Insights
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Important Tax Updates - February/March 2021
March 16, 2021
Treasury, IRS Extend Upcoming Filing and Payment Deadline The Treasury Department and Internal Revenue Service announced Wednesday, March 17 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. Information on state congruence and information on quarterly filings […]
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Update: PA Decennial Report
February 22, 2021
On January 15, 2021, the state of Pennsylvania issued postcard alerts giving notice to businesses regarding the upcoming filing requirements for the PA Decennial report. This report confirms the continued existence of entities registered in the state of Pennsylvania and is required every ten years. Failure to file a decennial report between January 1st and December 31st, 2021 could result […]
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Tax Legislative Highlights, January 2021
February 1, 2021
Online Power of Attorney (“POA”) The IRS has announced that POA (Form 2848) and Tax Information Authorization (Form 8821) forms may be submitted online, easing burdens on taxpayers in a more virtual world. See here for details and here for FAQs. Form 1065 Updates, Including Schedule K-1 (Form instructions here) Tax Basis Partner Capital Accounts - Required […]
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Paycheck Protection Program (PPP) Updates
January 13, 2021
The Small Business Administration (SBA) has released borrower loan applications for the second round of PPP funding. The application window opened Monday (1/11) for community financial institutions that serve minority- and women-owned businesses. The SBA has said it will open the application process to all lenders in “a few days”. That date is still TBD […]
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Quickly Approaching Tax Deadlines Reminder
There are two important tax deadlines over the next three weeks! Please see below for more information. Q4-2020 Estimated Payments Due January 15th, 2021 The final payment for 2020 estimated taxes is due this Friday, January 15th. If you required additional tax planning, or need a revised copy of your vouchers or online payment instructions, […]
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Consolidated Appropriations Act, 2021
December 29, 2020
As the Consolidated Appropriations Act, 2021 (CAA, 2021 or the Act), the appropriations bill that includes emergency Covid-19 response and relief, has now been signed into law, we want to share a few relevant updates. Paycheck Protection Program (PPP) Business expenses paid with Payroll Protection Program (PPP) loans that will be forgiven are now fully […]
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Important Year-End Updates from Siegfried Advisory
November 19, 2020
Hello! As 2020 comes to an end, we wanted to share a few important year-end updates. Election Updates Pending the outcome of legal challenges brought by the campaign and supporters of President Donald Trump, with an inauguration on January 20, 2020, Joe Biden presumably will become the 46th President of the United States. The White House […]
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TAX PLANNING AND THE IMPENDING ELECTION
October 26, 2020
Tax planning is an exercise that many individuals visit with their tax advisors in the later months of each year to ensure that they are taking advantage of all of the potential tax opportunities that are available for their specific situation. This year, being an election year, throws a wrench in the typical considerations of […]
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2016 Protective Refund Claim – ACA Taxes
July 14, 2020
Recent months have been punctuated by new legislation owing to continual shifts in the economic landscape. More changes could be on the horizon. The 2010 Patient Protection and Affordable Care Act (ACA) imposed a “shared responsibility payment” for individuals that did not maintain “minimal essential health coverage”. In 2017, the Tax Cuts and Jobs Act […]
