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Jessica L. Jeane, J.D. Director of Public Policy & Communications October 24, 2020 The IRS released draft 2020 Form 1040 and 1040-SR Instructions overnight on October 23, which includes instructions for Schedules 1 through 3. Additionally, the U.S. Small Business Administration (SBA) has released, and is expected to formally publish, a Paycheck Protection Program (PPP) Notice for public comment on Monday, October 26.  PPP The PPP, enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, (P.L. 116-136), provided forgivable loans to eligible small businesses, certain non-profit organizations, veteran’s organizations, Tribal ...
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Jessica L. Jeane, J.D. Director of Public Policy and Communications October 13, 2020 The U.S. Small Business Administration (SBA), in consultation with Treasury, on October 13 released updated  FAQs on Paycheck Protection Program (PPP) loan forgiveness. The sub-regulatory guidance is intended for both lenders and borrowers participating in the small business loan program enacted under the bipartisan C oronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). The updated guidance serves to clarify questions surrounding PPP loan forgiveness application forms’ (3508, 3508EZ, and 3508S) display of an expiration date of "10/31/2020" in the ...
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  Jessica L. Jeane, J.D. Director of Public Policy and Communications October 13, 2020 "The National Society of Accountants (NSA) appreciates the importance of PPP-related information for our members and their clients," said NSA's CEO John Rice. "While uncertainty still surrounds the program, NSA will continue to provide timely updates for our members on all pertinent PPP developments." Senate PPP Enhancement Bill Senate leadership is preparing to hold a vote next week on a Paycheck Protection Program (PPP) enhancement bill after senators return to Washington, D.C., on October 19. At this time, the measure, although supporting the small business loan ...
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Jessica L. Jeane, J.D. Director of Public Policy and Communications October 13, 2020 The IRS, for the first time, is adding barcode technology to the CP14 and CP14 IA notices. “Starting this month, the CP14 and CP14 IA notices that inform taxpayers that they owe money on unpaid taxes and their payment options are now equipped with QR bar codes to help those taxpayers securely and easily navigate to the IRS.gov website,” the IRS wrote in IR-2020-233. “Taxpayers can now use their smartphones to scan a QR code in the CP14 or CP14 IA to go directly to IRS.gov and securely access their account, set up a payment plan or contact the Taxpayer Advocate Service.” ...
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  Jessica L. Jeane, J.D. Director of Public Policy and Communications October 11, 2020 Treasury and the White House are urging Congress to pass a stand-alone Paycheck Protection Program (PPP) bill as stimulus talks between the Trump administration and Democratic congressional leadership have stalled.  “Now is the time for us to come together and immediately vote on a bill to allow us to spend the unused [PPP] funds while we continue to work toward a comprehensive package,” Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows wrote in a Sunday, October 11 letter to Congress. Currently, approximately $134 billion remains in available ...
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Jessica L. Jeane, J.D. Director of Public Policy and Communications October 8, 2020 The U.S. Small Business Administration, in consultation with Treasury, unveiled late in the evening of October 8 a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. “The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs,” Treasury Secretary Steven Mnuchin said in an October 8 press release. “Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP ...
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October 8, 2020 Jessica L. Jeane, J.D. Director of Public Policy and Communications The IRS is temporarily allowing taxpayers to fax the required separate copy of Form 8886, Reportable Transaction Disclosure Statement with the Office of Tax Shelter Analysis (OTSA). “The IRS will accept the separate OTSA copy of the initial year filing of Form 8886 via fax to 844-253-2553 . This temporary procedure is in effect until further notice,” the IRS said on October 8.  Additionally, the IRS highlighted the importance of taxpayers continuing to submit two copies of Form 8886, which includes one with their tax return, including any extensions. However, the paper ...
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October 7, 2020 Jessica L. Jeane, J.D. Director of Public Policy and Communications The U.S. Small Business Administration (SBA), in consultation with Treasury, released updated FAQs for the Paycheck Protection Program (PPP) late in the evening on October 7. The sub-regulatory guidance is intended for both lenders and borrowers participating in the small business loan program. The SBA announced earlier this week that it has started approving forgiveness applications and remitting forgiveness payments to lenders on behalf of PPP borrowers. “SBA will continue to review all PPP forgiveness applications in an expeditious manner,” a spokesperson for SBA ...
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October 7, 2020 Jessica L. Jeane, J.D. Director of Public Policy and Communications The IRS continues to work through its mail backlog, which consists of over 5 million unopened items, according to IRS Commissioner Charles “Chuck” Rettig. Notably, there are an estimated 2.5 million unopened paper income tax returns included within the backlog. “We are doing everything we can to reduce this backlog, including providing relief for taxpayers who have sent us mail that was unopened for a period of time,” Rettig said during an October 7 House Oversight and Reform Subcommittee on Government Operations hearing. Additionally, the IRS continues to receive approximately ...
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October 2, 2020 Jessica L. Jeane Director of Public Policy and Communications The U.S. Small Business Administration (SBA) is expected to begin processing and issuing forgiveness for some Paycheck Protection Program (PPP) loans next week, according to a Treasury spokesperson. The announcement comes on the heels of a multitude of criticisms from lawmakers, small businesses, and lenders alike that the SBA has not finalized any PPP loan forgiveness applications. PPP Loan Forgiveness “We are disappointed in the complete lack of [PPP] loan forgiveness approvals and write to ask when small businesses will begin receiving loan forgiveness and for more information ...
