Tax News

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The AbitOs team regularly collects, analyzes, and shares domestic and international tax news that we believe could interest – and impact – our clients.

Tax News – November 23, 2020

The IRS has provided a safe harbor for deducting expenses if a Paycheck Protection Program (PPP) loan isn’t forgiven.

The safe harbor allows a taxpayer to claim a 2020 deduction for deductible eligible expenses if they received a PPP...

Other Tax News

Beware of errors when filing for employer tax credits.

A new report looks at how laws passed during the pandemic have affected the U.S. economy in terms of national output.

Make filing your 2020 federal income tax return easier with some preparation.

Did you not receive an Economic Impact Payment (EIP) in 2020?

You may owe Uncle Sam tax on a tax refund.

The deadline for single-employer defined benefit plan contributions has been extended.

The Congressional Budget Office (CBO) has reported a fiscal year 2020 federal budget deficit of $3.1 trillion.

The IRS has added two questions and an answer to its website regarding receipt of an Economic Impact Payment (EIP) by a deceased individual…

Has the IRS contacted you to discuss an outstanding tax issue?

If you have a traditional IRA and take a distribution before age 59 ½, the amount is subject to income tax and you’ll generally owe an additional 10% early withdrawal penalty tax.

Business tax transcripts (summaries of tax returns) are a handy tool for taxpayers, their tax professionals and lenders.

Stay in Touch

AbitOs Newsletters

Tax News

Stay Up-to-date

Tax News – November 23, 2020

The IRS has provided a safe harbor for deducting expenses if a Paycheck Protection Program (PPP) loan isn’t forgiven.

Other Tax News

Beware of errors when filing for employer tax credits.

A new report looks at how laws passed during the pandemic have affected the U.S. economy in terms of national output.

Make filing your 2020 federal income tax return easier with some preparation.

Did you not receive an Economic Impact Payment (EIP) in 2020?

You may owe Uncle Sam tax on a tax refund.

The deadline for single-employer defined benefit plan contributions has been extended.

The Congressional Budget Office (CBO) has reported a fiscal year 2020 federal budget deficit of $3.1 trillion.

The IRS has added two questions and an answer to its website regarding receipt of an Economic Impact Payment (EIP) by a deceased individual…

Has the IRS contacted you to discuss an outstanding tax issue?

If you have a traditional IRA and take a distribution before age 59 ½, the amount is subject to income tax and you’ll generally owe an additional 10% early withdrawal penalty tax.

Business tax transcripts (summaries of tax returns) are a handy tool for taxpayers, their tax professionals and lenders.

Stay in Touch

AbitOs Newsletters

Selling a Property? Here’s What You Need to Know About FIRPTA

District court: FBAR non-willful penalty applies per report, not per account

Have you done business in a foreign country because of COVID-19?

FATCA deadlines extended because of COVID-19

COVID-19 relief available to some nonresident aliens, foreign corporations

2020 FBAR penalties (adjusted for inflation)

Final regs: Transfers to partnerships with related foreign partners

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305-774-2945