NSAC Happenings and Latest News - Page 44
IRS Says Companies Are Responsible for Deferred Payroll Taxes
The Internal Revenue Service said companies will be responsible for collecting and paying back any deferred payroll taxes under a directive by President Donald Trump aimed at helping workers while the administration and Democrats are stalemated on a stimulus deal. The agency issued guidance that implements Trump’s order to delay the due date for payroll taxes for millions of workers from Sept. 1 through year-end. Come next ...
Read MoreGuidance Issued on Payroll Tax Deferral
The IRS issued much-anticipated guidance on the payroll tax deferral that was ordered by President Donald Trump in a presidential memorandum on Aug. 8 (Notice 2020-65). The notice allows employers to defer withholding on affected employees’ compensation during the last four months of 2020 and then withhold those deferred amounts during the first four months of 2021. Under the guidance, employers can defer the withholding, deposit, ...
Read MoreWill PPP Fraud Turn into the Next Wave of 'Liar's Loans'?
In April, Andrew Marnell of California applied for millions of dollars of loans in federal assistance through the Paycheck Protection Program. Based on his applications, Marnell received approximately $9 million in federally awarded funds from banks authorized to make the loans. It was only after funding the loans that the lenders discovered the funds were going directly to Marnell rather than the small businesses listed in the applications, ...
Read MoreIRS Issues More Bonus Depreciation Rules
The IRS issued final regulations (T.D. 9916) providing guidance on additional first-year (bonus) depreciation under Sec. 168(k), which was amended by the law known as the Tax Cuts and Jobs Act, P.L. 115-97. T.D. 9916 provides taxpayers with guidance on issues involving the application of Sec. 168(k) that were not addressed in 2019 final regulations (T.D. 9874). This includes clarifying guidance on the requirements that must be met for property ...
Read MoreIRS Finalizes 100% Bonus Depreciation Rules
The Internal Revenue Service and the Treasury Department issued the last set of final regulations to implement the 100 percent additional first-year depreciation deduction from the Tax Cuts and Jobs Act, enabling companies to write off the cost of most depreciable business assets in the year they are put in service. The 100 percent first-year bonus depreciation deduction was part of the 2017 tax overhaul. It typically applies to ...
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