AICPA recommendations on Q1 estimates and 2020 Form 709 extensions
The AICPA has released some recommendations for practitioners concerning various issues that have arisen due to the postponement of the April 15 tax deadline for individuals.
IRS Practice & Procedure
Bill to postpone estimated tax due date to be introduced in Congress
Rep. Lloyd Smucker, R.-Pa., announced he will introduce a bill that pushes back the due date for first-quarter 2021 estimated tax payments from April 15, 2021, to May 17, 2021. The AICPA expressed its support for the bill.
Details of the April 15 postponement and a primer on SVOG
What deadlines have been extended related to the PPP and tax filing? What deadlines haven’t? What grant program is about to open? Learn more in this podcast.
Members of Congress request estimated tax deadline postponement
A bipartisan group of 60 members of Congress wrote the IRS, urging that the deadline for first quarter 2021 federal estimated tax payments be postponed until May 17.
IRS to automatically issue refunds on tax-free unemployment benefits
To help taxpayers who might otherwise have been required to file amended income tax returns, the IRS announced that, beginning in May and continuing into the summer, it will automatically issue to eligible taxpayers refunds of income tax paid on 2020 unemployment benefits.
IRS provides details on April 15 postponement
The IRS issued a notice providing more details and clarification of its previously announced postponement of the April 15 tax deadline for individuals. The notice extends the date for making 2020 IRA contributions; however, it does not extend the date for estimated tax payments.
Tax filing postponement doesn't go far enough, AICPA says
The IRS has postponed individual returns’ due date to May 17, but June 15 remains a more appropriate date for many reasons, the AICPA says.
IRS postpones April 15 deadline
The IRS announced that it is postponing the April 15 deadline for individual tax returns and payments. The postponement applies only to individual taxpayers. Formal guidance is expected in the near future.
AICPA asks for guidance on S corp. and partnership PPP loan forgiveness
In a letter dated March 15, the AICPA asked for IRS guidance on how S corporations and partnerships should treat tax-exempt income from PPP loan forgiveness, especially when it occurs during a different tax period.
AICPA recommends Circular 230 changes
In response to a request for comments about planned revisions to Circular 230, Regulations Governing Practice Before the IRS, the AICPA sent a letter making recommendations to the director of the IRS’s Office of Professional Responsibility.
AICPA requests tax deadline postponements until June 15
In a letter, the AICPA asked the IRS to postpone until June 15, 2021, all 2020 federal income tax and information returns and payments (e.g., extension and estimated payments) originally due April 15, 2021.
AICPA seeks certainty on filing deadline and relief for 2020 tax year
The AICPA has written to Treasury and the IRS, calling for certainty about the April 15 tax filing and payment deadline and for underpayment and late-payment penalty relief during the COVID-19 pandemic.
Tax penalty relief amid the pandemic
Help clients establish COVID-19-related reasonable-cause defenses and abatement requests.
Beware of identity theft scam involving unemployment benefits
The IRS warned taxpayers that identity thieves are fraudulently claiming state unemployment benefits using stolen taxpayer identities. Here is what taxpayers should do if they receive a Form 1099-G reporting state unemployment benefits they did not receive.
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.
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.
