Tax

Tax-exempt organizations that certain forms they file with the IRS are due on July 15, 2020. For organizations that operate on a calendar-year basis, this includes the 2019 Form 990 they would have normally filed on May 15.

Taxpayers who make IRA contributions to traditional Individual Retirement Arrangements (IRAs) made by this year's postponed tax return due date of July 15, 2020, can claim those contributions as deductions on their 2019 tax return.

The U.S. Supreme Court has ruled that President Donald Trump is not automatically immune from investigations into his income tax returns but stopped short of requiring the release of his tax returns.

As the IRS continues to reopen its operations across the country, taxpayers who were in payment agreements and skipped any payments from March 25 and July 15 should start paying again to avoid penalties and possible default on their agreements.

Employers will be required to report these amounts either on Form W-2, Box 14, or in a statement provided with the Form W-2. The guidance provides employers with optional language to use in the Form W-2 instructions for employees.

As the July 15 tax filing season deadline approaches, members of the active duty and reserve military and their families are eligible for special tax benefits that can ease the filing process.

AICPA believes it is both necessary and appropriate to provide further compliance relief to those taxpayers that are truly impacted by the coronavirus and do not have the wherewithal to continue to voluntarily meet their tax obligation.

For certain time-sensitive actions scheduled to be performed and requirements to be met on or after April 1, 2020 and before December 31, 2020, owners and operators now have until December 31, 2020 to perform the actions and satisfy the requirements.