UPDATE: Employee Retention Credit Available for Businesses Impacted by COVID-19
The Treasury Department and IRS have launched the Employee Retention Credit to encourage businesses to keep employees on their payroll.
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IRS Provides Certainty Regarding Deductibility of Payments by Partnerships and S Corporations for State and Local Income Taxes
The IRS recently issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations regarding the deductibility of payments by partnerships and S corporations for state and local income taxes.
View MoreUPDATE: Treasury Department and IRS Issue Guidance on Deferring Certain Employee Social Security Tax Withholding
The IRS recently posted guidance on how to report the deferral of withholding, depositing and paying of certain payroll tax obligations, as authorized by the Aug. 8, 2020 Presidential Memorandum.
View MoreIRS Announces 2021 Tax Inflation and Cost-of-Living Adjustments
The IRS recently released Revenue Procedure 2020-45 announcing the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules. It also released Notice 2020-79 announcing cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021
View MoreIRS Provides Resources and Reminders for Tax Preparers
The IRS recently released several new resources and reminders for tax return preparers for the upcoming tax filing season.
View MoreIRS Reminds E-file Providers to Complete Annual Self-Certification and URL Registration
The IRS is reminding Authorized IRS e-file Providers that they must answer the annual self-certification questions beginning Oct. 1, 2020 to ensure they comply with Publication 1345 IRS e-file security, privacy and business standards.
View MoreIRS Issues Final Regulations on Meals and Entertainment Deduction
The IRS recently issued final regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act.
View MoreIRS Issues Final Regulations on Income Tax Withholding on Certain Periodic Retirement and Annuity Payments
The U.S. Department of the Treasury and IRS recently issued final regulations updating the federal income tax withholding rules for certain periodic retirement and annuity payments made after Dec. 31, 2020.
View MoreIRS Announces Nationwide Expansion of IP PIN Program
The IRS Wage & Investment Division recently announced that starting in January 2021, the IRS will expand its IP PIN voluntary opt-in program nationwide.
View MorePandemic Makes Meeting 9/15 Filing Deadline Difficult
With Sept. 15 tax filing deadlines looming, some tax practitioners have expressed concerns that they will not be able to meet those deadlines for a variety of reasons related to the global pandemic. Issues mentioned by AICPA members range from the extra time spent with economically challenged clients; to unexpected deadlines due to assisting with Paycheck Protection Program (PPP) loan applications and the PPP loan forgiveness process; to clients, members, and staff being incapacitated with COVID-19.
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