Articles
- IRS Provides Additional Relief For Tax-Exempt Hospitals: Deadline For Completing Certain Needs Assessment Requirements Moved To Dec. 31
Because of the burdens the COVID-19 pandemic has placed on hospitals, the Internal Revenue Service today provided additional relief to hospital organizations that must meet the Community Health Needs Assessments (CHNA) requirements. Notice... read more
- Should My Firm File Protective Claims in Advance of the Supreme Court Decision on ACA?
This Q&A from AICPA and the GSCPA can help your firm’s decision-making. In March of this year, the U.S. Supreme Court announced that it will hear a case that challenges the constitutionality of the individual mandate under The Patient... read more
- SBA Provided $20 Billion to Small Businesses and Non-Profits Through the Economic Injury Disaster Loan Advance Program
Today, the U.S. Small Business Administration announced the conclusion and success of the Economic Injury Disaster Loan (EIDL) Advance program, which provided U.S. small businesses, non-profits and agricultural businesses a total of $20 billion... read more
- Department of Revenue Reminds Taxpayers About Upcoming July 15, 2020 Income Tax Deadline
ATLANTA -- Today the Georgia Department of Revenue (DOR) is reminding taxpayers of the upcoming income tax deadline on Wednesday, July 15, 2020. Earlier this year, the state of Georgia conformed with the U.S. Treasury Department and Internal... read more
- IRA Contributions Made By July 15 Count As 2019 Tax Deduction
WASHINGTON — The Internal Revenue Service today reminded people that contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return.... read more
- Treasury Department and IRS Issue Guidance For Consolidated Groups Regarding Net Operating Losses
WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations and temporary regulations that provide guidance for consolidated groups regarding net operating losses (NOLs). The Tax Cuts and... read more
- How To Report Nonemployee Compensation And Backup Withholding
There is a new Form 1099-NEC, Nonemployee Compensation for business taxpayers who pay or receive nonemployee compensation. Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee. Generally,... read more
- Taxpayers Can Get Last Minute Filing Tips On IRS.gov
The July deadline for filing a 2019 tax return is near, but IRS tax help is available 24 hours a day on IRS.gov . Whether filing a tax return, requesting an extension or making a payment, the IRS website can help taxpayers answer... read more
- Taxpayers Should File By July 15 Tax Deadline; Automatic Extension To Oct. 15 Available
IR-2020-134, June 29, 2020 WASHINGTON ― The Department of the Treasury and IRS today announced the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic... read more
- 2020 Legislative Session Wrap Up
Legislative Session Update The Georgia General Assembly has just wrapped the end of the General Assembly’s 2020 Legislative Session. For the 2020 session, GSCPA closely monitored the following bills, as they were of high importance:... read more