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The IRS has postponed deadlines for time-sensitive actions with respect to certain employment taxes, employee benefit plans, exempt organizations, IRAs, Health Savings Accounts (HSAs) and Coverdell education savings accounts due to the ongoing COVID-19 pandemic. Some...

The U.S. House has passed, by a vote of 417-1, the Paycheck Protection Program (PPP) Flexibility Act of 2020. The bill would provide more flexibility for participants in the PPP program, including allowing those participants to defer the payment of certain payroll...

Interim final rules on calculating loan forgiveness amounts under the Paycheck Protection Program (PPP) have been issued by the Small Business Administration (SBA). They generally mirror the PPP loan forgiveness application instructions the SBA published on May 15,...

Did you receive an Economic Impact Payment (EIP) that you believe was for the wrong amount? EIPs are payments issued to eligible taxpayers to help mitigate the financial effects of the novel coronavirus (COVID-19). The amount that eligible taxpayers can expect is...

The IRS has increased the health Flexible Spending Account (FSA) carryover amount. In Notice 2020-33, the IRS stated that the FSA carryover limit (currently fixed at $500) will now be indexed for inflation. For a plan year starting in 2020, the maximum unused amount...

More than 130 million individuals have already received Economic Impact Payments (EIPs) worth more than $200 billion, according to the IRS. “Millions more are on the way every week,” said IRS Commissioner Chuck Rettig, to help offset economic damage caused by the...

The IRS is advising employers to avoid mistakes when filing for advance payment of employer tax credits. Employers who are filing “Form 7200, Advance Payment of Employer Credits Due to COVID-19” should read the instructions carefully and take their time when...

On April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act, which provides additional funding for the Paycheck Protection Program (PPP). The law includes $310 billion more for the small-business loan program, as well as...

Employers still have to file Form 941. Earlier this month, the IRS extended the deadline for filing many tax returns and other actions with due dates that would otherwise have been between April 1, 2020 and July 15, 2020. However, it didn’t extend the due date for...