Hours: Monday – Friday 8 AM – 4:30 PM info@nwacpa.com
Fayetteville Office (479) 571-0811
Prairie Grove Office (479) 846-3424

479-571-0811

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Email
info@nwacpa.com
Phone
(479) 571-0811
Address
Fayetteville:
2580 N College Ave
Fayetteville,AR 72703
(479) 571-0811

Prairie Grove:
209 W Buchanan St
Prairie Grove,AR 72753
(479) 846-3424

Small business accounting regulations and tax shelter implications September 28, 2020
New simplified accounting rules for small businesses do not apply to tax shelters — and the definition of a tax shelter can cause problems for businesses with large deductions or losses during a tax year.
Returns affected by e-filing outage will be timely if filed by Sept. 17 September 25, 2020
For tax returns with a Sept. 15 due date that were affected by an e-filing software outage, the IRS will treat a return and any elections that were filed with that return as timely filed if the taxpayer successfully e-filed the return and any elections by Sept. 17, 2020.
Lenders will not file Form 1099-C for forgiven PPP loans September 22, 2020
The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.
Final regs. outline trust and estate expenses still deductible under TCJA September 22, 2020
The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by the law known as the Tax Cuts and Jobs Act.
IRS issues more bonus depreciation rules September 22, 2020
The IRS issued final bonus depreciation regulations and withdrew proposed regulations.

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