IRS posts FAQs about coronavirus-related filing and payment extensions
The IRS posted 24 questions and answers to clarify the notice delaying certain tax filing and payment deadlines until July 15.
IRS practice and procedure
IRS alters certain operations in effort to protect employees, taxpayers during outbreak
To protect taxpayers and its employees, the IRS is scaling back its operations during the coronavirus pandemic to focus on mission-critical activities. Here’s a look at what services are being affected.
Practitioners seek further clarity on tax filing, payment delay
Practitioners welcomed the IRS’s deferral of income tax returns and payments due April 15 for another 90 days but have many questions about related issues.
IRS provides guidance for April 15 filing delay
The IRS announced the postponement of the April 15 federal income tax filing deadline until July 15. Friday’s notice expands on earlier guidance that had only postponed tax payments but not the filing deadline.
Tax filing deadline moving to July 15, Treasury secretary announces
Treasury Secretary Steven Mnuchin announced that taxpayers will have until July 15 to file their tax returns, a change from the guidance announced by the IRS earlier.
AICPA expresses strong concern over lack of filing relief in coronavirus tax notice
The IRS delayed any tax payments due April 15 to July 15 without interest or penalties accruing. The relief does not extend any tax return filing deadlines.
Treasury secretary announces 90-day delay in tax payment deadline
Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.
Final regs. raise offer-in-compromise user fee
The IRS issued final regulations raising the offer-in-compromise user fee from $186 to $205, a 10% increase instead of the increase to $300 included in proposed regulations.
Why states need to enact MTC model statute in 2020
Campaign seeks to create a uniform state-by-state regime that aligns with changes to federal partnership audits.
No need to report some transactions in video game currency, IRS says
Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
IRS proposes rules to update income tax withholding, revises Form W-4
The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.
IRS offers to settle microcaptive insurance cases
Taxpayers offered the deal can reduce penalties.
More taxpayers qualify for student loan COD relief
The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.
Writing to win tax appeals
If taxpayers disagree with an IRS audit, they have 30 days to prepare an IRS protest. Find out how to win at IRS Appeals.
You might be a tax shelter if …
Does your business fall under the definition of a syndicate? Chris Hesse, chair of the AICPA’s Tax Executive Committee, reveals where the traps lie for business taxpayers and their CPA advisers.
Per-diem method clarified in light of TCJA changes
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling using the per-diem rates.
IRS commissioner seeks to enhance taxpayer contacts, target enforcement
Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible Internal Revenue Service restructuring, more-targeted enforcement efforts and IRS use of data analytics.
IRS posts 2020 inflation adjustments and tax tables
The IRS released the 2020 tax tables for individuals and estates and trusts, as well as the inflation adjustments for over 60 tax provisions for 2020 tax returns.
Alimony tax gap swells to $3.2 billion, TIGTA finds
The difference resulted in $248 million of tax underreporting.
Responsible person rules in the wake of Wayfair
As states impose sales tax collection obligations on more companies, individual taxpayers face a greater risk of personal liability if their organization fails to comply.
