Tax Warrior Chronicles

As leaders across the world work continuously to combat the ongoing COVID-19 pandemic, so must business owners of all sizes, industries, and geographic locations. Throughout 2020, the business world and global economy has swiftly transitioned from a period of growth to that of great operational and informational uncertainty.

Late on Friday, August 28, 2020, the IRS issued Notice 2020-65 providing highly anticipated guidance addressing the Presidential Executive Order regarding the deferral of certain payroll tax obligations. Unfortunately, the notice failed to address the most basic issues raised by the Executive Order. Today we will discuss what we know, what questions remain, and practical considerations for employers. Implementation of the deferral begins September 1, 2020 – yes, tomorrow.

Working from home, once a perk at many companies, has become the norm for employees across the country. COVID-19 has forced businesses to quickly allow their employees to work remotely. The state tax implications of having a remote workforce should not be overlooked, especially as many businesses transition from temporary teleworking policies to permanent ones. Today’s blog will focus on a state tax issue many taxpayers will need to focus on as we enter the second half of 2020: nexus.

The Treasury Department offered easier access to retirement savings in March 2020 as the economic hardships resulting from the COVID-19 pandemic became a forgone conclusion.  Three months later, The IRS has expanded eligibility for coronavirus related distributions and provided further insight into how these new rules should be applied in Notice 2020-50.

If you received a Required Minimum Distribution (RMD) in 2020, you should take careful note of guidance contained in the recently issued IRS Notice 2020-51 regarding the CARES Act’s waiver of 2020 RMDs and a taxpayer’s ability to rollover such distributions.

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2, #3, #4, #5, #6, #7,#8,#9,#10,#11,#12,#13, #14, #15, #16, #17, #18,

#19, #20, #21, #22, #23

The Treasury continues to rewrite guidance based upon the changes passed within the Paycheck Protection Program Flexibility Act (PPPFA). Overnight on Monday, June 22, the Treasury released the 20^th Interim Final Rule (IFR). There are no surprises on what to expect with the 20^th IFR: some clarifications, a few new things, and you guessed it, more unanswered questions. Today, we will focus on a significant new item

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2, #3, #4, #5, #6, #7,#8,#9,#10,#11,#12,#13, #14, #15, #16, #17, #18,

#19, #20, #21, #22, #23

Since our last blog, the Treasury issued two additional Interim Final Rules (the 18^th and 19^th), revised the original loan forgiveness application for changes made by the Paycheck Protection Flexibility Act (PPFA), and issued a new EZ loan forgiveness application. If you are up to date with our blogs, we are starting to compare the Paycheck Protection Program (PPP) to extra-innings in the longest baseball game

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2, #3, #4, #5, #6, #7,#8,#9,#10,#11,#12,#13, #14, #15, #16, #17, #18,

#19, #20, #21, #22, #23

The Paycheck Protection Program (PPP) could be compared to the longest baseball game in history (we really miss sports, humor us here).  That Triple-A International League game ended with a 3-2 score, lasted 33 innings, and clocked 8 hours and 25 minutes of playing time.  As we enter the twelfth inning on this subject, complete and clear guidance remains wanting.  Last at bat we discussed the passage of the

Late last week, the IRS released Notice 2020-39 providing relief for Qualified Opportunity Funds (QOFs) and their investors in response to COVID-19, and updated the Qualified Opportunity Zones frequently asked questions on its website to reflect the recent changes.  With the June 30^th investment standard testing date fast approaching for many QOFs, this presents welcome relief and flexibility to QOFs and their investors.

In response to the COVID-19 pandemic nearly every taxing authority (federal, state, and local) granted taxpayers an automatic extension of time to file and/or pay 2019 taxes.  This has made the 2020 tax season… interesting.  As we approach June 15, which is typically the date second quarter estimated tax payments are due for most taxing authorities, many are wondering if they need to act now, or if they have until July 15, 2020 to make these payments.  The answer, as it usually is in taxation is, it depends.