The IRS has launched an online portal for taxpayers who are eligible to receive an economic impact payment but who are not normally required to file an income tax return because their income is too low.
The IRS issued procedures to elect to forgo net operating loss carryback and extension of time to file tentative carryback adjustments.
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.
To allow those partnerships to take advantage of the beneficial tax provisions in the Coronavirus Aid, Relief, and Economic Security Act, the IRS is allowing partnerships to file amended returns for 2018 or 2019.
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 US Small Business Administration has released an interim final rule providing additional guidance and requirements for the program. The final rule includes a number of changes, including a doubling of the loans’ interest rate from 0.5% to 1%.
An AICPA-led small business funding coalition, in conjunction with the National Payroll Reporting Consortium, issued a statement supporting the use of gross payroll based on 2019 data in calculations for Paycheck Protection Program pandemic relief loans.
The IRS announced that Social Security and Railroad Retirement benefit recipients will not have to file a tax return to receive the $1,200 stimulus payment provided by the Coronavirus Aid, Relief, and Economic Security Act.
The IRS issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic.
The AICPA voiced small businesses’ concerns with the fallout from the Wayfair decision and discussed taxation of virtual currency in separate events on March 3.
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.
Small businesses and sole proprietorships hoping to secure a loan through the federal Paycheck Protection Program can begin applying Friday, April 3.
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 IRS postponed the payment and return filing requirements for gift and generation-skipping transfer taxes due April 15 to July 15, matching prior postponements granted to federal income taxes and returns.
The IRS issues rules to implement paid sick and child care leave credits enacted in response to the pandemic.
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.