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.
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Advocacy & Tax Relief
2020 employer opportunities: Give more while spending less
This article focuses on two opportunities beneficial to both employers and employees: (1) Sec. 139 disaster relief payments and (2) Sec. 127 educational assistance payments.
Several states provide one-month filing relief for corporate deadlines
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.
With Oct. 15 looming, some practitioners face daunting challenges
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.
COVID-19 challenges at center of national taxpayer advocate report
The midyear report from National Taxpayer Advocate Erin Collins focuses on the effects of the
COVID-19 pandemic, including its impact on IRS service levels and how the reduced services have affected taxpayers.
Diagnosing the SALT effects of COVID-19: Part 2
Practitioners and taxpayers see uneven guidance on policies and issues resulting from the coronavirus pandemic and face a shifting tax landscape for all types of taxes as state and local
governments look to repair badly damaged public finances.
TFRP: A possible second financial crisis for business owners
Employers should beware of the trust fund recovery penalty.
How employers account for recapture of excess employment tax credits
The IRS issued temporary and proposed regulations on how it will recapture excess credits taken by employers under recent coronavirus relief legislation.
Navigating the tax accounting impacts of the CARES Act
This discussion highlights some key issues under Topic 740 that may arise in both interim and annual financial statements.
E-filing problems plague some Sept. 15 tax returns
Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing returns by the midnight deadline. The AICPA is talking to the IRS about relief for the problem.
Pandemic makes meeting Sept. 15 filing deadline difficult
Tax practitioners have expressed concerns that they will not be able to meet looming Sept. 15 tax filing deadlines for a variety of reasons related to the global pandemic.
6 more IRS forms can be filed with e-signatures
The IRS added 6 forms to its list temporarily permitting electronic signatures.
Upcoming deadline to amend certain BBA partnership returns
While the ability to temporarily file amended returns is welcome by many BBA partnerships,
some unanswered questions remain about the consequences of doing so, and in some circumstances filing an AAR could be preferable.
Coronavirus pandemic prompts IRS to extend deadlines, relax QOZ rules
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.
Diagnosing the SALT effects of COVID-19: Part 1
The coronavirus pandemic raises several key state tax issues.
Recent developments in individual taxation
This semiannual update of recent developments in the area of individual taxation includes cases on conservation easements, discharge of student loan debt, net operating loss deductions, and real estate professional status.
Guidance issued on payroll tax deferral
The IRS issued guidance on the payroll tax deferral ordered by President Donald Trump on Aug. 8. The notice requires employers to withhold deferred taxes during the period from Jan. 1 to April 30, 2021.
Tools to help nonfilers receive economic impact payments
The IRS provided information and tools that tax practitioners can use to inform individuals who are eligible to receive economic impact payments but did not receive one automatically.
Recovery rebates: Tax planning pitfalls and opportunities
The CARES Act enacted a recovery rebate tax credit to help individual taxpayers through the economic disruption caused by the coronavirus pandemic. This article discusses strategies to lower a taxpayer’s 2020 AGI to avoid a phaseout of the credit and other strategies for maximizing the credit a taxpayer receives.
AICPA requests guidance on payroll tax deferral
The AICPA has asked Treasury and the IRS for guidance on the recently announced executive order that defers some employee payroll taxes that would be due between Sept. 1 and Dec. 31.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
