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IRS releases 2020 Progress Update; annual report details unprecedented year
The Internal Revenue Service today released its 2020 annual report describing the agency's work delivering taxpayer service and compliance efforts during COVID-19 while spotlighting actions taken by IRS employees to help people during the...
Guidance permits change in vehicle use valuation during pandemic
In response to the COVID-19 pandemic, the IRS is allowing employers to switch from the vehicle lease valuation method to the cents-per-mile method (57.5 cents for 2020, 56 cents for 2021) for determining the value of an employee’s personal use of...
Economic Impact Payments on their way, visit IRS.gov instead of calling
The IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as stimulus payments, last week.
PPP expense deductibility and forgiveness raises basis, other issues
The Consolidated Appropriations Act, 2021 (CAA 2021), H.R. 133, Division N, Section 276, provides that deductions are allowed for otherwise deductible expenses paid with the proceeds of a Paycheck Protection Program (PPP) loan that is forgiven...
COVID-19 relief bill addresses key PPP issues
President Donald Trump on Sunday night signed into law the $900 billion COVID-19 relief bill passed Dec. 21 by Congress. Trump had said he would not sign the bill because he wanted $2,000 stimulus checks for individuals instead of the $600 in...
2021 standard mileage rates decrease
The optional standard mileage rates for business use of a vehicle will decrease once again in 2021 after increasing significantly in 2019, the IRS announced in Notice 2021-02. For business use of a car, van, pickup truck, or panel truck, the rate...
Trump signs coronavirus relief and government funding bill into law after lengthy delay
President Donald Trump signed the massive $2.3 trillion coronavirus relief and government funding bill into law Sunday night, averting a government shutdown that was set to begin on Tuesday, and extending billions of dollars in coronavirus aid to...