IRS
August 10, 2020
The IRS explained how employers should report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act. (click on the picture to read more)...
July 20, 2020
The AICPA recommends that the IRS further expand on its previously announced relaxation of its requirements for digital signatures in the collections area to four other areas. the IRS should allow all taxpayers the option to use an e-signature for the Form 8878 series and the Form 8879 series for e-file signature authorizations, if the taxpayer’s software has e-signature capability. (click on the picture to read more)...
July 6, 2020
More than 3,600 complaints of COVID-19 scams had come into the FBI’s Internet Crime Complaint Center through April 21, according to the U.S. Department of Justice. (click on the picture to read more)...
June 30, 2020
The current system requires taxpayers to mail a paper amended return to the IRS for processing, and the IRS receives over 3 million of those forms each year. The new electronic option allows the IRS to receive amended returns faster while minimizing errors normally associated with manually completing the form. (click on the picture to read more)...
June 12, 2020
The IRS issued long-promised proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction. (click on the picture to read more)...
May 25, 2020
Finally, there are some nexus and withholding issues that states can address by just giving taxpayers guidance. Essentially, employees working remotely can create income tax nexus and withholding obligations for employers in those states. (click on the picture to read more)...
May 14, 2020
To enable taxpayers to continue to submit requests for IRS guidance during the coronavirus pandemic, the IRS is temporarily allowing the electronic submission of requests for letter rulings, closing agreements, determination letters, and information letters under the jurisdiction of the IRS Office of Chief Counsel (click on the picture to read more)...
March 26, 2020
The tax agency is auditing fewer individual taxpayers not because we’re more honest, but because the IRS is working with fewer employees. With fewer agents available to perform audits, the agency’s audit rate has been whittled to 0.45% of individual returns in fiscal 2019. (click on the picture to read more)...
March 18, 2020
The IRS updated the fleet-average and vehicle cents-per-mile valuation rules. Consistent with the substantial increase in the dollar limitations on depreciation deductions, the regulations increase, effective for the 2018 calendar year (click on the picture to read more)...
March 13, 2020
The IRS has long had a voice in the categorization discussion. In 1987, based on an examination of cases and rulings, the IRS developed a list of 20 factors to consider when determining whether a worker should be classified as an employee or independent contractor. (click on the picture to read more)...