Tax

The ETAAC is a public forum whose members work closely with the Security Summit, a joint effort of the IRS, state tax administrators and the nation’s tax industry that was established in 2015 to fight identity theft-reflated refund fraud and cybercrime.

In addition to coping with the COVID-19 crisis and implementation of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, both the IRS and taxpayers face challenges relating to the Taxpayer First Act ...

The IRS has announced the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15.

Taxpayers who filed a 2019 paper return and are entitled to refunds may be in for a long wait. The IRS had to suspend the processing of paper tax returns, and as of May 16, it estimated it had a backlog of 4.7 million paper returns.

The Internal Revenue Service Office of Chief Counsel has announced a time-limited settlement offer to certain taxpayers with pending docketed Tax Court cases involving syndicated conservation easement transactions.

The survey also found that more than a third of taxpayers (37%) do not have the resources to pay 2019 taxes owed despite the deadline being extended to July 15th.

A majority of taxpayers (61%) are deeply concerned that the financial impacts of COVID-19 may force them into tax debt, adding to the $131 billion already owed to the IRS by 14 million Americans.

The excess business loss is defined as the aggregate deductions for the taxable year attributable to trades or businesses of a taxpayer over the aggregate gross income or gain for the taxable year, plus $250,000 ($500,000 for a ...