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)...
February 26, 2020
Girl Studying

Student Loan Repayment Plan

Student loans generally have a six-month grace period after graduation to give borrowers time to get on their feet before they have to start repayment. The first step in building a student loan repayment plan is understanding who you owe, whether it's the Department of Education or a bank.(click on the picture to read more)...
February 18, 2020
Business Meals tax deduction

Business Meals Expense Deductions

As taxpayers continue to debate whether business meals are deductible as amended, some argue that the statute is clear and unambiguous in its intent to include meals as entertainment and that, without further congressional action, business meal expenses are nondeductible. (click on the picture to read more)...
February 6, 2020
Student Loans

Student Loan COD Relief

The IRS has determined that it is appropriate to provide relief to students from other schools who have obtained federal or private student loans and who qualify under one of the following safe harbors (click on the picture to read more)...