The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.
Advocacy & Tax Relief
The IRS granted individual taxpayers a waiver from the penalty for underestimated tax due solely to the amendment to Sec. 461(l)(1)(B) in the CARES Act repealing the excess business loss limitations for years before 2021.
The AICPA asked the IRS and Treasury to clarify that the filing of a Paycheck Protection Program loan forgiveness application is not an election by the taxpayer to forgo the employee retention credit for wages reported on the application exceeding the amount of wages necessary for loan forgiveness.
Congressional action could simplify the business landscape for interstate workforce models that have expanded sharply due to stay-at-home orders isssued to fight the COVID-19 pandemic.
Tax preparers can help taxpayers claim the recovery rebate on 2020 returns.
The IRS made it easier for taxpayers to sign certain paper returns and other paper IRS forms in an environment where taxpayers and preparers alike are working remotely.
The IRS said it was revising its procedures to help taxpayers who cannot pay their taxes because of the pandemic. The new program is called the Taxpayer Relief Initiative.
The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2 under the Presidential Memorandum authorizing the deferral.
The potential for the deductibility of PPP-funded expenses raises some practice questions, and traps for the unwary lurk in the details.
The year-end coronavirus relief and spending bill passed by Congress includes many tax provisions, including pandemic-related relief, extensions of expired provisions, and a large number of miscellaneous items, including temporary 100% deductibility for business meals.
In a letter to Congress, dated Dec. 3, hundreds of national trade associations and their state and regional affiliates asked that legislation be enacted before the end of 2020 reversing the IRS’s position that amounts forgiven in loans under the PPP be nondeductible business expenses.
Two experts look at the issue of the deductibility of expenses paid with PPP loan funds and conclude that they should be deductible.
A distribution that meets the definition of a coronavirus-related distribution carries several advantages and tax planning opportunities.
This article discusses two planning areas related to NOL carrybacks: The decision whether to carry a loss forward or back and planning strategies to increase the balance of the NOL carryback.
This item discusses tax issues related to the forgiveness of PPP loans.
There is a unique opportunity this year for clients with charitable contribution carryforwards to 2020.
The AICPA is asking its members to write to their senators and representatives in Congress in support of legislation that would mandate that anyone who receives a loan through the PPP can deduct business expenses even when payment of those expenses results in loan forgiveness under the CARES Act.
IRS Commissioner Charles Rettig told attendees at the AICPA National Tax & Sophisticated Online Tax Conference not to expect blanket penalty relief in response to the COVID-19 pandemic, and he addressed other effects of the pandemic on the agency.
The IRS has provided procedures to allow individuals to take early distributions from certain retirement plans under the CARES Act.
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.