The AICPA has written to Treasury and the IRS, calling for certainty about the April 15 tax filing and payment deadline and for underpayment and late-payment penalty relief during the COVID-19 pandemic.
IRS Practice & Procedure
Proposed regulations provide that the IRS may determine that the centralized partnership audit regime does not apply to adjustments to partnership-related items under certain conditions.
Congress makes expenses funded by forgiven Paycheck Protection Program loans deductible.
To alleviate hardships caused by COVID-19, the IRS temporarily expanded the forms that can be filed with e-signatures, but future policy is uncertain.
The form has been developed due to an increase in Sec. 754 election revocation applications since the technical termination of a partnership under former Sec. 708(b)(1) (B) was repealed under the TCJA.
The IRS warned taxpayers that identity thieves are fraudulently claiming state unemployment benefits using stolen taxpayer identities. Here is what taxpayers should do if they receive a Form 1099-G reporting state unemployment benefits they did not receive.
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.
The IRS announced that it will start accepting 2020 tax returns on Feb. 12, a later date than usual. The delay stems from programming changes needed to account for year-end tax legislation.
The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.
The IRS’s LB&I Division requested comments regarding the potential obsolescence of Rev. Proc. 94-69, under which certain large corporations may be treated as filing “qualified amended returns” after the commencement of an IRS examination.
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.
Understanding the nature of FAQs can assist practitioners in interpreting Treasury guidance.
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.
This column reviews the rules of statutory due dates, extensions, refund limitations, and postponements, and how to determine the statute of limitation in the context of deadlines affected by the events of 2020.
This item discusses IRS regulations on rehabilitation credits for historic buildings.
The potential for the deductibility of PPP-funded expenses raises some practice questions, and traps for the unwary lurk in the details.
Updating the rules governing practice before the IRS is one of the goals of the IRS Office of Professional Responsibility for the new year, its director says.
The IRS announced procedures for identifying and recovering direct deposit refunds that a taxpayer did not receive in the designated account.
The IRS announced that it was extending taxpayers’ ability to file a number of forms using electronic signatures due to the pandemic. The limited relief extends the authorization through June 30, 2021.