Tax – COVID-19

Following the President’s memo on August 8, Treasury releases very short Notice 2020-65 delaying the deadline for employee FICA tax.

An executive order was issued directing the deferral of payroll tax payments. Follow up guidance from the Treasury Department is expected.

Authored by RSM US LLP TAX ALERT On July 6, 2020, the IRS released FAQs providing guidance to health care providers with respect to the taxability of payments received from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Provider Relief Fund....

On Thursday, April 9, 2020, the Department of Treasury and the Internal Revenue Service announced the extension of additional key tax deadlines for individuals and businesses. IRS Notice 2020-23 expanded deadline relief to generally apply to all taxpayers that have a...

The Case for Roth IRA Conversion At KHA, we tend to look for opportunities that can be found in challenges. With the COVID-19 crisis, we ask, “What can we learn from this situation or how can we improve our current circumstances?” The values of most retirement plans...

On Friday, March 27, 2020 the United States government implemented legislation that provided comprehensive relief to America in what is otherwise known as the CARES Act. The CARES Act included loans and payroll credits to businesses, cash to individuals, and funding...

In a response to the COVID-19 pandemic, the Texas Comptroller has extended the due date for 2020 franchise tax reports and payments to July 15, 2020. This automatic extension, which requires no additional forms, applies to all franchise taxpayers. This aligns the...

NOTICE - As of April 1, the IRS has posted frequently asked questions that will answer some details not known at the time of this article.  For additional information, please visit the IRS website, click here These payroll tax provisions are intertwined with many...

Individual Tax Provisions Found in the CARES Act The CARES Act provides tax relief for individuals, specifically in the form of cash rebates and generous deductibility of charitable contributions.  Recovery Rebates for Individuals Amount of Assistance Subject to...

Modifications for Net Operating Losses The net operating loss (NOL) rules applicable to individuals and C Corporations recently changed and will now change again. To avoid confusion, let’s review: Prior to 2018, NOLs could be carried back two years and carried forward...

The IRS unveiled the new “People First Initiative” which intends to temporarily adjust and suspend some compliance programs. IRS has established a series of relief to assist taxpayers.  Highlights of the initiatives are: Existing Installment Agreements Taxpayers who...

Client Communication - March 27, 2020 Stimulus deal will include checks The stimulus deal expected to be passed by the House and signed into law by the President will include sending checks directly to individuals.  It is expected to take several weeks before the...

Client Communication - March 25, 2020 Today the Texas Comptroller of Public Accounts offered assistance with businesses struggling to pay the full amount of sales taxes collected in February.  They are offering short-term payment agreements, and in most...

Client Communication - March 24, 2020 Today the Treasury Department and the Internal Revenue Service issued frequently asked questions related to recently published Notice 2020-18.  Many, but not all questions have been answered regarding the filing and payment...

Client Communication - March 24, 2020 This week the IRS published Notice 2020-18.  A copy of the notice can be accessed here. This notice supersedes Notice 2020-17, which postponed the due date for certain Federal income tax payments from April 15, 2020 until...

Client Communication - March 20, 2020 Secretary Steven Mnuchin announced today that the tax filing deadline will be moved from April 15th to July 15th.  “Americans will have an additional three months to file their taxes…”  This means that KHA will not be...