This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.
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.
Late-filing penalties for foreign trust filings can be devastating to clients and a significant challenge to CPAs trying to explain or eliminate them.
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.
The AICPA has made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic.
The ruling provides guidance by a federal district court on the application of the civil penalties for unfiled Forms 3520 for foreign trusts.
A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program (PPP) loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.
Taxpayers have a variety of tax relief measures to help them through the economic disruption caused by the coronavirus pandemic. From tax credits to filing postponements, here is a breakdown of the initial changes benefiting individuals and businesses.
The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.
Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
The Supreme Court rejects the Bob Richards rule, a product of federal common-lawmaking, because a dispute among members of a consolidated group over which member is entitled to a refund presents no unique federal interests.
An entity that is recognized for federal tax purposes as an entity separate from its owners can be classified as one of several entity types, but the available classification options depend greatly on state law and the number of owners or members.
The IRS is temporarily allowing taxpayers to submit requests for private letter rulings, closing agreements, determination letters and information letters electronically instead of by mail.
In a letter to Treasury and the IRS, the AICPA pointed out several issues involving the new employee retention credit that need clarification and guidance.
The IRS posted and updated 67 FAQs about the employer tax credits for paid sick and family leave enacted in the Families First Coronavirus Response Act.
The IRS has proposed to lower the fee it charges for preparer tax identification numbers (PTINs) when PTIN fees are reinstated.
The IRS issued procedures to elect to forgo net operating loss carryback and extension of time to file tentative carryback adjustments.
The IRS granted relief for a broad array of tax filing and payment deadlines that fall between April 1 and July 15, expanding on previous relief, as requested by the AICPA.
The Revenue Act of 1913 ushered in the modern era of federal income taxation. How much do you know about changes in income tax rates since then?
The AICPA posted FAQs explaining the latest developments in taxpayer relief during the COVID-19 pandemic. The AICPA has recommended that the IRS and Treasury Department expand the scope of recently announced taxpayer relief.