In a letter to the IRS, the AICPA asked the IRS to permanently amend its electronic signature procedures to make it easier for taxpayers and practitioners to e-file all types of returns.
In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.
In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.
Continental shelf activities are nonexempt under the US—UK treaty, the Tax Court holds.
A USPS postmark trumps a non-USPS postmark when a mailing has both.
Consider these financial planning strategies in a period of low interest rates and high volatility.
Circumspection is called for in funding students’ higher education.
IRS disagrees with Paychex holding ... OIC fee is higher, but with more low-income assistance ... KPMG director is named national taxpayer advocate
The IRS announced that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, later this summer.
The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990.
The IRS issued proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.
The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.
With many taxpayers still having problems using the Internal Revenue Service’s “Get My Payment” website, the IRS announced that it is mobilizing 3,500 telephone representatives to answer some of the most common questions about economic impact payments.
AICPA rules are expanded to cover situations that arise in all tax services, not just federal tax services.
Time rules are eased for the substantial presence test for foreign citizens in the US and the foreign earned income exclusion for US citizens abroad.
Help tax clients fulfill exacting requirements.
Individuals not required to file a return can use a tool on the IRS website or file a special 2019 return.
Employer tax credits for small businesses are provided under the Families First Coronavirus Response Act.
The IRS provided guidance on how businesses can take advantage of CARES Act tax provisions.
The IRS has issued final regulations addressing when certain related-party interests in corporations should be treated as stock vs. debt.