J.D. 9/22/2020 2:02:58 PM
Found In Community: Main Street Practitioner Blog Blogs
September 22, 2020 Jessica L. Jeane Director of Public Policy and Communications The White House and the IRS are spotlighting National Small Business Week, declared by President Trump to span September 20 through September 26, 2020. The Small Business Administration (SBA) hosts its National ...
Posted By Jessica Jeane, J.D. 9/24/2020 5:22:03 PM
Found In Community: Main Street Practitioner Blog Blogs
September 24, 2020 Jessica L. Jeane Director of Public Policy and Communications The IRS on September 24, 2020, sent the National Society of Accountants (NSA) a direct update containing its internal response to the CCH Axcess electronic filing outage on September 15, 2020. The IRS, in the attached Memorandum ...
Posted By Jessica Jeane, J.D. 9/28/2020 4:54:17 PM
Found In Community: Main Street Practitioner Blog Blogs
September 28, 2020 Jessica Jeane, Director of Public Policy and Communications Devlin Bennett, Education Manager The National Society of Accountants (NSA) is pleased to report that its seminar, “Other Income: Taxable or Not” was the single most highly attended out of 30 seminars at the 2020 IRS Nationwide ...
Posted By Kent Heele 9/28/2020 10:10:54 PM
Found In Contact: Kent Heele's Blog
When people think about online sales, they tend to focus on companies selling to individuals. However, the bulk of online sales are transactions between businesses selling parts, resources, and finished goods to each other. These companies’ survival is predicated on increasing sales figures, and ...
Posted By Jessica Jeane, J.D. 10/1/2020 6:22:24 PM
Found In Community: Main Street Practitioner Blog Blogs
October 1, 2020 Jessica L. Jeane Director of Public Policy and Communications Treasury and the IRS, on the evening of October 1, 2020, issued final regulations for Achieving a Better Life Experience (ABLE) Accounts. ABLE Accounts ABLE accounts, enacted in 2014 under the ABLE Act (P.L. 113-295), ...
Posted By Jessica Jeane, J.D. 10/2/2020 5:50:46 PM
Found In Community: Main Street Practitioner Blog Blogs
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 ...
Posted By Jessica Jeane, J.D. 10/7/2020 6:12:52 PM
Found In Community: Main Street Practitioner Blog Blogs
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 paper ...
Posted By Jessica Jeane, J.D. 10/7/2020 8:57:36 PM
Found In Community: Main Street Practitioner Blog Blogs
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 ...
Posted By Jessica Jeane, J.D. 10/8/2020 4:53:04 PM
Found In Community: Main Street Practitioner Blog Blogs
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 ...
Posted By Jessica Jeane, J.D. 10/8/2020 9:37:01 PM
Found In Community: Main Street Practitioner Blog Blogs
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 less. ...
Posted By Jessica Jeane, J.D. 10/11/2020 7:46:27 PM
Found In Community: Main Street Practitioner Blog Blogs
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.  ...
Posted By Jessica Jeane, J.D. 10/13/2020 3:47:57 PM
Found In Community: Main Street Practitioner Blog Blogs
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 payment ...
Posted By Jessica Jeane, J.D. 10/13/2020 8:44:15 PM
Found In Community: Main Street Practitioner Blog Blogs
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 ...
Posted By Jessica Jeane, J.D. 10/13/2020 6:25:37 PM
Found In Community: Main Street Practitioner Blog Blogs
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 will ...
Posted By Jessica Jeane, J.D. 10/30/2020 4:44:12 PM
Found In Community: Main Street Practitioner Blog Blogs
Jessica L. Jeane, J.D. Director of Public Policy & Communications October 30, 2020 Treasury and the U.S. Small Business Administration (SBA) on October 30 released a Paycheck Protection Program (PPP) Loan Forgiveness Factsheet.  The two-page factsheet provides borrowers with step-by-step instructions ...
Posted By Jessica Jeane, J.D. 11/5/2020 6:24:07 PM
Found In Community: Main Street Practitioner Blog Blogs
Jessica L. Jeane, J.D. Director of Public Policy & Communications November 5, 2020 Today, the United States District Court for the District of Columbia ordered the U.S. Small Business Administration (SBA) to release by November 19, 2020, the names and addresses of all recipients, and precise loan ...
Posted By Jessica Jeane, J.D. 11/10/2020 2:55:25 PM
Found In Community: Main Street Practitioner Blog Blogs
Jessica L. Jeane, J.D. Director of Public Policy & Communications November 10, 2020 Treasury and the IRS intend to issue proposed regulations clarifying that pass-through entities can avoid the cap on state and local income tax (SALT) deductions. Notice 2020-75 The forthcoming proposed ...
Posted By Kent Heele 10/17/2020 6:25:38 PM
Found In Contact: Kent Heele's Blog
Supply chain traceability is often confused with supply chain management (SCM) when there are differences, and the two terms should not be used interchangeably. SCM is an internal matter that has to do with managing inventory, supplier relationships, and logistics. Supply chain traceability is becoming ...
Posted By Kent Heele 10/21/2020 3:35:16 PM
Found In Contact: Kent Heele's Blog
A period of being jobless can be financially and emotionally devastating. Even if you have received a redundancy paying, keeping up with all your monthly payments can put a real strain on your finances. Once you get back into the workplace, taking certain steps can help you to get out of debt and improve ...
Posted By Jessica Jeane, J.D. 10/24/2020 4:40:45 PM
Found In Community: Main Street Practitioner Blog Blogs
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 released, ...
Posted By Kent Heele 10/29/2020 7:22:57 PM
Found In Contact: Kent Heele's Blog
Short-term rental marketplaces such as Airbnb, HomeAway, and VRBO have made it easy for homeowners and property managers to market their rental property. Experienced operators know that in order to succeed, they need to treat their short-term rental like a business. Luckily, the IRS agrees, so if your ...