The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.
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Tax
PLR and other requests for IRS guidance can now be sent electronically
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.
CARES Act QIP change requires action
Taxpayers with qualified property must act to take advantage of changes to the treatment of qualified improvement property, which is now eligible for bonus depreciation. Here are some considerations for taxpayers and their advisers.
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.
Line items
Reconsideration of estate’s penalty abatement yields same result … In-game currency not taxable, IRS clarifies … IRS to step up high-income taxpayer visits
Sec. 6662(a) penalties require written supervisor approval
The Tax Court rules on when the burden of production regarding written supervisory approval moves to the taxpayer.
Failure to file FBAR is not due to reasonable cause
A taxpayer is subject to civil penalties for nonwillful failure, a court holds.
COVID-19 pandemic prompts many tax changes
Here are legislative and IRS responses to the coronavirus outbreak.
Supreme Court overturns consolidated group tax refund allocation rule
The Court holds the Bob Richards rule exceeds federal courts’ common-lawmaking authority.
Prop. regs. would govern silo rules for exempt organizations
The IRS issued proposed regulations on how to identify separate trades or businesses to determine a tax-exempt organization’s unrelated business taxable income under new rules that require different trades or businesses to be reported separately or siloed.
Relief for tax residency impacts of COVID-19 travel disruptions
Individuals and businesses can avoid having their prolonged stay in a country affect their tax residence if their cross-border travel was disrupted by the COVID-19 pandemic, under limited relief the IRS announced in two revenue procedures and FAQs.
Guidance sought on employee retention credit
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.
Deadline looms for nonfilers to register for child stimulus payments
Social Security and Railroad Retirement beneficiaries who didn’t file 2018 or 2019 tax returns must enter their children’s information by noon EDT on Wednesday, April 22, to get an automatic $500 child stimulus payment.
IRS explains how to file returns to receive economic impact payments
The IRS issued guidance on how to file tax returns in order to receive an economic impact payment for taxpayers who do not normally file income tax returns or who have zero adjusted gross income amounts to report can file returns using special IRS procedures.
IRS posts FAQs on paid sick and family leave
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.
Veterans Affairs recipients to receive automatic economic impact payments
Recipients of Veterans Affairs benefits were added to the list of individuals who will automatically receive economic impact payments, the IRS announced.
How to take retroactive 100% bonus depreciation on QIP
The IRS issued procedures for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement property (QIP).
SSI recipients to receive stimulus payments; dependent payments require extra step
The IRS announce that Supplemental Security Income (SSI) recipients will receive automatic stimulus payments, but some taxpayers need to enter information about qualifying children.
PTIN fee will be lower when it is reinstated
The IRS has proposed to lower the fee it charges for preparer tax identification numbers (PTINs) when PTIN fees are reinstated.
IRS launches website for tracking stimulus payments
The IRS announced the launch of its “Get My Payment” website, which is designed to permit people who filed tax returns to enter their direct deposit information and check the status of their $1,200 stimulus payment.
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