STATE TAXES | RMS Accounting

Senate Finance Committee Chairman, and Ranking Member Disagree With Treasury’s PPP Guidance On Deductibility

Nov 19, 2020 | Uncategorized

Senate Finance Committee Chairman Chuck Grassley, R-Iowa, and Ranking Member Ron Wyden, D-Ore., have criticized Treasury’s latest PPP guidance on deductibility as missing “the mark.” “Since the CARES Act, we’ve stressed that our intent was for small businesses...

Treasury, IRS Release Guidance on PPP Loan Deductibility

Nov 19, 2020 | Blog, Covid-19

Treasury and the IRS have released two pieces of guidance on the tax treatment of expenses paid for with a Paycheck Protection Program (PPP) loan. Rev. Rul. 2020-27, released late in the evening on November 18, provides sub-regulatory guidance on whether a PPP loan...

Resident Aliens vs Non-Resident Aliens

Sep 10, 2020 | Blog, Personal Tax

𝗗𝗶𝗱 𝘆𝗼𝘂 𝗸𝗻𝗼𝘄 𝘁𝗵𝗮𝘁 𝘆𝗼𝘂 𝗱𝗼𝗻’𝘁 𝗵𝗮𝘃𝗲 𝘁𝗼 𝗯𝗲 𝗮 𝗹𝗲𝗴𝗮𝗹 𝗿𝗲𝘀𝗶𝗱𝗲𝗻𝘁 𝗼𝗳 𝘁𝗵𝗲 𝗨.𝗦. 𝘁𝗼 𝗯𝗲 𝗮 𝘁𝗮𝘅 𝗿𝗲𝘀𝗶𝗱𝗲𝗻𝘁 𝗮𝗻𝗱 𝗵𝗮𝘃𝗲 𝗮𝗻 𝗼𝗯𝗹𝗶𝗴𝗮𝘁𝗶𝗼𝗻 𝘁𝗼 𝗳𝗶𝗹𝗲 𝗮 𝗨.𝗦. 𝘁𝗮𝘅 𝗿𝗲𝘁𝘂𝗿𝗻? Non-U.S. citizens that live in the U.S. as residents are required to file U.S. income tax return and pay tax on their worldwide...

IRS Provides Clarification and Answers to Questions Regarding Employee Payroll Tax Postponement

Sep 4, 2020 | Blog, Covid-19, Payroll Preparation

On September 3rd, the IRS held a teleconference for the payroll industry regarding the postponement (commonly referred to as deferral) of the employee's share of Social Security tax. The conference allowed the IRS to clarify information provided in Notice 2020-65...

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Senate Finance Committee Chairman, and Ranking Member Disagree With Treasury’s PPP Guidance On Deductibility

Treasury, IRS Release Guidance on PPP Loan Deductibility

Resident Aliens vs Non-Resident Aliens

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