The Internal Revenue Service has released a draft version of the Form 1040 for tax year 2020 with several significant changes probably in store for next tax season.
The Internal Revenue Service is giving parents another chance to list their kids so they can receive an extra $500 per child in economic impact payments under the CARES Act.
The U.S. Small Business Administration has posted rules about how businesses who have been turned down for forgiveness of their Paycheck Protection Program loans can appeal the decision.
Among the pandemic-related issues covered are how to handle the Paycheck Protection Program and other stimulus efforts.
Just eight loans had been made as of late July, six of them through a single community bank in Florida, according to new data on the federal rescue program for small and midsize companies hurt by the pandemic.
The American Institute of CPAs joined with more than 170 organizations in asking congressional leaders to allow businesses to write off expenses associated with loan forgiveness under the Paycheck Protection Program.
Time is running out for further relief efforts before the August recess.
The Internal Revenue Service moved to ease the tax burdens of private equity portfolio companies and heavily indebted industries.
The service released the final regulations and other guidance on the deduction, which was amended by the CARES Act.
Democrats in Congress are criticizing how millions of economic impact payments authorized under the CARES Act are being handled.