“Puerto Rico Act 22, Individual Investors Act” is one of the campaigns listed on the Internal Revenue Service’s (“IRS”) website. The campaign mainly targets taxpayers…
On September 14, 2023, the IRS announced an immediate moratorium on the processing of the Employee Retention Credit (“ERC”) due to suspected fraud. IRS noted an…
Did you know that if an individual or business receives $10,000 or more of cash as part of a transaction they have a legal obligation…
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…
Paycheck Protection Program – No Deduction Allowed for Expenses Paid with Forgiven Paycheck Protection Program Loan Proceeds – IRS Notice 2020-32 On April 30, 2020,…
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: 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…
IRS issues automatic postponement of April 15, 2020 deadline to file Federal income tax returns and make Federal income tax payments until July 15, 2020. FAQs…