IRS

March 16, 2021 

“Even the IRS – faced with a significant mail processing backlog, a delayed start of the 2021 tax season, inundated phone lines, and a new round of COVID-19 relief payments – is overwhelmed. Denying a postponement of this filing and payment deadline ...

March 10, 2021 

In this version, the maximum payment is $1,400 per qualified individual or $2,800 for a couple. Previous payment amounts were for $1,200 and $600 per qualified individual respectively. In addition, payments are now available for all dependents, ...

March 10, 2021 

President Biden has signed into law the new economic relief package passed by the House of Representatives and Senate on Wednesday. The American Rescue Plan (ARP) Act provides a wide array of tax-related benefits for individuals. Following is a brief ...

March 16, 2021 

Corvee, a software and solutions company serving tax and accounting firms, is offering a webinar to help tax and accounting professionals navigate the latest COVID-19 Stimulus Relief Bill (American Rescue Plan). The webinar aims to provide insight and ...

March 5, 2021 

The closing letter is issued to an executor of a decedent’s estate for which a Form 706, U.S. Estate (and Generation-Skipping Transfer) Tax Return, or Form 706-NA, United States Estate (and Generation-Skipping Transfer) Tax Return ...

March 2, 2021 

For 2020, the employee retention credit can be claimed by employers who paid qualified wages after March 12, 2020, and before January 1, 2021, and who experienced a full or partial suspension of their operations or a significant decline in gross receipts.

March 2, 2021 

The Internal Revenue Service says that interest rates will remain the same for the calendar quarter beginning April 1, 2021. The rates will be: 3% for overpayments [2%t in the case of a corporation]; 0.5%for the portion of a corporate overpayment exceeding $10,000; 3% for underpayments; and 5% for large corporate underpayments. Under the Internal...…

March 2, 2021 

To help businesses prepare and file reports, the IRS created a video on How to Complete Form 8300 – Part I, Part II. The short video points out sections of Form 8300 for which the IRS commonly finds mistakes and explains how to accurately complete ...

February 26, 2021 

Good news for small business owners! The Consolidated Appropriations Act, signed into law on December 27, 2020, has expanded and clarified CARES Act benefits for employers.

February 25, 2021 

Amid recent requests by the AICPA and National Association of Tax Professionals that the IRS extend the 2021 income tax filing season, millions of Americans are still challenged by a backlog at the IRS of income tax returns from last year.

February 24, 2021 

NATP recently surveyed tax pros to find out what their preference for the 2021 Tax Day would be. More than 70% of respondents indicated their support of a filing date later than the current April 15.

February 24, 2021 

Though the IRS has emphasized that taxpayers and tax professionals should assume that the deadline will remain, it has also been reported that the IRS will not commit to keeping an April 15 filing deadline if Congress approves another round of economic...