The IRS announced that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, later this summer.
IRS practice and procedure
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.
Employer tax credits for small businesses are provided under the Families First Coronavirus Response Act.
The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act.
The AICPA has made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic.
The IRS is temporarily allowing taxpayers to submit requests for private letter rulings, closing agreements, determination letters and information letters electronically instead of by mail.
Here are legislative and IRS responses to the coronavirus outbreak.
In a letter to Treasury and the IRS, the AICPA pointed out several issues involving the new employee retention credit that need clarification and guidance.
The IRS posted and updated 67 FAQs about the employer tax credits for paid sick and family leave enacted in the Families First Coronavirus Response Act.
The IRS has proposed to lower the fee it charges for preparer tax identification numbers (PTINs) when PTIN fees are reinstated.
The IRS granted relief for a broad array of tax filing and payment deadlines that fall between April 1 and July 15, expanding on previous relief, as requested by the AICPA.
The AICPA posted FAQs explaining the latest developments in taxpayer relief during the COVID-19 pandemic. The AICPA has recommended that the IRS and Treasury Department expand the scope of recently announced taxpayer relief.
The IRS is permitting eligible employers who pay qualifying wages to retain an amount of the payroll taxes equal to the amount of qualifying wages that they paid, rather than deposit them with the IRS.
The IRS has issued guidance on these payments, which it calls "economic impact payments," and says they generally will be direct-deposited to most qualifying taxpayers' bank accounts in the next three weeks without taxpayers having to do anything.
Ed Karl, CPA, the AICPA's vice president–Tax Policy & Advocacy, outlines how the IRS tax filing delay came about — and what it means for CPA tax practitioners and their clients.
The $2 trillion stimulus bill contains many tax provisions. Here’s a look at the tax items, which range from credits to temporary changes to retirement plan rules.
The IRS announced that, because of staff shortages, it was closing the Practitioner Priority Service, a special phone line for tax practitioners, as well as the e-Services Help Desk line and the e-Services, FIRE, and AIR system help desks "until further notice."
In a letter to Treasury and the IRS, the AICPA requested that recent filing and payment relief related to the COVID-19 pandemic be expanded because the current relief does not cover all tax filings and payments affected by the pandemic.
The IRS announced that, under its People First Initiative, it was taking various actions to alter its activities beyond the tax filing and payment delay announced last week.
The IRS posted 24 questions and answers to clarify the notice delaying certain tax filing and payment deadlines until July 15.