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Tax Alerts

November 26, 2020

Tax Briefing(s)

2020 Post-Election Tax Policy Update 2020 Year-End Tax Planning 2020 Payroll Tax Deferral Order 2020 Post-Filing Season Update CARES Act Coronavirus Tax Relief

Economic Impact Payment Registration Deadline Extended to November 21
The IRS has announced that the deadline to register for an Economic Impact Payment (EIP) is now November 21, 2020. Further, the IRS has urged taxpayers, to register using the Non-Filers: Enter Info H...

PPP Loan Forgiveness Application Deadline Clarified
The Treasury Department and the Small Business Administration issued updated Frequently Asked Questions (FAQs) on October 13, 2020, regarding the Paycheck Protection Program (PPP). This was a follow u...

No Information Reporting for Qualifying PPP Loan Forgiveness
The IRS has notified lenders to not file information returns or furnish payee statements under Code Sec. 6050P to report the amount of qualifying forgiveness for covered loans made under the Paychec...

Deadline for Faxing Forms 1139 and 1045
The IRS has added an FAQ on the timing for ending the temporary procedures that allow Form 1139, Corporation Application for Tentative Refund, and Form 1045, Application for Tentative Refund, to be ...

IRS Extends Filing Deadlines, Penalty Relief for Health Coverage Reporting Forms
Health insurance providers (including employers and health insurance companies) now have until March 2, 2021, to provide individuals with Forms 1095-B, Health Coverage, or Forms 1095-C, Employer-Provi...

IRS Reminds Taxpayers to Check Tax Withholding
The IRS has reminded taxpayers that now is the perfect time to review their tax withholding and payments to avoid surprises while filing next year. An adjustment or two made now may boost take home pa...

Webpage Helps Owners Navigate Tax Steps When Closing Business
The IRS has launched a redesigned page on its website to help business owners navigate the federal tax steps when closing a business. The IRS has streamlined the "Closing a Business" page into sim...

IRS Updates Electronic Filing Requirement for Form 1040-NR
he IRS has removed Form 1040-NR, U.S. Nonresident Alien Income Tax Return, from the list of returns that are administratively exempt from the electronic filing requirement imposed on specified tax re...

AL - Change in city of Winfield lodgings tax locality code
Effective with the period ending October 31, 2020, due on or before November 20, 2020, the city of Winfield local Alabama lodging tax (general rate and room fee) and rental tax should be remitted usin...

FL - Sumter county tourist development tax repealed
Beginning October 1, 2020, the Sumter County, Florida tourist development tax is repealed. On October 13, 2020, the Sumter County Board of County Commissioners approved Ordinance No. 2020-13. The ordi...

GA - Georgia issues film tax credit guidance during covid-19
Georgia has released guidance on the expenses that qualify for the corporate income tax film credit during the COVID-19 pandemic.Qualifying CostsCosts incurred during the COVID-19 shutdown qualify for...

SC - Fee enacted for taxpayers claiming historic rehabilitation credit
The South Carolina historic rehabilitation credit has been amended to require claimants to pay a preliminary fee, based on estimated expenses, and a final fee, based on actual expenses, to the Departm...

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