Resources

The IRS recently announced the annual contribution limits for Health Savings Accounts (HSAs) for 2021.  For calendar year 2021, the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,600.  The calendar...

The SBA just released additional guidance, application and instructions to apply for loan forgiveness through their Payroll Protection Program (PPP).  To apply for forgiveness of your PPP loan, you (the Borrower) must complete this application as directed in the below...

You should return the payment as described below. If the payment was a paper check: Write "Void" in the endorsement section on the back of the check. Mail the voided Treasury check immediately to the appropriate IRS location listed below. Don't staple, bend, or paper...

As millions of Americans begin receiving their promised Economic Impact Payments from the IRS, as authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), some may find that they did not get the amount they were expecting. While the amount...

The SBA just released further guidance on the Payroll Protection Program (PPP) Certification Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? Answer: When submitting a PPP application, all...

The Internal Revenue Service released guidance to allow temporary changes to section 125 cafeteria plans. These changes extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs and allow taxpayers to make...

Additional information has come out on the Paycheck Protection Program (PPP) loan extension for certification. The SBA just released a new Frequently Asked Question indicating that they are automatically extending the May 7 deadline for those who may feel that they...

The Internal Revenue Service recently issued Notice 2020-32 providing guidance on the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred by a taxpayer who receives a loan pursuant the Small Business Administration’s Payroll...

The SBA continues to issue additional guidance in the form of responses to FAQs regarding the SBA Payroll Protection Program (PPP) loans.  A complete set of the FAQs published by the SBA to date can be found here. We would like to highlight FAQs #31 - #45.  These FAQs...

Get My Payment allows people to provide direct deposit information and gives payment date.  Working with the Treasury Department, the Internal Revenue Service today unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment...