Sciarabba Walker Blog
The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
IRS Issues Guidance on President’s Payroll Tax Deferral Memorandum
On August 8, 2020, President Trump issued a Presidential Memorandum which allowed for the deferral of withholding an employee’s payroll taxes. On Friday, August 21, 2020, the IRS issued additional guidance on the implementation of the deferral in Notice 2020-65. The...
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Tax Implications of IRC Section 83
IRC Section 83 discusses the treatment regarding property that was received in connection with performance of services. The Tax Cuts and Jobs Act added an election to defer the recognition of taxable income with respect to specific items under Section 83(i). Even...
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High-Tax Exception Now Available for GILTI Income
The IRS recently announced the issuance of final regulations addressing the treatment of income earned by certain foreign corporations that is subject to a high rate of foreign tax. As we have discussed in a previous blog, the Tax Cuts and Jobs Act of 2017 added a new...
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Updated PPP Loan & Forgiveness FAQs
PPP Loan Forgiveness FAQs The new FAQs are on pages 10 and 11 on the Economic Injury Disaster Loans (EIDL) released August 11, 2020 The SBA will deduct the amount of the EIDL advance from the forgiveness amount the SBA remits to the lender. The lender will be able to...
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President Trump’s Executive Order and Three Memorandums
With proposed relief legislation at a total standstill in Congress, on Saturday President Trump signed an executive order and three memorandums to provide relief amidst the COVID-19 pandemic. The directives seek to temporarily halt payroll tax collection, decrease...
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IRS Notice 2020-51 Changes Required Minimum Distributions for 2020
If you took a 2020 distribution from a 401K, 403B or IRA account, you can return that money and reduce your 2020 tax burden. However, the deadline to return (rollover) distributions is August 31, 2020, so taxpayers need to act soon to be sure of meeting the deadline....
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Special Purpose Frameworks
Bases of accounting other than generally accepted accounting principles, or GAAP, are a popular alternative to the numerous and sometimes complex GAAP accounting requirements. These bases are referred to as special-purpose frameworks. Entities that are good candidates...
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Social Security After Marriage, Death, and Divorce
Social Security, or the Old-Age, Survivors, and Disability Insurance (OASDI) program, provides benefits to retirees, survivors, and the disabled. Social Security is funded primarily through payroll taxes (FICA and SECA) and retirement benefits received are based on...
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Additional PPP Interim Final Rule Changes Released by SBA & Treasury
On June 17, 2020, the United States Department of the Treasury and the Small Business Administration (SBA) issued additional guidance on the Paycheck Protection Program, specifically revising the Third and Sixth Interim Final Rules previously released. We have...
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N-20-8 Realigns 2020 NYS Q1 & Q2 Estimated Payment Dates
In March, New York State released N-Notice N-20-2 which moved the traditional first estimated payment due date of the year of April 15, 2020, to July 15, 2020. Considering the traditional second estimated payment due date of June 15, 2020, the timing of these two due...
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