BREAKING: IRS FAQs Answer Filing, Payment Postponement Questions
In a series of frequently asked questions (FAQs) on its website, the IRS has provided answers with respect to its recently-announced guidance that postpones until July 15, 2020, the filing of returns and payment of taxes that were initially due on April 15, 2020. CAUTION!…
BREAKING: U.S. Treasury Secretary now says tax filing deadline is moved to July 15
U.S. Treasury Department Secretary Steven Mnuchin announced that the 2019 income tax filing deadline will be moved to July 15, 2020 from April 15, 2020, because of the coronavirus (COVID-19) outbreak. At President Trump’s direction, Mnuchin announced on Twitter, “we are moving Tax Day from…
SBA Offers Disaster Assistance to California Small Businesses Economically Impacted by the Coronavirus (COVID-19)
SACRAMENTO, Calif. – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to California small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19), SBA Administrator Jovita Carranza announced today. SBA acted under its own authority, as…
House passes bill to provide coronavirus relief; Senate expected to act this week
Message from Richard Welling: First and foremost, I hope you and your families are doing well during these concerning times. The health and well-being of our clients and associates are a priority. We are working to continue to provide timely and responsive professional tax and…
The IRS provides guidance on meal and entertainment deductions
The IRS has released proposed regulations addressing the deductibility of meal and entertainment expenses in tax years beginning after December 31, 2017. Among other things, the proposed regs clear up lingering confusion regarding whether meals are considered entertainment and, therefore, generally nondeductible. TCJA rule changes…