Month: May 2020

Submitted by Joel Shabsin, CPA Recently the IRS issued 2 notices making temporary changes to Section 125 Cafeteria Plans (Notice 2020-29) and to high deductible health plans. The 2020-29 notice Continue reading “Cafeteria Plans & High Deductible Health Plans”…

Submitted By George R. Crouse, Jr., EA, ATA, ATP, MST, MSA Due to COVID-19, the IRS’ People First Initiative provides relief to taxpayers on a variety of issues from easing Continue reading “IRS People First Initiative”…

Submitted by Richard Allen, EA, AFSP Friday, March 27, the Congress passed, and the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. NEW CHARITABLE DEDUCTION Continue reading “New Charitable Deduction for 2020”…

by Joel Shabsin, CPA On Saturday, May 16th, the SBA issued the Paycheck Protection Program Loan Forgiveness Application and clarified many of the questions we were getting from our clients.  Continue reading “PPP Loan Forgiveness”…

by Joel Shabsin, CPA On May 1, 2020 the IRS issued Notice 2020-32 to clarify the treatment of the PPP program’s loan forgiveness. The notice discusses the allowed uses of Continue reading “Loan Forgiveness Under the PPP Loan Program”…

by Joel Shabsin, CPA On May 1, 2020 the IRS issued Notice 2020-32 to clarify the treatment of the PPP program’s loan forgiveness. The notice discusses the allowed uses of Continue reading “Loan Forgiveness Under the PPP Program”…

by Joel Shabsin, CPA One of the provisions in the CARES Act revolves around changes to the Tax Cuts and Jobs Act surrounding charitable donations. Because of the TCJA, fewer Continue reading “CARES Act Changes to Charitable Donations”…