The Kentucky Society of CPAs announced yesterday that Darlene Zibart, CPA, along with 27 other state society CEOS, sent a letter to Congressional leadership urging them to pass legislation that would close a projected collective budget gap of $555 billion that states and local governments face in this fiscal year and the following two years.
The AICPA has not taken a formal position on filing a protective claim by July 15. The AICPA’s conversations with Tax Executive Committee, Employee Benefits TRP, and Tax Practice and Procedures Committee members who deal with the ACA helped to inform the conclusion that there is little chance of the tax being declared unconstitutional for tax years before 2019. Most national and regional CPA firms are not recommending that their clients file a protective claim. Protective claims must be filed on a reasonable basis; if the Supreme Court declares the ACA unconstitutional, it is unlikely that it would be retroactive, and therefore, protective claims filed now could be considered baseless claims. Here are some questions and answers to help determine whether filing a protective claim is the right decision for you and your clients.
Becky Phillips, chair of the KyCPA Nominations and Awards Committee, presents nominees for the 2020-2021 Board of Directors. Additional nominations will be accepted until May 26, 2020 via a written and signed petition sent to the Secretary/Treasurer, KyCPA at 1735 Alliant Avenue, Louisville, KY 40299. If no petitions are received by that date, the candidates recommended by the Nominations and Awards Committee will be declared elected.
We have noted the large number of companies that have appropriately reevaluated their need for PPP loans and promptly repaid loan funds in response to SBA guidance reminding all borrowers of an important certification required to obtain a PPP loan.
The Internal Revenue Service announced significant enhancements to the “Get My Payment” tool to deliver an improved and smoother experience for Americans eligible to receive Economic Impact Payments.
At the direction of Governor Beshear and SB 150, the Kentucky Department of Revenue will adopt the income tax relief set forth in Internal Revenue Service (IRS) Notice 2020-18, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, as well as the additional relief provided in IRS Notice 2020-20 and Notice 2020-23. This income tax relief is applicable to individual, corporate, limited liability, fiduciary and pass-through filers with filing and payment deadlines of on or after April 15, 2020, and before July 15, 2020.
Late last week the IRS extended more tax deadlines to cover individuals, trusts, estates corporations and others. They also provided guidance under the CARES Act to taxpayers with net operating losses. They urged taxpayers to use electronic options and outlined online assistance. Along with the Treasury Department launched a new tool to help non-filers register for Economic Impact Payments.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
Updated with new information for seniors, retirees. The Treasury Department and the Internal Revenue Service announced that the distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some taxpayers who typically do not file returns will need to submit a simple tax return to receive the economic impact payment.