Tag: IRS

Feds Pursue Fraud Claims Against PPP Recipients

To help struggling businesses needing immediate access to cash during the COVID-19 pandemic, Congress introduced the Paycheck Protection Program (PPP) as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in 2020. Some companies, however, didn’t use the PPP loan funds as Congress intended. Because of a broad range of associated fraud, the […]

Tax Holiday or Headache? Deferral Plan Presenting Challenges for Employers

President Donald Trump’s plan to defer payroll taxes for many employees through the end of the year is sparking questions and criticism from employers—questions about how to implement the plan and criticism that the “tax holiday” may hurt more than it helps. On August 8, Trump issued a memorandum providing for the deferral of payroll […]

IRS furnishes FAQs about taxation of provider relief payments

The IRS has issued frequently asked questions about taxation of provider relief payments. According to the IRS FAQs, “a payment to a business, even if the business is a sole proprietorship, does not qualify as a qualified disaster relief payment under section 139. The payment from the Provider Relief Fund is includible in gross income […]