Translations from Your Trusted Advisor.
Last month the IRS issued Notice 2020-75 which allows pass-through businesses to deduct taxes that were previously picked up by shareholders or members.
In addition to November 10th being National Accountants Day and National Cupcakes Day, the IRS has also decided to add National EIP (Economic Impact Payment) Day to this list.
The SBA recently released news that large PPP Loan borrowers (businesses receiving loans of $2 million and above) must now complete forms on the necessity of the loan. SBA Form 3509 is for For-Profit borrowers and SBA Form 3510 is for Non-Profit borrowers.
Mallory Vincent, MBA •
With the holiday season approaching, tis the season for spreading kindness and being charitable. During the coronavirus pandemic, even more people and animals are in need, but many not-for-profits are struggling. By making a donation and giving a gift to charity, you are helping out others and spreading holiday cheer. This act of kindness could also be a great tax write-off, and in 2020 everyone will be eligible to receive a charity tax deduction on their tax return. Read on to learn some tips on how to make your donation count as a tax benefit on your 2020 tax return.
Last week the IRS released guidance on how to report the deferral of withholding, deposits, and payments of certain payroll tax obligations.
On Monday, the IRS released Notice 2020-79 which provides cost of living adjustments for retirement plans for 2021.
401(k), 403(b), most 457 plans, and Thrift Savings Plan contribution limits have remained the same as 2020 at $19,500. The annual catch-up limitation for employees over age also remains unchanged from 2020, at $6,500.
The Taxpayer Advocate has released a tool that can be used to help businesses determine whether they qualify for certain tax credits and benefits that relate to COVID-19.
Governor Sununu has authorized another $100 million of CARES Act Funds to continue providing support to New Hampshire small businesses suffering from COVID-19.
The SBA has released additional guidance confirming the due date for Paycheck Protection Program (PPP) loan forgiveness applications. There has been much confusion over the due date of the forgiveness application as many PPP forgiveness application forms display an expiration date of 10/31/2020 in the upper-right hand corner of the form. See below image for one example.
Today, the Social Security Administration issued a press release with updates for 2021 including updating their fact sheet.
The updates include:
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