It was the best of times for some tax pros — and the worst for others.
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IRS Watch
August 12, 2020
Upcoming Events August 12, 2020
Time’s finally up: Preparers discuss how July 15 went
By Jeff Stimpson      6 min read
It was the best of times for some tax pros — and the worst for others.
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Trump orders extended jobless benefits, payroll tax deferral
By Justin Sink     5 min read
President Donald Trump announced four executive actions on Saturday, including continued expanded unemployment benefits and a temporary payroll tax deferral for some workers, as the coronavirus pandemic continues to hobble the U.S. economy.
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AICPA joins in urging tax deductions for expenses paid with forgiven PPP loans
By Michael Cohn     5 min read
The American Institute of CPAs joined with more than 170 organizations in asking congressional leaders to allow businesses to write off expenses associated with loan forgiveness under the Paycheck Protection Program.
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IRS gives businesses a break for donations related to SALT cap
By Laura Davison     1 min read
Businesses donating to charitable funds in exchange for a state tax credit can deduct those costs from their federal taxes, according to regulations released on Friday.
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IRS processing more $500 child stimulus payments after criticism
By Laura Davison     2 min read
The Internal Revenue Service is sending $500 payments to the children of some stimulus relief recipients who hadn’t gotten that part of the aid package after lawmakers complained that the agency wasn’t moving fast enough.
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Tax Fraud Blotter: Dirty hat tricks
By Jeff Stimpson     5 min read
Uncivil behavior; my client did it; 15 worthless payments; and other highlights of recent tax cases.
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Adjusting Allowances for COVID-19
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Trump says he’s ‘seriously’ mulling a capital gains tax cut
By Laura Davison and Mario Parker     2 min read
President Donald Trump said he’s “very seriously” considering a capital gains tax cut, a move he decided against last September after saying it wouldn’t do enough to help the middle class.
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People & firms on the move: CalCPA Foundation names new president
By Danielle Lee
Blumshapiro donates $24,000 to local nonprofits; Dean Dorton and Dermody, Burke & Brown launch new service lines; and more CPA news.
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