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October 1, 2020 Jessica L. Jeane Director of Public Policy and Communications Treasury and the IRS, on the evening of October 1, 2020, issued final regulations for Achieving a Better Life Experience (ABLE) Accounts. ABLE Accounts ABLE accounts, enacted in 2014 under the ABLE Act (P.L. 113-295), serve to assist individuals with disabilities and their families in saving and paying for disability-related expenses. Although contributions are not deductible, distributions and earnings are tax-free for the designated beneficiary if used to pay qualified disability expenses. The final regulations, T.D. 9923 , finalize two sets of proposed rules, the first ...
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September 28, 2020 Jessica Jeane, Director of Public Policy and Communications Devlin Bennett, Education Manager The National Society of Accountants (NSA) is pleased to report that its seminar, “Other Income: Taxable or Not” was the single most highly attended out of 30 seminars at the 2020 IRS Nationwide Tax Forum . According to information provided to NSA by the IRS, a total of 7,838 attendees participated in the NSA seminar. “NSA continues to increase our member value proposition, and this is a really good example of that in action,” said John Rice, CEO. “The materials presented at the IRS Tax Forum were developed as part of our new study guides for ...
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September 24, 2020 Jessica L. Jeane Director of Public Policy and Communications The IRS on September 24, 2020, sent the National Society of Accountants (NSA) a direct update containing its internal response to the CCH Axcess electronic filing outage on September 15, 2020. The IRS, in the attached Memorandum for Services and Enforcement Employees, states that it will treat as timely filed a return and any elections that were filed with that return that were impacted by the tax software outage if the taxpayer successfully e-filed the return and any elections that were filed with that return by September 17, 2020. 9-15-20_Outage_Memo_Letterhead.pdf ### ...
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September 22, 2020 Jessica L. Jeane Director of Public Policy and Communications The White House and the IRS are spotlighting National Small Business Week, declared by President Trump to span September 20 through September 26, 2020. The Small Business Administration (SBA) hosts its National Small Business Week virtual conference September 22 through September 24, 2020. “Our Nation’s more than 30 million small businesses, which employ nearly half the private-sector workforce and create two-thirds of all net new jobs, are the key to propelling our economy to the prosperity levels America has enjoyed over the past 3 years,” the White House said in a ...
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September 21, 2020 Jessica L. Jeane Director of Public Policy and Communications Treasury and the IRS have released the second round of final regulations implementing the 100% bonus depreciation deduction. The final regulations ( T.D. 9916 ), released on September 21, provide guidance regarding the additional first-year depreciation deduction under section 168(k) of the Internal Revenue Code. Generally, the final rules clarify the increased deduction and the expansion of qualified property, particularly to certain classes of used property, as amended by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97 ) and the Coronavirus Aid, Relief, and Economic Security ...
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September 18, 2020 Jessica L. Jeane Director of Public Policy and Communications The National Society of Accountants (NSA) supports relief of all fees and penalties associated with late returns attributable to the CCH Axcess electronic filing (e-filing) service disruption on September 15, 2020, as well as any other relief the IRS deems appropriate for affected taxpayers and practitioners. It is NSA’s understanding that not only were practitioners unable to submit returns through CCH’s e-filing queue during the outage, many also received notices that previously saved files were corrupted. Accordingly, NSA is aware that Wolters Kluwer Tax & Accounting ...
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September 16, 2020 Jessica L. Jeane Director of Public Policy and Communications The prospects of another bipartisan economic stimulus and Paycheck Protection Program (PPP) expansion bill clearing Congress before the November election appear to be standing on shaky ground. While the fate of a broad COVID-19 relief package remains uncertain, there is little chance of a stand-alone PPP bill, a senior Senate GOP aide told the National Society of Accountants (NSA). Paycheck Protection Program in Limbo The PPP, enacted under the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136 ) on March 27, 2020, appears in limbo as numerous ...
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September 15, 2020 Jessica Jeane Director of Public Policy and Communications National Taxpayer Advocate (NTA) Erin M. Collins outlined various resources available to taxpayers and practitioners during the IRS’s Small Business Forum on September 15. The IRS hosted the forum in partnership with the U.S. Chamber of Commerce and the National Federation of Independent Business (NFIB). The National Society of Accountants (NSA) attended the forum on behalf of NSA members. Taxpayer Advocate Service “When the system is broken, we can come in and try to figure out how to fix it on behalf of the taxpayer,” Collins said of the IRS’s   Taxpayer Advocate Service ...
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2020-2021 Election Results As Verified By Simply Voting   The following NSA members in good standing have been elected to the National Society of Accountants Board of Governors.   NSA Officer Positions President , Curt Lee First Vice President , Marchelle Foshee Second Vice President , Debra Cope Secretary/Treasurer , Ruth Godfrey NSA Governors District II , Andrew J. Piernock Jr. District IV , Margie Strider District VI , Pamela C. Stamps District X , Nancy Weinstein State Directors Alaska , J.R Dailey Colorado , Robert D. Kuziak Idaho , W. Brian Haderlie Massachusetts ...
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June 10, 2020 John Rice NSA CEO The Treasury Secretary Steven Mnuchin appeared at a hearing of the Senate Small Business Committee today, telling the Committee that he supports additional aid to large and small businesses that have been hit hardest by the coronavirus pandemic. “I definitely think we are going to need another bipartisan legislation to put more money into the economy,” he said at a Wednesday hearing of the Committee. “Whatever we do going forward needs to be much more targeted particularly to the industries and small businesses that are having the most difficulty reopening.” Mr. Mnuchin gave few specifics however, only stating that the additional ...
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