Tax

Navigating the Unique Tax Policies and Opportunities of 2020 and 202120210422161216

Navigating the Unique Tax Policies and Opportunities of 2020 and 2021

FMLApril 22, 2021
Each of the different relief bills passed during the COVID-19 pandemic have included tax implications. FML partner Angel Li was interviewed by FOX 61 as thMay 17 deadline to file approaches, some individuals and sole proprietors are encountering these policies, many of which are new and temporary, f...
Individual Federal Tax Filing Deadline Extended to May 17, 202120210319171900

Individual Federal Tax Filing Deadline Extended to May 17, 2021

FMLMarch 19, 2021
On March 17, 2021, the Treasury Department and IRS announced that they will be automatically extending the federal income tax filing due date for individuals for the 2020 tax year from April 15, 2021, to May 17, 2021. This extension applies to all individuals without penalties and interest, and rega...
ALERT– IRS Update on Deductibility of Expenses Paid with Forgiven PPP Loan Proceeds20201120130620

ALERT– IRS Update on Deductibility of Expenses Paid with Forgiven PPP Loan Proceeds

FMLNovember 20, 2020
Under section 1106(i) of the CARES Act, the amount of a loan forgiven under the Payroll Protection Program (PPP) is excluded from taxable income. A loan may be forgiven under the PPP Program if the proceeds are used towards eligible payroll costs, interest on covered mortgage obligations, covered re...
Executive Order on Payroll Tax Deferral20200901144446

Executive Order on Payroll Tax Deferral

FMLSeptember 1, 2020
On August 8, 2020, President Trump issued an executive order regarding the deferral of certain employee funded social security taxes (i.e. 6.2%).  Of note, the CARES ACT allowed some employers to defer the employer funded portion of social security taxes.  On August 28, the IRS issued Noti...
Connecticut UPMIFA Rules and Accounting for Restricted Gifts – TANGO Webinar20200828115729

Connecticut UPMIFA Rules and Accounting for Restricted Gifts – TANGO Webinar

FMLAugust 28, 2020
Watch FML’s Amber Tucker Director, Assurance & Advisory Services  and Ed Spinella, Chair of Tax Exempt Organizations Practice Group Murtha Cullina LLP as they present the latest on UPMIFA Rules as they relate to COVID and more. This webinar was produced in conjunction with TANGO on August ...
Interim Rule (Owner Comp Limitations and Rent)20200826102550

Interim Rule (Owner Comp Limitations and Rent)

FMLAugust 26, 2020
On August 24, 2020, the SBA issued Interim Rule on Business Loan Program Temporary Changes – Treatment of Owners and Forgiveness of Certain Nonpayroll Costs.  The new interim rule addresses the following issues:  1) owner compensation for S Corp and C Corp owners and 2)&nbs...
One more hurdle for not-for-profits amid other COVID concerns20200724112959

One more hurdle for not-for-profits amid other COVID concerns

FMLJuly 24, 2020
Not-for-profits, like many other small businesses, have struggled during the current socioeconomic conditions that have arisen as a result of COVID-19. Many not-for-profits went into March providing services for the communities of Connecticut while running at a loss, dependent on Federal, State and ...
Paycheck Protection Program Section 265: Alert20200503170447

Paycheck Protection Program Section 265: Alert

FMLMay 3, 2020
On April 30, 2020, the IRS issued Notice 2020-32 regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program and ...
Tax Deadline Expanded IRS Notice 2020-2320200410134124

Tax Deadline Expanded IRS Notice 2020-23

FMLApril 10, 2020
IRS Notice 2020-23 expands prior IRS Notices by extending tax filing and payment deadlines to July 15, 2020 for a much broader list of ‘specified forms’ and ‘specified payments’.  The list is expansive but only includes the items/forms therein.   We note that the extensions apply to b...
Individual Tax Considerations for the CARES Act – Alert20200330125518

Individual Tax Considerations for the CARES Act – Alert

FMLMarch 30, 2020
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19).  The CARES Act is the third phase of federal government aid related to COVID-19.  The CARES Act...