Federal

Taxpayers Affected by Hurricane Ian Receive Tax Relief

The IRS announced that hurricane-impacted taxpayers in Florida, North Carolina, and South Carolina will receive tax relief as part of the disaster declaration issued by the Federal Emergency Management Agency (FEMA). This is an update to the IRS’s previous announcement that addressed only Florida taxpayer relief. The current list of localities eligible for relief is […]

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Improperly Forgiven Paycheck Protection Program Loans Are Taxable

The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan). The guidance confirms that, when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, the taxpayer is not eligible to exclude the forgiveness from income and must include in income the portion of the loan proceeds […]

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Only Three Weeks Remaining Until PRF Reporting Period 3 Deadline!

If you received more than $10,000 in PRF funds between 1/1/2021 and 6/30/2021, you must report by 9/30/2022.  Generally, this will be providers who received Phase 3 PRF payments and/or November 2020 and December 2020 Nursing Home Infection Control Quality Incentive Payments (QIP). The Provider Relief Fund (PRF) Reporting Period 3 deadline is now only […]

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Only Two Weeks Remaining Until PRF Reporting Period 2 Deadline!

All providers who received more than $10,000 in PRF funds between 7/1/2020 and 12/31/2020 are required to report their use of funds by 3/31/2022. The Provider Relief Fund (PRF) Reporting Period 2 deadline is now only two weeks away, with final submission due no later than March 31, 2022.  Unlike Period 1, we do not […]

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IRS Information Letter 6419 for Advance Child Tax Credit May Contain Incorrect Information

The IRS announced Monday that recipients of Letter 6419, which addresses 2021 advance Child Tax Credit (CTC) payments, should double-check the information it contains, as some letters may provide outdated information.  To ensure they have correct information, taxpayers should login to the recently updated IRS website for the advance CTC and use the payment information […]

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