After a lengthy hiatus and despite ongoing litigation, final regulations are in place.
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TOPICS / TAX
IRS practice & procedure
Guidance on deferred employee payroll tax issued
The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2, Wage and Tax Statement, under the Aug. 8 Presidential Memorandum authorizing the deferral.
Template for requesting penalty abatement available from AICPA
The AICPA has created a template for members to use when requesting a penalty abatement from the IRS. Many taxpayers are receiving penalty notices after COVID-19 hampered their ability to meet tax filing obligations.
2021 inflation adjustments and tax tables issued
The IRS issued the 2021 inflation adjustment amounts and tax tables for use in preparing 2021 tax returns in the 2022 filing season. Many of the over 60 items increased from 2020.
With Oct. 15 looming, some practitioners face daunting challenges
Tax practitioners have expressed concerns that they will not be able to meet upcoming Oct. 15 tax filing deadline for a variety of reasons related to the global pandemic.
Nonfilers have until Nov. 21 to apply for economic impact payment
The IRS announced that it was extending the deadline from Oct. 15 to Nov. 21 at midnight for certain individuals to enter their information on the Non-Filers: Enter Payment Info Here tool on the IRS website to receive the $1,200 stimulus payment due to individual taxpayers.
Health coverage reporting deadline extended
The IRS extended the due date for furnishing Form 1095-B and 1095-C health care coverage information returns to individuals from Jan. 31, 2021, to March 2, 2021. The date for filing them with IRS has not been extended.
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.
Taxpayer advocate reports on IRS COVID-19 challenges
National Taxpayer Advocate Erin Collins assesses the IRS’s response to the coronavirus pandemic.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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