Archive: irs

COVID-19 Relief Provided for Qualified Opportunity Funds and Investors

To provide relief in response to the COVID-19 pandemic for Qualified Opportunity Funds (QOFs), Qualified Opportunity Zone Businesses (QOZBs), and investors, the IRS issued Notice 2020-39. This notice provides expanded timelines for investors to make eligible investments, provides the QOFs and QOZB’s expanded timelines surrounding testing for investment standards, working capital safe harbors, and time […]
August 31, 2020

Paycheck Protection Program: Understanding Loan Forgiveness Webinar

Download Aronson LLC’s presentation slides. Download M&T Bank’s presentation slides. Aronson Partner, Mike Muscatello and M&T Bank’s AVP, Gregory Smith presented the Paycheck Protection Program: Understanding Loan Forgiveness webinar. This presentation highlights current developments in the PPP program, give expert insight regarding the loan forgiveness process, and address topics such as: Where do I apply for loan forgiveness? What […]
August 13, 2020

Can Bankruptcy Resolve Your Federal Tax Debt?

The filing of bankruptcy puts an immediate halt on all IRS collection activities and a release on any bank account or wage levy and any property seizure. Bankruptcy law is the one body of law that trumps IRS action. However, because bankruptcy has long-term effects in the form of a tarnished credit report that remains […]
August 4, 2020

Rob Eby and Will Donahue to Speak at FAR August Webinar – 20/20 Vision: Political Activity For Associations, Nonprofits and PACs In the Upcoming Election Cycle

Many associations and nonprofits are put at risk because of a lack of knowledge and formal training in the management of their political action. Experts Rob Eby and Will Donahue of Aronson’s Nonprofit & Associations Services Group as served as panelists at FAR’s August webinar. This presentation explored strategies for political action, management and oversight […]
August 4, 2020

IRS Issues Retirement Arrangement Guidance

Over the last several weeks, the Internal Revenue Service (IRS) has issued technical guidance that impacts retirement arrangements. This guidance is generally as a result of the COVID-19 pandemic or related to previous rule changes in response to the pandemic. On June 29, 2020, the IRS issued Notice 2020-52. The purpose of the Notice was […]
July 16, 2020

IRS, You’ve Got Mail…Eleven Million Pieces of It

As the Internal Revenue Service (IRS) begins to recall its employees throughout the month of June, its workers are returning to their offices with a daunting task ahead of them. According to Sunita Lough, the IRS Deputy Commissioner for Services and Enforcement, the IRS has a backlog of 11 million pieces of unopened mail that […]

IRS to Permit Mid-Year Health Plan Changes

As part of the Federal Government’s ongoing response to the COVID-19 pandemic, the IRS issued Notice 2020-29. This notice modifies the rules for mid-year elections in employer-sponsored health plans and health flexible spending accounts (FSA) in cafeteria plans. As a general rule, employee elections for such arrangements must occur prior to the beginning of the […]
May 13, 2020

IRS Suspends Tax Compliance Programs to Assist American Taxpayers During COVID-19 Crisis

On March 25, the Internal Revenue Service (IRS) announced its People First Initiative, which rolls out significant changes in compliance and collection procedures to mitigate obstacles presented by COVID-19. The release of this initiative goes well beyond extending the federal filing deadline, with the unprecedented suspension of many compliance programs to assist taxpayers who may […]
March 30, 2020

IRS Formally Announces Deferral of Filing and Payments to July 15

Just a few days after the original guidance, Notice 2020-17 superseded, was issued by the U.S. Treasury Department, a new notice, Notice 2020-18, was released on March 21 to provide expanded relief to taxpayers affected by the ongoing coronavirus pandemic. The notice officially confirms the announcement made by U.S. Treasury Secretary Steven Mnuchin early Friday […]
March 23, 2020

Tax Payment Deferral Amid COVID-19

On March 18, the Internal Revenue Service and the Treasury Department released the formal guidance (Notice 2020-17) on deferring tax payments amid the coronavirus (COVID-19) pandemic. The guidance allows individual and corporate taxpayers to defer making federal income tax (including self-employment tax) payments due on April 15, 2020 until July 15, 2020, without incurring penalties […]
March 19, 2020