Newsletters

IRS Advises Taxpayers On Compliance For Improperly Forgiven Paycheck Protection Program Loans, IR-2022-162

The IRS has issued guidance to taxpayers, who have inappropriately received forgiveness of their Paycheck Protection Program (‘PPP’) loan, and has encouraged them to take steps towards compliance, such as filing amended returns that include the forgiven loan amounts, as income. The PPP loan program was established by the Coronavirus Aid, Relief and Economic Security Act (CARES Act) to assist small US businesses that were adversely affected by the COVID-19 pandemic in paying certain expenses and was further extended by the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act. The IRS has discovered that, some recipients received forgiveness of their PPP loan through misrepresentation or omission and either did not qualify to receive a PPP loan or misused the loan proceeds. Under the terms of the PPP loan program, lenders could forgive the full amount of the loan, if the loan recipient meets three conditions, namely:

The IRS has stipulated that, if the above conditions are not met, then the amount of the loan proceeds that were forgiven, must be included in income and any additional income tax must be paid. The IRS has also informed that, reporting tax-related illegal activities relating to PPP loans, may be done through submission of Form 3949-A, Information Referral.

FL - Voters reject two statewide ballot measures regarding property taxes

Voters rejected two constitutional amendments referred by the Florida Legislature to the 2022 ballot for property tax purposes. Amendments in […]

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FL - Voters reject two statewide ballot measures regarding property taxes

FL - Updated electronic address/jurisdiction database for determination of insurance premium tax situs

For insurance premium tax purposes, the Florida Department of Revenue has issued a tax information publication updating the electronic address/jurisdiction […]

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FL - Updated electronic address/jurisdiction database for determination of insurance premium tax situs

FL - Payment deadlines extended for taxpayers in counties impacted by Hurricane Ian

Florida Gov. Ron DeSantis issued an executive order that temporarily suspends the deadline for the payment of property taxes for […]

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FL - Payment deadlines extended for taxpayers in counties impacted by Hurricane Ian

IRS Extends Some Low-Income Housing Credit Deadlines, Notice 2022-52

The IRS extended several deadlines related to the low-income housing credit, in response to unavoidable labor and supply-chain disruptions delaying […]

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IRS Extends Some Low-Income Housing Credit Deadlines, Notice 2022-52

IRS Informs Taxpayers that Tip Income is Taxable and Must be Reported, FS-2022-37

The IRS has informed taxpayers who work in restaurants, salons, hotels and similar industries that tips can be taxable income. […]

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IRS Informs Taxpayers that Tip Income is Taxable and Must be Reported, FS-2022-37

IRS Reminds Taxpayers To Estimate Their Tax Withholding And Not Rely On Refunds Alone, IR-2022-186

The IRS has urged taxpayers to review their tax withholding to avoid any big surprises, such as a big refund […]

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IRS Reminds Taxpayers To Estimate Their Tax Withholding And Not Rely On Refunds Alone, IR-2022-186

IRS Revises Initial Contact Letters for Ease Of Understanding, IR-2022-170

The IRS has revised its initial contact letters to improve its interactions with taxpayers. The initial contact letters are issued […]

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IRS Revises Initial Contact Letters for Ease Of Understanding, IR-2022-170

IRS Urges Taxpayers to Remain Vigilant for Cybercrimes and Protect their Personal Information, IR-2022-187

The IRS has urged taxpayer families, especially teens and senior citizens to remain vigilant and be mindful year-round for potential dangers in […]

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IRS Urges Taxpayers to Remain Vigilant for Cybercrimes and Protect their Personal Information, IR-2022-187

Taxpayers Who Haven't Filed 2021 Returns May Be Eligible for Valuable Credits, IR-2022-178

The IRS has sent reminder letters to encourage over 9 million taxpayers and families who are potentially eligible for expanded […]

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Taxpayers Who Haven't Filed 2021 Returns May Be Eligible for Valuable Credits, IR-2022-178

IRS Warns Taxpayers To Be Aware Of Their Eligibility For Employee Retention Credit Claims, IR-2022-183

The IRS has warned employers to be wary of third parties who are taking improper positions related to taxpayer eligibility […]

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IRS Warns Taxpayers To Be Aware Of Their Eligibility For Employee Retention Credit Claims, IR-2022-183