IRS

2022 Standard Mileage Rates
Tax

2022 Standard Mileage Rates Released

The IRS has released the 2022 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

COVID-19

IRS Provides Safe Harbor for PPP Loan Deductions

New guidance provides a safe harbor for PPP loan deductions for businesses that received PPP loans in the first round of relief but did not deduct otherwise eligible business expenses because they relied on now-superseded guidance.

COVID-19

Automatic Tax Deadline Extension from April 15 To May 17

The Treasury Department and Internal Revenue Service have announced a tax deadline extension: the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

Guidance
COVID-19

IRS Releases Guidance on PPP Loan Forgiveness

The IRS has provided guidance on how loan forgiveness will work for the $659 billion in Paycheck Protection Program (PPP) loans from the two allocations made by Congress to the Small Business Administration (SBA).

Online banking
COVID-19

Economic Impact Payments: What You Need To Know

The IRS expects to create a portal later this month or in early May to let people update their direct deposit information and check on the status of their payment. This will allow taxpayers to receive payments immediately as opposed to checks in the mail.

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