IRS practice & procedure

TOPICS / TAX

October 1, 2020

Employers get guidance on income tax withholding from wages

The IRS issued final regulations providing guidance on withholding federal income tax from employees’ wages under changes enacted in the Tax Cuts and Jobs Act.

October 1, 2020

Taxpayer advocate reports on IRS COVID-19 challenges

National Taxpayer Advocate Erin Collins assesses the IRS’s response to the coronavirus pandemic.

October 1, 2020

Individual mandate payment is a priority debt in bankruptcy

A bankruptcy court applies the Supreme Court holding that the payment is a tax, not a penalty.

October 1, 2020

Tax consequences of data breaches and identity theft

Losses are not likely deductible by individuals through 2025, but the receipt of free identity protection services may be nontaxable.

October 1, 2020

Nonwillful penalties are assessed per FBAR form, not per account

The holding by a district court in the Fifth Circuit conflicts with a case moving through the Ninth Circuit.

September 25, 2020

Returns affected by e-filing outage will be timely if filed by Sept. 17

For tax returns with a Sept. 15 due date that were affected by an e-filing software outage, the IRS will treat a return and any elections that were filed with that return as timely filed if the taxpayer successfully e-filed the return and any elections by Sept. 17, 2020.

September 22, 2020

Lenders will not file Form 1099-C for forgiven PPP loans

The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.

September 16, 2020

E-filing problems plague some Sept. 15 tax returns

Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing returns by the midnight deadline. The AICPA is talking to the IRS about relief for the problem.

September 11, 2020

Implementing the payroll tax deferral, part 2

Treasury and the IRS have issued much-anticipated guidance on just how the deferral applies and how the taxes are likely to have to be repaid. Hear more in this podcast episode.

September 11, 2020

Pandemic makes meeting Sept. 15 filing deadline difficult

Tax practitioners have expressed concerns that they will not be able to meet looming Sept. 15 tax filing deadlines for a variety of reasons related to the global pandemic.

September 10, 2020

6 more IRS forms can be filed with e-signatures

The IRS added six more forms to the list of forms that can now be signed electronically to respond to the coronavirus pandemic.

August 31, 2020

IRS temporarily allows e-signatures on some forms

The IRS identified a dozen forms for which is will accept e-signatures for the rest of the year. The forms covered include Form 8879, IRS e-file Signature Authorization, used for e-filing individual income tax returns.

August 28, 2020

Guidance issued on payroll tax deferral

The IRS issued guidance on the payroll tax deferral ordered by President Donald Trump on Aug. 8. The notice requires employers to withhold deferred taxes during the period from Jan. 1 to April 30, 2021.

August 27, 2020

Tools to help nonfilers receive economic impact payments

The IRS provided information and tools that tax practitioners can use to inform individuals who are eligible to receive economic impact payments but did not receive one automatically.

August 24, 2020

IRS stops sending balance-due notices, corrects payroll tax penalties

The IRS has stopped sending balance-due notices to taxpayers as it works to process its backlog of unopened mail. It is also working to correct certain erroneous penalties for some employers who reduced their payroll tax deposits to claim COVID-19 relief-related credits.

August 18, 2020

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.