IRS Provides Penalty Relief for Certain 2019 and 2020 Returns due to COVID-19
The IRS announced in NOTICE 2022-36 that late filing penalty relief will be provided for certain 2019 and 2020 returns due to the COVID-19 pandemic. The late penalty relief will be automatic for people and businesses who qualify.
IRS assessed penalties will be abated as long as your 2019 or 2020 return are filed before Sept 30th of this year so late filers need to have returns prepared and filed by Sept 30th 2022 in order to receive late filing penalty abatement.
For those who have been assessed please be on the lookout for a notification of a refund. For further information on this notice click here.
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IAS Notice to our Clients
Important Message
Although we have informed our clients and made it very clear that sending personal identifiable info via email exposes this information to nefarious computer hackers.
There were significant changes made to Federal and State Tax definitions specifically for the New Clean Vehicle Credit.
For a vehicle to qualify for the new clean vehicle credit, its manufacturer’s suggested retail price (MSRP) cannot exceed:
Mid-April of 2020, the Small Business Administration had administered their SBA EIDL loan program. Granting funding to numerous businesses affected by the Covid-19 pandemic. This loan program does require remittance of payment unlike the PPP loan where the loan was forgivable. There was a loan payment deferment period of 30 months..
NYS Small Business Seed Funding Grant Program
Upcoming EIDL Loan Payments
New York State Sales Tax is due 9/20/2022
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