The Internal Revenue Service is giving tornado, thunderstorm and flooding victims in three states extra time to file their various tax returns and make tax payments.Severe storms raked parts of…
The COVID-19 pandemic has forced millions of Americans to take extraordinary steps just to stay afloat financially. For those taxpayers who might want to take distributions against their retirement plans or even borrow against their plans, the IRS has announced new relief.…
Read more about IRS Unveils New Relief for COVID-19 Retirement Borrowers
Tax professionals planning to use the IRS Modernized e-File (MeF) system this weekend to file a stack of returns for their clients may have to send them to the Internal Revenue Service at a different time. The…
Read more about IRS Says Modernized e-File Unavailable During Extended Maintenance
A new report from the Treasury Inspector General for Tax Administration (TIGTA) finds that a number of tax preparers are themselves classified as non-compliant, but in many cases, the Internal Revenue Service has not acted to recoup the outstanding tax due.…
Read more about TIGTA Says IRS Should Act on Preparers with Overdue Returns, Debts
An unforeseen consequence of the COVID-19 pandemic is pushing the IRS due date for some payments back a bit.…
Read more about IRS Mail Backup Leads to Extended Payment Dates
Before the ink dried on the latest COVID-relief legislation, tax pros and small business owners alike had questions about the Paycheck Protection Program Flexibility Act. Despite being designed to expand access to the PPP loan, the bill included a change that seemed to eliminate partial loan forgiveness.…
While the pandemic has led the IRS to temporarily allow its employees to accept e-signatures on documents related to examination and collection of tax liabilities, AICPA believes the IRS should expand e-signature relief and make it permanent.…
Read more about AICPA Seeks Permanent Guidance on e-Signatures
If any of your clients are one of the 4 million filers set to receive their Economic Impact Payment as a Visa prepaid debit card, they may be interested in one of the latest Internal Revenue Service press releases.…
Read more about IRS Has Answers for Taxpayers Getting EIP Cards
Individual taxpayers and corporations have some extra breathing room for paying their 2020 estimated taxes. The IRS reminds individuals and corporations alike that the estimated tax payments normally due on April 15 and June 15 have been pushed back to July 15, without penalty.…
Read more about Estimated Tax Deadlines Pushed Back to July 15
The American Institute of CPAs (AICPA) is encouraging small businesses to apply for Paycheck Protection Program (PPP) loans ahead of the June 30th deadline.…
Read more about PPP Loans for Small Businesses Boosted by AICPA
