Manuel DaRosa, CPA
Accounting and Tax firm with offices in Taunton and Mansfield, MA
NEWSLETTERS

A message from Manuel DaRosa, CPA

 

To all of our clients,

First, I want to thank you for your continued business. I know that there is a great deal of concern about COVID-19 and I want to ensure you that our company’s current status with regard to the COVID-19 virus remains unchanged. The health and safety of our employees and clients is our number one priority and there are a number of preventative measures we are taking and workplace policies we are implementing to ensure we safely navigate this situation

If you have an existing appointment at one of our locations, we look forward to seeing you and want to assure you that we are doing everything we can to provide the safest experience possible. If you need to change or cancel your appointment, please let us know as soon as possible so that we can make other arrangements for sending or receiving your tax documents

Our focus, as always, is to ensure we meet your needs while doing our part to keep you, our staff, and our communities safe. If for some reason there should be a change in our ability to meet our commitments, we will be the first to communicate that to you.

Thank you for your continued trust in us.

 

Sincerely,

Manuel DaRossa, CPA

Visit us at our new location 311 Somerset Ave., Taunton, MA 02780. Our Mansfield office remains at 100 Copeland Drive, Suite 6, Mansfield, MA 02048. 



Tax Alerts
Tax Briefing(s)

President Trump signed into law the first two phases of the House’s coronavirus economic response package. Meanwhile, the Senate has been developing and negotiating "much bolder" phase three legislation.


"At President Trump’s direction, we are moving Tax Day from April 15 to July 15," Treasury Secretary Steven Mnuchin said in a March 20 tweet. "All taxpayers and businesses will have this additional time to file and make payments without interest or penalties."


The Treasury Department and IRS have extended the due date for the payment of federal income taxes otherwise due on April 15, 2020, until July 15, 2020, as a result of the ongoing coronavirus (COVID-19) emergency. The extension is available to all taxpayers, and is automatic. Taxpayers do not need to file any additional forms or contact the IRS to qualify for the extension. The relief only applies to the payment of federal income taxes. Penalties and interest on any remaining unpaid balance will begin to accrue on July 16, 2020.


The IRS has provided emergency relief for health savings accounts (HSAs) and COVID-19 health plans costs. Under this relief, health plans that otherwise qualify as high-deductible health plans (HDHPs) will not lose that status merely because they cover the cost of testing for or treatment of COVID-19 before plan deductibles have been met. In addition, any vaccination costs will count as preventive care and can be paid for by an HDHP.


The American Institute of CPAs (AICPA) has requested additional guidance on tax reform’s Code Sec. 199A qualified business income (QBI) deduction.


The IRS has issued guidance that:

  • exempts certain U.S. citizens and residents from Code Sec. 6048 information reporting requirements for their transactions with, and ownership of, certain tax-favored foreign retirement trusts and foreign nonretirement savings trusts; and
  • establishes procedures for these individuals to request abatement or refund of penalties assessed or paid under Code Sec. 6677 for failing to comply with the information reporting requirements.

The Treasury and IRS have adopted as final the 2016 proposed regulations on covered assets acquisitions (CAAs) under Code Sec. 901(m) and Code Sec. 704. Proposed regulations issued under Code Sec. 901(m) are adopted with revisions, and the Code Sec. 704 proposed regulations are adopted without revisions. The Code Sec. 901(m) rules were also issued as temporary regulations. The CAA rules impact taxpayers claiming either direct or deemed-paid foreign tax credits.


HOME-darosa tax serviceFIRM PROFILECLIENT SERVICESINFORMATION CENTERINDUSTRIESNEWSLETTERSFINANCIAL TOOLSLINKSCONTACT US ANYTIMEMANNY'S WEEKLY NEWS CORNER