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The Internal Revenue Service today reminded people who live and work abroad that they have until Wednesday, July 15, 2020, to file their 2019 federal income tax return and pay any tax due. The usual deadline is June 15.
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Under the Families First Coronavirus Response Act, employers can grant paid leave for an employee to take care of their health needs related to COVID -19 or to care for their family members. This relief helps ensure employees are not forced to choose between being paid or staying home to care for themselves, a child or other family member.
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Many people have already received their Economic Impact Payment, and many more will be getting them soon. Whether it's already there or on the way, the payment brings questions from many people. Anyone who has questions can visit IRS.gov for updated FAQs about the Economic Impact Payment.
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The profession’s CPA Evolution initiative aims to transform the CPA licensure model to recognize the rapidly changing skills and competencies the practice of public accounting requires today and will require in the future. It is a joint effort between the AICPA and NASBA.
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Announcement 2020-7 states that 1) the IRS plans to issue opinion letters with regard to the third six-year remedial amendment cycle for pre-approved defined contribution plans by June 30, 2020 or soon thereafter.
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The IRS has updated the Foreign Account Tax Compliance Act (FATCA) Registration System to include the following updates for sponsoring entities.
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The Treasury Department and the Internal Revenue Service today issued proposed regulations (PDF) to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits.
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Notice 2020-35 postpones deadlines for certain specified time-sensitive actions with respect to certain employment taxes, employee benefit plans, exempt organizations, and Coverdell education savings accounts on account of the ongoing COVID-19 pandemic.
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The Internal Revenue Service announced today that later this summer taxpayers will for the first time be able to file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products.
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The U.S. House approved legislation Thursday making it easier for small businesses and other recipients of Paycheck Protection Program (PPP) funding to qualify for forgiveness of the loans.
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The U.S. Department of the Treasury and the Internal Revenue Service today issued a proposed regulation updating the federal income tax withholding rules for periodic retirement and annuity payments made after December 31, 2020.
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As Economic Impact Payments continue to be successfully delivered, the Internal Revenue Service today reminds taxpayers that some payments are being sent by prepaid debit card. The debit cards arrive in a plain envelope from "Money Network Cardholder Services."
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Notice 2020-41 clarifies and modifies the guidance provided in prior IRS notices regarding the beginning of construction for sections 45 and 48. Specifically, the notice extends the Continuity Safe Harbor for both the production tax credit for renewable energy facilities under section 45 and the investment tax credit for energy property under § 48 for projects that began construction in either calendar years 2016 or 2017.