Update on Possible Coronavirus Tax Relief
The AICPA has been advocating for secure tax filing and payment relief due to the challenges surrounding the coronavirus (COVID-19) pandemic.
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IRS Extends Deadlines and Provides Other Tax Relief for Victims of Tennessee Tornadoes
The IRS has announced taxpayers in areas affected by the March 3 tornadoes in middle Tennessee will have until July 15, 2020 to file individual and business tax returns and make tax payments.
View MoreAICPA Calls for Tax Relief for Individuals and Businesses Amid Coronavirus Pandemic
The AICPA today called for the Treasury Department and the IRS to provide relief to all taxpayers in light of the uncertainty and challenges caused by the spread of the Coronavirus (COVID-19) pandemic.
View MoreIRS Confirms Tax Filing Season to Begin Jan. 27
The IRS confirmed the nation’s tax season will start for individual tax return filers on Monday, Jan. 27, 2020, when the agency will begin accepting and processing 2019 tax year returns.
View MoreIRS Issues Standard Mileage Rates for 2020
The IRS recently issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
View MoreCongress Approves Federal Spending Bill
Congress recently voted to approve a federal government spending bill that repeals three health care taxes, makes changes to retirement plan rules, extends expired tax provisions, provides disaster tax relief and repeals a provision for tax-exempt organizations.
View MoreIRS Announces Tax Inflation Adjustments for Tax Year 2020
The IRS recently announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions.
View MoreIRS Releases Draft 2019 Forms 1065, 1120-S and Schedules K-1
The IRS recently issued a draft of the tax year 2019 Form 1065, U.S. Return of Partnership Income and its Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc.
View MoreIRS Finalizes Safe Harbor for Rental Real Estate to Qualify as a Business for Qualified Business Income Deduction
The IRS recently finalized a safe harbor for certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of the qualified business income deduction under section 199A of the Internal Revenue Code.
View MoreIRS and Treasury Department Revamp Postcard-Sized Form 1040
In late June, the IRS and the Treasury Department unveiled a new postcard-sized version of the classic Form 1040, with the goal of replacing the current Forms 1040, 1040A and 1040EZ for next tax season.
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