IRS explains extended payroll tax due dates
The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.
IRS Practice & Procedure
Tax filing season to start Feb. 12, IRS announces
The IRS announced that it will start accepting 2020 tax returns on Feb. 12, a later date than usual. The delay stems from programming changes needed to account for year-end tax legislation.
Final regs. govern deductibility of fines and penalties
The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.
Effect of delayed filings on statute of limitation
Assessment and refund time limits are clarified amid postponements caused by the pandemic.
Enlist an ally in TAS
The Taxpayer Advocate Service stands ready to assist taxpayers and their representatives.
PPP expense deductibility and forgiveness raises basis, other issues
The potential for the deductibility of PPP-funded expenses raises some practice questions, and traps for the unwary lurk in the details.
Circular 230 update planned for 2021
Updating the rules governing practice before the IRS is one of the goals of the IRS Office of Professional Responsibility for the new year, its director says.
IRS regs. govern misdirected refund claims
The IRS announced procedures for identifying and recovering direct deposit refunds that a taxpayer did not receive in the designated account.
Temporary e-signature authorization for IRS forms extended
The IRS announced that it was extending taxpayers’ ability to file a number of forms using electronic signatures due to the pandemic. The limited relief extends the authorization through June 30, 2021.
Expenses used for PPP loan forgiveness: Deductible or not?
Two experts look at the issue of the deductibility of expenses paid with PPP loan funds and conclude that they should be deductible.
IP PINs to be available to all individuals in 2021
The IRS announced that it would begin allowing all individual taxpayers to opt in to receive an identity protection personal identification number (IP PIN), beginning in mid-January 2021.
Missing IP PIN does not toll the limitation period
The IRS’s deficiency notice was untimely, the Tax Court holds.
AICPA mobilizes members to push for deductibility of PPP-funded expenses
The AICPA is asking its members to write to their senators and representatives in Congress in support of legislation that would mandate that anyone who receives a loan through the Paycheck Protection Program can deduct business expenses even when payment of those expenses results in loan forgiveness under the CARES Act.
Centralized partnership audit regime changes proposed
The IRS issued rules on two special enforcement matters for purposes of the unified partnership audit rules.
IRS commissioner: Penalty relief will not be 'blanket'
IRS Commissioner Charles Rettig told attendees at the AICPA National Tax & Sophisticated Online Tax Conference not to expect blanket penalty relief in response to the COVID-19 pandemic, and he addressed other effects of the pandemic on the agency.
IRS will mask business tax transcript identifying information
The IRS announced that beginning Dec. 13 it will mask sensitive data on business tax transcripts, a step it took two years ago for individual tax transcripts.
IRS announces help with tax debt
The IRS said it was revising its procedures to help taxpayers who cannot pay their taxes because of the pandemic. The new program is called the Taxpayer Relief Initiative.
Preparers beware: PTIN fees are back
After a lengthy hiatus and despite ongoing litigation, final regulations are in place.
Limiting the impact of negative QBI
Here are the rules for the treatment of negative QBI and some planning ideas for mitigating its effect on the QBI deduction.
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.
