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Guidance for Taxpayers Filing a 2019 Return after using Non-Filers Tool

In a QuickAlert for Tax Professionals, the IRS has provided guidance for individuals who used its non-filers tool to register for an economic impact payment (EIP) but need to file a 2019 tax return

Relief for Taxpayers Affected by COVID-19 Who Take Distributions or Loans from Retirement Plans

Retirement plan participants affected by the COVID-19 coronavirus can take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans.  

IRS Alert: Economic Impact Payments Belong to Recipient, Not Nursing Homes or Care Facilities

The IRS alerted nursing homes and other care facilities that Economic Impact Payments (EIPs) belong to the recipients, not the organizations providing the care.

Updated EIP FAQS Include Added Information on Prepaid Debit Cards

IRS has continued to update the frequently asked questions (FAQs) on its Economic Impact Payment (EIP) Information Center website. These are the updates as of June 11, 2020.

Payment Protection Flexibility Act

The Payment Protection Flexibility Act has been signed into law by the President.

Following is a summary of the legislation’s main points compiled by the AICPA: 

New Employer Tax Credits: The Employee Retention Credit

The IRS has issued Publication 5419 to assist employers with the application of the employee retention credit.

10 Takeaways on the PPP Loan Forgiveness Application

On May 15, 2020, the SBA published the Paycheck Protection Program Loan Forgiveness Application (SBA Form 3508).

Tax Pros Security Checklist

During a recent webinar, the IRS reaffirmed the need for tax professionals to remain diligent in assuring the security of their computer system and the confidentiality of their client’s information

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