The Internal Revenue Service today announced that—in a reversal of previous guidance—it will reissue payments for taxpayers who did not initially receive their second-round economic impact payments due to a processing error.
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As the Internal Revenue Service continues to address the error that caused millions of economic impact payments to be incorrectly routed to temporary or incorrect bank accounts, the IRS today said that, together with tax industry partners, it is “taking immediate steps to redirect stimulus payments to the correct account for those affected.”
The IRS today issued additional instructions in an attempt to remedy the processing error that led to millions of economic impact payments being erroneously sent to accounts that were closed, inactive or temporary accounts.
The Internal Revenue Service has issued guidance implementing changes included in the latest COVID-19 relief package—which was signed into law last month—related to the deductibility of business expenses paid for with Paycheck Protection Program loan proceeds.
Banks moved heaven and earth to help clients through COVID-19. While examiners are stepping cautiously in exams, bankers must prepare for more probing questions.
A surge of liquidity and prolonged period of low interest rates are creating new questions for balance sheet management.
A new survey from the American Institute of CPAs today found that 54% of business leaders believe that their businesses would face slight, moderate or significant effects if a second round of fiscal support does not materialize this year or in early 2021.
The SEC last week voted to adopt a new rule under the Investment Company Act of 1940 addressing the valuation practices of registered investment companies and business development companies.
The Small Business Administration this week released a Q&A document addressing certain tax issues related to payments made on behalf of borrowers to lenders for existing SBA 7(a), 504 and microloans.
In a letter to House Financial Services and Senate Banking Committee leaders today, ABA and 51 state bankers associations called on lawmakers to extend the troubled debt restructuring provisions in the CARES Act that allow banks to suspend generally accepted accounting principles for COVID-19 related loan modifications.