Feb 22, 2022 | COVID-19, Taxes
Two recent reports, one from the Internal Revenue Service and the other from the National Taxpayer Advocate, show how the ongoing pandemic exposed the effects of being an underfunded agency. The IRS in its recently issued Progress Update report for fiscal year 2021,...
May 28, 2021 | COVID-19, IRS, Taxes
The IRS has postponed the federal tax filing and payment deadlines, and associated interest, penalties, and additions to tax, for certain taxpayers who have been adversely affected by the Coronavirus Disease 2019 (COVID-19) pandemic. For individual taxpayers, the...
Apr 30, 2021 | COVID-19, PPP Loan, Stimulus
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....
Aug 29, 2020 | COVID-19, Taxes
The IRS has issued guidance and temporary relief for required minimum distribution (RMD) changes in 2020. Distributions that would have been RMDs under old law are treated as eligible rollover distributions. The 60-day rollover period deadline for any 2020 RMDs...
Aug 29, 2020 | COVID-19, Taxes
On July 4, President Donald Trump signed into law a Paycheck Protection Program (PPP) application extension bill that Congress had quickly passed just before the Independence Day holiday. According to several senators, the measure...
Apr 1, 2020 | COVID-19, News
During this uncertain time, nothing is more critical to Heckler & O’Keefe, CPAs, PC than the health and safety of our clients and employees. While most of our staff are home working remotely, we are considered an essential service under the Executive Order, Tom...
