WASHINGTON — The Treasury Department and the Internal Revenue Service issued guidance PDF today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP).
Today’s guidance, Revenue Ruling 2021-02 PDF, reflects changes to law contained in the COVID-related Tax Relief Act of 2020, enacted as part of the Consolidated Appropriations Act, 2021(Act), Public Law 116-260,which was signed into law on December 27, 2020.
The COVID-related Tax Relief Act of 2020 amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to say that no deduction is denied, no tax attribute is reduced, and no basis increase is denied by reason of the exclusion from gross income of the forgiveness of an eligible recipient’s covered loan. This change applies for taxable years ending after March 27, 2020.
Revenue Ruling 2021-02 obsoletes Notice 2020-32 and Revenue Ruling 2020-27. This obsoleted guidance disallowed deductions for the payment of eligible expenses when the payments resulted (or could be expected to result) in forgiveness of a covered loan.
For more information about this, the COVID-related Tax Relief Act of 2020, and other tax changes, visit IRS.gov or call your local ATS office.
Michigan Attorney General Dana Nessel today issued an important alert advising residents to be aware of a current scam taking advantage of claimants who are collecting unemployment benefits.
Claimants are receiving an email from a Gmail account that appears to be from the Unemployment Insurance Agency (UIA) asking for personal information. The scammer is also attaching what looks like an actual news release from the UIA in an apparent effort to strengthen the credibility of the email.
“There is no government agency, state or federal, that uses Gmail for official purposes,” Nessel said, noting the scammer’s email address. “Michigan residents should ALWAYS examine the full email address if the sender is requesting their personal information.”
Approved November 30th the Pure Michigan Small Business Relief Initiative will use federal CARES Act funding to provide $10 million in grants to meet the needs of Michigan small businesses impacted by COVID-19. Applications will open on December 15th; up to $15,000 is eligible per applicant on a first-come, first-serve basis.
To qualify for grant support, businesses must meet eligibility criteria including but not limited to:
Being a business in one of the targeted industries
Must comply with all state and local orders related to COVID-19, including, but not limited, to the Michigan Department of Health and Human Services.
Be a for-profit entity (i.e., a sole proprietorship, partnership, corporation, or LLC)
Have a physical establishment in the Michigan County of Application and is not a home-based business
Provide goods or services to multiple clients or customers
Be current, or in a payment plan, on all local, state, and federal taxes due through 1/1/2020
Have an active and valid state license(s)/registration(s), if applicable
Is not an adverse party to litigation involving the state or municipality
Business or Business owner has not filed for bankruptcy in the last ten years.
Can identify a need for payroll, rent or mortgage payments, and utility expenses necessary to continue/restart business operations relative to the total grant amount
Had annual gross revenues in 2019 greater than $25,000
Has at least two employees, including the owner(s)
Has fewer than 50 employees (including full-time, part-time, and owner(s) on a world-wide basis)
Please contact your local ATS office with any questions or support during the application process.
In the interest of safety for our
clients and employees we will be operating under a no-contact policy until
further notice. What this means to our
clients is we have drop off availability at our Plymouth, Allen Park, Grayling
and Royal Oak locations. Unfortunately, due to building access restrictions we
are not able to offer drop off at our St. Clair Shores office at this time.
Completed client returns will be
mailed to clients with instructions. Please do not hesitate to reach out and
talk with one of tax professionals if you have questions regarding your
individual and/or business tax returns.
COVID-19 has changed how ATS
Advisors and businesses in general are operating. While we anticipate some of
these changes becoming permanent, we look forward to when we are able to meet
with our clients face to face. During
these unprecedented times we will continue to be available to all of our
clients and provide the services you have entrusted to us.
Taxpayers who filed their 2019 tax return and are waiting for their refund can check their refund status by going to IRS.gov and clicking on Get Your Refund Status to access the Where’s My Refund? tool.
People can check the status of their tax return about 24 hours after the IRS acknowledges receipt of an electronically filed tax return and up to four weeks after a taxpayer mails a paper return. The Where’s My Refund? tool updates once every 24 hours, usually overnight, so taxpayers only need to check once a day.
Taxpayers can also check their refund status, make a payment, and find free tax prep help through the IRS2Go app for their mobile device.
Taxpayers will need three things to use the tool:
Their Social Security number
Their tax filing status
The exact amount of the refund claimed on their tax return
Once the taxpayer enters that information the tool will display the progress of their tax return through the following stages:
Taxpayers should use the IRS2Go app or the official Where’s My Refund? tool at IRS.gov to avoid scammers who may create look-alike sites in an attempt to steal sensitive personal information. They should go directly to IRS.gov and not rely on search engine results or click on links to refund sites they receive by email or text.
In certain instances, a taxpayer will need to call the IRS, such as:
It has been 21 days or more since they electronically filed their tax return
It has been more than six weeks since they mailed their return
When the Where’s My Refund? results tell the taxpayer to contact the IRS
if you need help filing your taxes, please call one of our offices:
Plymouth 734.454.4100, Allen Park 313.388.7180, Grayling 989.348.4055, Royal Oak 248.399.7331, or St. Clair Shores 313.371.6600
Governor Whitmer’s announced her Executive Order of “Stay Home, Stay Safe” wherein
all non-essential businesses must close as of midnight tonight for three weeks. Therefore, ATS Advisors is closing all their offices
until April 15, 2020.
continues to be our commitment to and the well-being of our clients, employees
and communities. Our employees will continue to have limited access to email,
however, it may take a few days to receive a response to inquiries. If you have
not received a response to an email within a few days, please contact our main
office at 734.454.4100 and leave a message.
The voice mail messages are being checked regularly and you will receive
a return call.
remember the filing and payment deadline for taxpayer’s has been extended to
July 15, 2020. This is automatic, and no extension paperwork needs to be filed.
Pandemic is an unprecedented event and we at ATS Advisors are striving to
ensure all our client’s tax and accounting needs are addressed during this
time. Please let us know if you have any questions or concerns now or in the
It was announced today the deadline
for filing of all U.S. tax returns has been extended toJuly 15, 2020. This follows the announcement earlier this
week tax payments were deferred until July 15, 2020 for most individuals.
What does this mean for our
All ATS Advisors offices are open and operating. We have returned to our regular hours of:
Monday – Friday 9:00 AM – 4:30 PM
Clients do not need to file an extension of time to file, unless they are unable to file their taxes on or before July 15, 2020.
We will continue to prepare tax returns and e-file completed returns, per our normal policy.
Offices are restricted to “drop-off” only. Each office has a designated location for clients to drop off tax return preparation documents, e-File Authorization Forms, and payments for tax preparation fees.
ATS Advisors has restricted “face-to-face” contact with clients for their protection as well as our staff. Completed tax returns will be mailed, via USPS. Clients may schedule phone appointments to review their tax returns with one of our tax professionals.
Our business client services
will continue without interruption.
Please continue to check our
website for updates and contact our office if you have any questions or