The Paycheck Protection Program Flexibility Act eases PPP loan forgiveness restrictions. Here are the details of the law, along with some recent guidance for borrowers.
Category Archives: Tax Updates
To our Valued Clients and Friends, In response to the national emergency and the recent events by our local agencies regarding the COVID-19 virus, including the Yakima County Stay at Home order, Alegria & Company has taken steps to protect and support our clients and our staff. We want to ensure you that we are...
We’ve just been made aware of the Treasury and IRS announcement that the April 15th tax season deadline will be delayed by 90 days until July 15th, 2020. More specific details are: Taxpayers can delay paying their income taxes on as much as $1 million in taxes owed for up to 90 days. This relief...
2018 Tax Payments Fall Short? You May Be Eligible for Penalty Relief The IRS announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any...
The IRS has issued final regulations on determining allowable deductions based on qualified business income (QBI) from pass-through entities. This break is available only through 2025, unless it’s extended by future legislation. The QBI deduction was originally designed to achieve greater tax parity for pass-through business entities and C corporations, which are now subject to a flat 21%...
