The AICPA has created a template for members to use when requesting a penalty abatement from the IRS. Many taxpayers are receiving penalty notices after COVID-19 hampered their ability to meet tax filing obligations.
The IRS issued the 2021 inflation adjustment amounts and tax tables for use in preparing 2021 tax returns in the 2022 filing season. Many of the over 60 items increased from 2020.
The IRS announced that the income ranges for employee participation in workplace 401(k) plans and IRA contributions will increase from 2020 to 2021. Most of the other retirement plan contribution limits stayed the same, however.
The IRS released draft instructions for Form 1065, U.S. Return of Partnership Income, to calculate partner capital accounts using the tax-basis method.
The IRS issued guidance adding state unclaimed property fund distributions to the list of reasons that taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan.
After a misworded posting caused confusion about the 2020 deadline to file FBARs (i.e., FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)), Treasury’s Financial Crimes Enforcement Network has extended the deadline to Oct. 31.
The IRS issued the 2021 limit for excepted benefit health reimbursement arrangements using the Chained Consumer Price Index for All Urban Consumers inflation-adjustment method.
Treasury’s Financial Crimes Enforcement Network briefly announced, but then rescinded, an extension of this year’s deadline to e-file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
The Social Security Administration announced that the maximum amount of wages subject to the old age, survivors, and disability insurance tax will increase to $142,800 in 2021 from $137,700 in 2020.
The IRS finalized regulations governing the treatment of net operating losses by consolidated groups after recent legislation changed the rules.
With the Oct. 15 corporate tax filing deadline looming and the global pandemic still affecting taxpayers and practitioners, several states have provided one-month filing relief for their corporate Oct. 15 deadlines.
The IRS finalized proposed regulations on withholding from transfers of partnership interests to foreign persons and the definition of effectively connected income for those purposes.
Tax practitioners have expressed concerns that they will not be able to meet upcoming Oct. 15 tax filing deadline for a variety of reasons related to the global pandemic.
The IRS announced that it was extending the deadline from Oct. 15 to Nov. 21 at midnight for certain individuals to enter their information on the Non-Filers: Enter Payment Info Here tool on the IRS website to receive the $1,200 stimulus payment due to individual taxpayers.
The IRS extended the due date for furnishing Form 1095-B and 1095-C health care coverage information returns to individuals from Jan. 31, 2021, to March 2, 2021. The date for filing them with IRS has not been extended.
Eligible individuals with disabilities received guidance from the IRS on the rules regarding ABLE accounts. Tax-favored ABLE accounts allow eligible individuals to save money to meet qualified disability expenses.
The IRS finalized rules implementing provisions of the law known as the Tax Cuts and Jobs Act, disallowing deductions for most business entertainment expenses and distinguishing them from business food and beverage expenses that remain deductible.
The IRS issued final regulations providing guidance on withholding federal income tax from employees’ wages under changes enacted in the Tax Cuts and Jobs Act.
The IRS issued final and proposed regulations covering a wide variety of issues involving deductions and credits for foreign taxes.
New simplified accounting rules for small businesses do not apply to tax shelters — and the definition of a tax shelter can cause problems for businesses with large deductions or losses during a tax year.