Reuven I Rubinson, CPA

All taxpayers are now eligible to request a security pin from the IRS in order to minimize identity theft and someone filing a false tax return using your Social Security number. https://www.irs.gov/pub/irs-pdf/p5367es.pdf

The IRS will start accepting 2020 tax returns on February 12. This is a lot later than previous years. #IRS #TaxSeason #TaxFilingDate https://www.rrubinsoncpa.com/362-2/

Journal of Accountancy article on PPP loans over $2 million https://www.journalofaccountancy.com//sba-ppp-loan-necessi #ppploanforgiveness

IRS makes it easier to set up payment agreements; offers other relief to taxpayers struggling with tax debts #taxes #irs https://www.irs.gov//irs-makes-it-easier-to-set-up-payment

IRS update on $500 per child payments for federal beneficiaries To help people who were unable to provide their information in time to receive Economic Impact Payments for their qualifying children, the IRS announced that federal beneficiaries who did not register to receive $500 per child payments earlier this year now have additional time.... If eligible, anyone who registers using the Non-Filers: Enter Info using link below before the 3 p.m. E.T. Nov. 21 extended due date will receive an EIP. This includes federal beneficiaries who already received an EIP but did not receive a supplemental $500 payment for qualifying children. https://www.irs.gov/coro/non-filers-enter-payment-info-here

The SBA and the Treasury Department announced today a simpler procedure for the forgiveness of PPP loans of $50,000 or less. I believe I've posted before that businesses should wait as long as possible to submit PPP loan forgiveness applications. This is a step in the right direction, but it may get even easier in the future they may just forgive every loan under $50,000 or $100,000. Accordingly, unless there is a pressing need for filing the form, my recommendation is stil...l to wait as long as possible. Why, because Murphy was an optimist. There is always the small possibility that the loan forgiveness application will be rejected. What are you going to do if that happens and the law is changed at a later date that would make the forgiveness automatic? You could be on the hook for malpractice if the client ends up being liable for repayment of the loan because you gave them bad advice (this is my opinion and not legal advice)!

The small business administration has issued a document with frequently asked questions relating to the forgiveness of Paycheck Protection Program loans. Please click on Link https://www.sba.gov//PPP%20Loan%20Forgiveness%20FAQs%208-4