Tax Warrior Chronicles

PPP Update #10 - Potential Changes & Forgiveness Regulations

Posted on Tue, May 26, 2020

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: Updates#1, #2#3#4#5#6#7,#8,#9,#10, #11, #12,#13,#14, #15

 

Treasury kicked off the holiday weekend on Friday, May 22, by releasing its 14th Interim Final Rule (IFR) addressing loan forgiveness for the Paycheck Protection Program (PPP) loans.  This new IFR clarified certain issues while leaving others outstanding.  Today’s blog will focus on the clarifications so borrowers, many nearing the end of their 8-week Covered Period, can make decisions around what is known.  Additionally, we will discuss the

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PPP Update #9 – Loan Forgiveness Application Released by SBA

Posted on Mon, May 18, 2020

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: Updates#1, #2#3#4#5#6#7,#8,#9,#10, #11, #12,#13,#14, #15

 

Many hoped the delay in guidance regarding Payroll Protection Program (PPP) loan forgiveness meant SBA and Treasury were taking their time coordinating an application and associated guidance to provide borrower’s clarity. Regrettably, on Friday evening, May 15, the SBA released the PPP Forgiveness Application with no additional guidance issued by the Treasury.  While we had a passing thought that maybe the application was so clear no further

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IRS Provides Guidance on Coronavirus Relief Package

Posted on Wed, Mar 18, 2020

The Treasury Department and the IRS finally issued Notice 2020-17 late Wednesday afternoon, providing guidance on how Affected Taxpayers may defer tax payments due to the coronavirus (COVID-19).

 

Any person (individual, trust, estate, partnership, association, company or corporation per IRC §7701(a)(1)), with a federal income tax payment due on April 15, 2020, is considered an Affected Taxpayer.

 

The Applicable Postponed Payment Amount is the aggregate of all payments due on April 15, 2020.

 

Individuals and non-corporate Affected Taxpayers may defer the Applicable Postponed Payment Amount of income and self-employment tax of up to $1,000,000 to July 15, 2020, regardless of filing

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Report of FBAR Due June 30 - No Extensions Allowed

Posted on Thu, Jun 06, 2013

 

The Tax Warriors at Drucker & Scaccetti remind you that you are required to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), if you had a foreign financial account active in 2012. Remember, this report is required even if the accounts did not produce taxable income.

 The FBAR report is an informational form that must be received, for the 2012 reporting year, by the U.S. Treasury Department ("Treasury") on or before June 30, 2013. The fact that this year's the due date falls on a Sunday does not extend the date the form is due to be received by the Treasury. This means you should plan to have your FBAR delivered to the Treasury by Friday, June 28, 2013, to

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