The IRS said it had launched its eagerly awaited program to accept Forms 1040-X, Amended U.S. Individual Income Tax Return, electronically.
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TOPICS / TAX
Individual income taxation
AICPA requests guidance on payroll tax deferral
The AICPA has asked Treasury and the IRS for guidance on the recently announced executive order that defers some employee payroll taxes that would be due between Sept. 1 and Dec. 31.
Final regs. issued on payments to charitable organizations
The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.
Executive action delays workers’ payroll tax payments
President Donald Trump issued presidential memorandum to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020.
IRS updates annual Dirty Dozen tax schemes for 2020
The IRS issued its top 12 “Dirty Dozen” tax scams, warning people to be vigilant to avoid these schemes all year round. New to the list is the “offer in compromise mills.”
2020 depreciation limits for cars and trucks are issued
The IRS issued the 2020 limits on depreciation deductions for cars and trucks first placed in service in 2020 and the income inclusion amounts for passenger automobiles first leased in 2020.
Former kiddie tax rules restored
Congress reverses changes made to the kiddie tax in the Tax Cuts and Jobs Act, allowing affected taxpayers to amend their returns.
RIC shareholders can take Sec. 199A deduction for REIT dividends
The IRS issued final regulations allowing regulated investment companies (RICs) to report qualified real estate investment trust (REIT) dividends as Sec. 199A dividends to their shareholders.
Rollover relief for required minimum distributions
The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.
Guidance on how to take CARES Act distributions from qualified plans
The IRS released guidance on how taxpayers can take coronavirus-related distributions from qualified retirement plans as authorized by the CARES Act.
Rules proposed for direct primary care arrangements, health care sharing ministries
The IRS issued proposed regulations defining direct primary care arrangements with doctors and health care sharing ministries and how payments for them can qualify as Sec. 213 medical expenses.
IRS permits remote signatures for plan loan consents
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.
E-filing of Form 1040-X coming this summer
The IRS announced that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, later this summer.
Premium tax credit unaffected by personal exemption decrease to zero
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.
HSA contribution limits increase for 2021
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.
IRS explains how nonfilers can receive economic impact payments
Individuals not required to file a return can use a tool on the IRS website or file a special 2019 return.
Deducting home office expenses
Help tax clients fulfill exacting requirements.
Taxpayers must act soon for direct deposit of stimulus payments
The IRS announced that taxpayers for whom the Service does not have direct deposit information should go to its “Get My Payment” website and enter that information by noon on Wednesday, May 13, so they can receive their stimulus payments electronically.
Quick relief with the CARES Act
Chris Hesse, CPA, the AICPA Tax Executive Committee chair, analyzes how the CARES Act’s provisions allowing carryback of net operating losses for 2018 through 2020 interact with other new provisions.
Failure to file FBAR is not due to reasonable cause
A taxpayer is subject to civil penalties for nonwillful failure, a court holds.
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