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Author Archive for Brian Whelan

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bwhelan

Temporary, Proposed Regs Authorize Assessment of Erroneous Refund of COVID-19 Employment Tax Credits

Temporary, Proposed Regs Authorize Assessment of Erroneous Refund of COVID-19 Employment Tax Credits The IRS has issued temporary and proposed regulations that authorize the assessment of any erroneous refund of the COVID-19 employment tax credits which were added by the American Rescue Plan Act of 2021 ( P.L. 117-2). These credits for certain wages paid by […]

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bwhelan

Farm NOL Election Procedures Provided

Farm NOL Election Procedures Provided The IRS has provided a procedure for making elections and revocations under Act Sec. 2303(e) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ( P.L. 116-136) for taxpayers with a net operating loss (NOL) for any tax year beginning in 2018, 2019, or 2020, all or a portion […]

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bwhelan

Biden Signs COVID-19 Relief Package

Biden Signs COVID-19 Relief Package On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021. Some of the tax-related provisions include the following: 2021 Recovery Rebate Credits of $1,400 for eligible individuals ($2,800 for joint filers) plus $1,400 for each eligible dependent. Credit begins to phase out at adjusted gross income […]

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bwhelan

Final Regulations Reflect TCJA Changes to Entertainment and Meal Deductions

Final Regulations Reflect TCJA Changes to Entertainment and Meal Deductions Final regulations reflect the significant changes that the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) made to the Code Sec. 274 deduction for travel and entertainment expenses. These regulations finalize, with some changes, previously released proposed regulations, NPRM REG-100814-19. Changes to Code Sec. 274 under the TCJAFor […]

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bwhelan

IRS Clarifies Provisions of the SECURE and the Bipartisan American Miners Acts

IRS Clarifies Provisions of the SECURE and the Bipartisan American Miners Acts The IRS has released guidance in the form of questions and answers with respect to certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), and the Bipartisan American Miners Act of 2019 (Miners Act). Business CreditThe […]

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bwhelan

ONLY 300 GRANTS AVAILABLE – Employers with 2 to 50 Employees – only some will qualify

ONLY 300 GRANTS AVAILABLE – Employers with 2 to 50 Employees – only some will qualify April 24, 2020 Dear Clients, Colleagues and Friends, While there are only 300 of these grants available nationwide, we wanted to make you aware of the opportunity. You must act fast! This Salesforce program advertises that it will start […]

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bwhelan

Bogus Emails from Lenders

Bogus Emails from Lenders April 9, 2020 Dear Clients, Colleagues and Friends, We have become aware of malicious emails being sent by scammers imitating Chase Bank, and possibly other lenders, related to Paycheck Protection Program Loans, and potentially other stimulus loans as well. These emails look authentic and it is almost impossible to tell that […]

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bwhelan

COVID-19 Update from Presti & Naegele

COVID-19 Update from Presti & Naegele March 18, 2020 Dear Clients, Colleagues and Friends, We’ve been doing our part to slow the spread of COVID-19 over the past weeks by enabling our employees to work remotely. However, based on new guidelines issued by President Trump and the Centers for Disease Control and Prevention (CDC), Presti […]

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bwhelan

IRS Issues 2020 Form W-4

The IRS issued the redesigned 2020 Form W-4. https://tax.thomsonreuters.com/blog/irs-issues-2020-form-w-4 By Christopher Wood, CPP December 5, 2019 Highlight: Not all employees must complete the 2020 Form W-4. The IRS has designed the withholding tables to work with both the 2020 Form W-4 and prior year forms. On December 5, the IRS issued the redesigned 2020 Form […]

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bwhelan

100 Percent Bonus Depreciation Guidance for Certain Tax Years Allows Late Elections, Revocations

100 Percent Bonus Depreciation Guidance for Certain Tax Years Allows Late Elections, Revocations Bonus depreciation guidance that applies to property acquired after September 27, 2017, in a tax year that includes September 28, 2017, allows taxpayers to make a late election or revoke a prior valid election to: elect out of 100 percent bonus depreciation; […]

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