Due to COVID impact on the struggling taxpayers and as a help to the IRS to return to the normal operations for 2023 tax filing…
In a recent case concerning the civil penalties for failing to report non-U.S. financial accounts on the Foreign Bank Account Report, the U.S. Court of…
Paycheck Protection Program – No Deduction Allowed for Expenses Paid with Forgiven Paycheck Protection Program Loan Proceeds – IRS Notice 2020-32 On April 30, 2020,…
Massachusetts Department of Revenue has promulgated an emergency regulation and issued a Technical Information Release addressing personal income tax/withholding requirements, sales/use tax nexus, corporate excise…
Overview: On March 25, 2020, the Internal Revenue Service (IRS) unveiled the People First Initiative, which provides taxpayers with various relief as a result of…
Overview: The CARES act, passed on March 27, 2020, allows individuals and corporations to deduct greater amounts of charitable contributions. In Detail: Election to not…
Overview: In light of COVID-19, Massachusetts enacted Bill H. 4598, “An Act to Address Challenges Faced by Municipalities and State Authorities Resulting From COVID-19.” Pursuant…
Overview: In response to the ongoing COVID-19 emergency, on March 21, 2020, the Internal Revenue Service (IRS) issued Notice 2020-18, extending the Federal income tax…
Overview: Generally, a U.S. person’s Form 3520 is due on the 15th day of the 4th month following the end of such person’s tax year…
IRS unveils new People First Initiative in response to COVID-19. Relief includes suspension of existing Installment Agreement payments and involuntary collection action for certain taxpayers, in…