Blog posts from: 2020
IRS temporarily stops mailing notices to taxpayers with balances due
The IRS has suspended the mailing of three notices – the CP501, the CP503 and the CP504 – that go to taxpayers who have a balance due on their taxes. Although the IRS continues to make significant reductions in the backlog of unopened mail that...
SR Video Client Question: “What are the benefits of year-round tax planning?”
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IRS delays due to COVID-19 may cause check and notice backlog
The IRS is working through its correspondence backlog and is experiencing delays in processing paper returns, due to its limited staff during the pandemic: Checks: The correspondence backlog includes checks that taxpayers have mailed to the IRS (either with or...
Small IRS interest payment coming to some taxpayers
The Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are receiving refunds. The interest payments, averaging about $18, will be made...
Medical providers who received Provider Relief Fund Payments may need an audit
The Department of Health and Human Services (HHS) is requiring financial statement audits from medical care providers who received more than $750,000 annual total awards in Provider Relief Fund Payments in 2020. Qualifying Provider Relief Fund Payments could include: HRSA Provider Relief Funds...
U.S. Treasury and SBA answers PPP Loan Forgiveness’ frequently asked questions
The Small Business Administration (SBA), in consultation with the U.S. Treasury Department, recently issued new guidance through Frequently Asked Questions (FAQs) aimed at helping Paycheck Protection Program (PPP) borrowers navigate maximum loan forgiveness. As small business owners approach the loan...
Delay RMDs by rolling IRAs and prior 401(k) balances into current employer’s plan
Rolling over of IRAs (and prior employer's 401(k) retirement plans) into a current employer’s 401k plan may be a way for those who are subject to required minimum distributions (RMDs) and who are still working to delay having to take...
ShindelRock’s secure technology provider SafeSend Returns honored with Innovation Award
SafeSend Returns has been recognized as the winner of the 2020 Tax & Accounting Technology Innovation Award presented by CPA Practice Advisor. This year marks the third win in five years for SafeSend Returns, as the company continues to set the bar...
New grant helps Michigan businesses operate safely
With employers across the state working to keep their employees, customers and communities safe during the COVID-19 pandemic, the State of Michigan has launched Michigan COVID-19 Safety Grant Program. These grants will provide small businesses matching funds – up to $10,000...
Michigan relief programs for businesses and individuals affected by COVID-19 are now open
Michigan business owners and residents suffering from the economic effects of the coronavirus pandemic can expect to see more targeted relief programs, as CARES Act funds filter into the state for local administration and development organizations create geographically-specific grants. ...