Tax P.O.A.

 

Request Power of Attorney (POA) Individual Client

Before You Start

You must have:

• A Centralized Authorization File (CAF) number, which the IRS assigns the first time you file a third-party authorization
• One of the following credentials and not be suspended or disbarred from practice before the IRS per Circular 230 Tax Professionals
  • Attorney
  • Certified Public Accountant
  • Enrolled Agent
  • Enrolled Actuary
  • Enrolled Retirement Plan Agent

How It Works

1. Prepare

To request POA online, have this ready:

• Client's Social Security number or Taxpayer Identification Number
• Tax matters and periods for which you are requesting authorization are limited to the following matters from the year 2000 forward:
  • Form 1040 Income Tax
  • Split Spousal Assessment or Form 8857 Innocent Spouse Relief
  • Shared Responsibility Payment
  • Shared Responsibility Payment - Split Spousal Assessment
  • Civil Penalty (limited to periods of March, June, September and December)

To request authorization for multiple representatives:

• Each representative must log in with their account
• Only 2 representatives may receive copies of a client’s IRS notices and communications
• The client must authorize all representatives on the same day

2. Complete the Request

It should take around 15 minutes to complete the request. You cannot save requests to continue later.

After you submit the request, you'll get confirmation that it's been sent to your client's online account.

If the information you entered for your client is not correct, they will not see the request in their online account.

3. Contact Your Client

Ask your client to log in to their account to review and electronically sign the authorization request at www.irs.gov/account.

For multiple representatives requesting authorization for the same tax matters and periods:

• Ask your client to authorize all representatives on the same day

4. Client Authorizes or Rejects and Contacts You

Your client logs in to their account at www.irs.gov/account to authorize or reject the request.

The authorization will be processed after your client approves and electronically signs. Allow up to 2 business days to process after your client signs.

Your client may print confirmation and give you a copy of the signed authorization.

The IRS won’t notify you if your client rejects the request or if the request failed to process.

Contact your client with any questions about the status of a request.

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Submitting with Tax Pro Account will revoke any prior authorization(s) on file with the IRS for the same tax matters and periods. If you don’t want a prior authorization to be revoked, use Form 2848

Update from the IRS

 Eligible Paycheck Protection Program expenses now deductible

WASHINGTON – The Treasury Department and the Internal Revenue Service issued guidance 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, 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 Dec. 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

Staten Island CPA - Offering Guidance on Small Business PPP Loan Forgiveness

 

Staten Island CPA firm - Goldenthal & Suss Consulting PC

Overview of the COVID -19 Economic Injury Disaster Loan (EIDL) & Paycheck Protection Program (PPP)

The EIDL provides economic relief to small business and nonprofit organizations that are currently experiencing a temporary loss of revenue. 

The PPP loan is an SBA loan that helps businesses keep their workforce employed during the Coronavirus (Covid-19) crisis.

More information regarding the EIDL and PPP loan can be found at sba.gov

We are pleased to offer guidance for small business that are seeking PPP (The Paycheck Protection Program )Loan Forgiveness.  

If you have received a PPP loan and / or have received an EIDL (The Economic Injury Disaster Loan) advance you may be seeking to have your PPP loan forgiven.

Our office can provide assistance regarding your PPP loan forgiveness as well as provide essential tax guidance regarding the tax consequences of both your PPP loan and EIDL advance.  We can provide this accounting services remotely or socially distant.  Our Staten Island based CPA firm can provide a free consultation regarding your PPP Loan forgiveness process as well as assist you or prepare the documents for your PPP loan forgiveness. 

David C Egan, CPA

www.gosucpa.com

718-227-6035