Entries by Jeff

The Five Ways That IRS Selects Tax Returns For Examination

I have yet to meet anyone who looks forward to having their tax return be selected for an audit by IRS so you should know the five main ways that the IRS selects returns for examination. Potential participants in abusive tax avoidance transactions — Some returns are selected based on information obtained by the IRS through efforts to identify promoters […]

U.S. Attorney’s Office Files Charges In Rhode Island Against Two Borrowers Alleging Fraud In Seeking Paycheck Protection Loans

This is the first case in the nation to be charged with fraudulently seeking CARES Act SBA Paycheck Protection Loans. The U.S. Attorney’s Office for the District Of Rhode Island announced on May 5, 2020 in a press release that two businessmen have been charged with allegedly filing bank loan applications fraudulently seeking more than […]

What To Do If Your Economic Impact Payment Is Wrong

I think the amount of my Economic Impact Payment is incorrect.  What can I do? On March 27, 2020 President Trump signed the $2 trillion Stimulus Bill formally known as the Coronavirus Aid, Relief and Economic Security [CARES] Act (the “CARES Act”) to provide assistance to workplaces and employees. The CARES Act provides many benefits […]

Still Waiting For Your IRS Economic Impact Payment?

Still Waiting For Your IRS Economic Impact Payment? As the IRS closed its web-based portal for non-filers and taxpayers for whom the IRS does not have your Direct Deposit Information, taxpayers with a filing requirement must file a tax return to get an Economic Impact Payment. On March 27, 2020 President Trump signed the $2 […]

IRS Announces Temporary Procedures To Fax Forms 1139 And 1045 Due To COVID-19

IRS Announces Temporary Procedures To Fax Forms 1139 And 1045 Due To COVID-19 President Trump signed the $2 trillion Stimulus Bill formally known as the Coronavirus Aid, Relief and Economic Security [CARES] Act (the “CARES Act”) to provide assistance to workplaces and employees. The CARES Act provides many benefits intended to deliver cash into the […]

Update To State Of California COVID-19 Tax Relief

Update To State Of California COVID-19 Tax Relief FTB Coronavirus Tax Relief The California Franchise Tax Board (“FTB”) has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus and as information becomes available, the FTB will be updating this special page on its website. In line with […]

IRS Continues To Expand Tax Relief From COVID-19

IRS Continues To Expand Tax Relief From COVID-19 On April 9, 2020 the IRS announced additional relief for taxpayers extending deadlines to July 15, 2020 including the 2nd quarter estimated tax payment that would have been due June 15, 2020. IRS Coronavirus Tax Relief The IRS has established a special section focused on steps to […]

Has Your Business Claimed Funds In The Paycheck Protection Program Under The Coronavirus Aid, Relief and Economic Security Act?

Has Your Business Claimed Funds In The Paycheck Protection Program Under The Coronavirus Aid, Relief and Economic Security Act? On March 27, 2020 President Trump signed the $2 trillion Stimulus Bill formally known as the Coronavirus Aid, Relief and Economic Security [CARES] Act (the “CARES Act”) to provide assistance to workplaces and employees. The CARES […]