COVID-19 tax news and information

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October 30, 2020

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.

October 29, 2020

Offer-in-compromise scams expected to increase

The COVID-19 recession is the reason why the IRS added “offer-in-compromise mills” to its annual Dirty Dozen scams list.

October 28, 2020

Template for requesting penalty abatement available from AICPA

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.

October 15, 2020

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.

October 12, 2020

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.

October 7, 2020

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.

October 6, 2020

Nonfilers have until Nov. 21 to apply for economic impact payment

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.

October 1, 2020