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Taxpayers and Tax Professionals can use digital and imaged signatures for tax documents during Covid-19

April 2020

When a Tax Professional files an electronic Return on behalf of a Taxpayer, the Tax Professional obtains Forms 8878 and 8879 as declaration documents required by the IRS on behalf of a Taxpayer. Forms 8878 and 8879 are declaration documents

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An Eligible Employer that receives a Paycheck Protection Loan should not claim Employee Retention Credits

April 2020

The Economic Security Act (CARES Act), enacted on March 27, 2020, provides for the use of and Employee Retention Credit (ERT). It is designed to encourage ELIGIBLE EMPLOYERS to maintainemployees on their payroll despite experiencing economic hardship related to COVID-19.

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Small and Midsize Employers can begin taking advantage of Two New Refundable Payroll Tax Credits

April 2020

Coronavirus tax relief for Employers is important.  When employers pay their employees, they are required to withhold from their employees’ paychecks federal income taxes and the employees’ share of Social Security and Medicare taxes. The employers are then required to

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U.S. Small Business Administration (SBA) Disaster Loan Assistance

April 2020

U.S. Small Business Administration (SBA) Disaster Loan Assistance SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace the following items damaged or destroyed

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IRS wants to be part of the Solution under Covid-19

April 2020

IRS wants to be part of the solution to improve the lives of all people in the US.  On March 25, 2020, IRS released the “IRS People First Initiative”  providing immediate relief to help people facing uncertainty over taxes.  IRS

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Loans for Allowable Uses under the PAYCHECK PROTECTION PROGRAM may be Forgiven

March 2020

The enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act includes the Paycheck Protection Program (PPP).  The PAYCHECK PROTECTION PROGRAM authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19

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Understanding the Economic Impact Payments (Recovery Rebates)

March 2020

The distribution of economic impact payments will begin in the next three weeks (weeks of April 6th, 13th and 20th of 2020).  According to the IRS, the payments will be distributed automatically, with no action required for most people. The

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Florida small businesses can “bridge the gap” between the time damage is incurred and when a business secures other financial resources

April 2020

Florida currently has the Florida Small Business Emergency Bridge Loan Program available to small business owners located in all Florida counties statewide that experienced economic damage as a result of COVID-19.  The loans are characterized as short-term, interest-free (12 months)

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Compliance Officers and the Growing Risk of Personal Liability

March 2020

On February 04, 2020, the NEW YORK CITY BAR ASSOCIATION COMPLIANCE COMMITTEE issued a REPORT ON CHIEF COMPLIANCE OFFICER LIABILITY IN THE FINANCIAL SECTOR.  The Report discusses the governmental view that Compliance Officers are the “gatekeepers” that prevent, detect, and

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The U.S.A Continues to be AML/BSA “Vulnerable”

March 2020

The U.S. Department of the Treasury 2020 Strategy (National Strategy for Combating Terrorist and Other Illicit Financing released on February 6, 2020) describes ongoing significant AML/BSA and CFT threats.  The vulnerabilities in the U.S.A. related to AML/BSA and CFT are

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Did you know that OFAC and the IRS have an Understanding?

February 2020

In November, 2019 the IRS and the Office of Foreign Assets Control (OFAC) signed a Memorandum of Understanding (MOU).  The MOU outlines an understanding between the IRS and OFAC with respect to reviews conducted by the IRS for compliance with

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What is Next after BSA turns 50?

February 2020

On 2/6/2020, the U.S. Department of the Treasury issued the BSA 2020 National Strategy for Combating Terrorist and Other Illicit Financing (2020 Strategy).  The purpose of the 2020 Strategy is to: • Modernize the U.S. anti-money laundering/countering the financing of

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