August 10, 2020

How to Report Coronavirus Paid Sick Leave And Family Leave to Employees

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 28, 2020

COVID-19 – Retail Price Additional Fee in Nevada

The Department has noted, and local news articles have publicized the fact that some businesses are now charging an additional fee attributed to COVID-19. This additional fee added to the final selling price of retail sales appears to be a move to help recoup costs associated with added implementation expenses and other increased costs. (click on the picture to read more)...
July 20, 2020

AICPA Recommends Changes to E-signature Requirements

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)...
June 30, 2020

E-filing of Form 1040-X Coming This Summer

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

Premium Tax Credit Unaffected by Personal Exemption Decrease to Zero

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

Coronavirus And The State Tax Implications

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

PLR and Other Requests for IRS Guidance Can Now Be Sent Electronically

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
IRS Audits

IRS is Working With Fewer Employees

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
Delivery Truck

Fleet-Average and Vehicle Valuation Rules

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

Employee or Independent Contractor?

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)...