Gary M. Thomas, CPA

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...

LA - Addback enacted for hurricane Laura or hurricane delta disaster losses
Louisiana has enacted a personal income tax addback equal to any federal tax decrease resulting from a deduction for certain net disaster losses attributable to Hurricane Laura or Hurricane Delta. The...

MS - Assessment timeline changes for airline companies discussed
Mississippi has revised provisions relating to property tax assessments for airline companies. Effective January 1, 2021, airline companies must annually file a complete schedule of all aircraft of a ...

TX - Sales, excise taxation of motorcycles, autocycles, off-highway vehicles
Texas issued a publication clarifying that sales and use tax treatment of sale of motorcycles, autocycles, and off-highway vehicles is based on whether the vehicle is designed for on highway use or of...