The IRS announced that it will not further postpone federal tax filing and payment deadlines beyond July 15.
The IRS issued final regulations allowing regulated investment companies (RICs) to report qualified real estate investment trust (REIT) dividends as Sec. 199A dividends to their shareholders.
The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.
The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.
The IRS released guidance on how taxpayers can take coronavirus-related distributions from qualified retirement plans as authorized by the CARES Act.
The IRS announced that employers may make donations this year to charitable organizations that provide relief to COVID-19 pandemic victims in exchange for personal leave that their employees forgo.
The IRS issued proposed regulations defining direct primary care arrangements with doctors and health care sharing ministries and how payments for them can qualify as Sec. 213 medical expenses.
In a letter to the IRS, the AICPA asked the IRS to permanently amend its electronic signature procedures to make it easier for taxpayers and practitioners to e-file all types of returns.
In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.
Practitioners must carefully review Notice 2020-23 to understand the full scope of filing relief granted by the IRS in response to hardships caused by the coronavirus pandemic.
In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.
The IRS announced that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, later this summer.
The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990, Return of Organization Exempt From Income Tax.
The IRS issued long-promised proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.
The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.
With many taxpayers still having problems using the Internal Revenue Service’s “Get My Payment” website, the IRS announced that it is mobilizing 3,500 telephone representatives to answer some of the most common questions about economic impact payments.
The IRS has issued final regulations addressing when certain related-party interests in corporations should be treated as stock vs. debt.
The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act.
In response to the coronavirus pandemic, the IRS is allowing employers to permit their employees to change their health coverage elections or dependent care elections during the year and is extending the carryover period for health flexible spending arrangement (FSA) expenses.
The IRS announced that taxpayers for whom the Service does not have direct deposit information should go to its “Get My Payment” website and enter that information by noon on Wednesday, May 13, so they can receive their stimulus payments electronically.