Multi-Factor Authentication: Overview for Tax Professionals

The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

According to an SBA news release issued January 8, 2021, the PPP will re-open the week of January 11. Only community financial institutions will be able to make new PPP loans on January 11 and second draw PPP loans on January 13. Shortly thereafter, all participating lenders will be able to make loans.

The application window for Paycheck Protection Program (PPP) forgivable loans will open Friday for lenders with $1 billion or less in assets, the US Small Business Administration and Treasury announced.

The Alabama Department of Revenue issued helpful updated guidance early yesterday, following its December 18, 2020 guidance implementing Governor Ivey’s landmark Supplemental Emergency Proclamation.

The Alabama Department of Revenue (ALDOR) is offering tax relief to Alabama taxpayers who reside or have a business in Clarke, Dallas, Marengo, Mobile, Perry, Washington, and Wilcox counties and have been affected by damage caused by Hurricane Zeta. The tax relief measures mirror IRS measures in the same declared disaster areas.

On December 11, 2020, Governor Kay Ivey issued her 21st Supplemental Emergency Proclamation. The following guidance for Alabama individual income taxpayers, employers, corporate income taxpayers and financial institution excise taxpayers, and Coronavirus Relief Fund (CRF) Grant Awards is being issued by the Commissioner of Alabama Department of Revenue to effectuate the implementation of the tax relief measures included in the Proclamation. 

Erik Asgeirsson and Lisa Simpson have recorded a special edition AICPA Town Hall. They cover a breakdown of the bill, eligibility and tax deductibility, and steps firms can take to prepare.

After the enactment of the CARES Act in March, the ASCPA State Tax Committee closely monitored the status of the ongoing efforts to alert the state’s legislative delegation to the critical need for a special legislative session during which several pandemic-related bills could be considered.

The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses.

In accordance with Governor Kay Ivey’s 21st Supplemental State of Emergency Proclamation, the Alabama Department of Revenue (ALDOR) has issued guidance for taxpayers and employers regarding the tax relief measures included in the Governor’s proclamation. This guidance can be accessed on ALDOR’s website at https://revenue.alabama.gov/wp-content/uploads/2020/12/201218_ProclamationGuidance.pdf.

Thursday, December 17th, the AICPA discussed another round of COVID-19 relief for taxpayers--PPP2. Learn more about what to expect in the second wave of relief.

The summary brings forth questions and concerns raised by the ASCPA Tax Committee to the Alabama Department of Revenue. We await responses from the ADOR to the highlighted questions and will send members that update as soon as it is received.

A bipartisan group of lawmakers yesterday offered details of $908 billion Covid-19 relief plan, split into two parts, a signal of the deep divides that remain over some issues.

Following tax law changes, cash donations of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when people file their taxes in 2021.

Governor Kay Ivey on Friday signed a supplemental emergency proclamation to address tax and economic development issues that were delayed in the Alabama Legislature’s 2020 Regular Session due to the COVID-19 pandemic.

In accordance with Governor Kay Ivey’s 21st Supplemental State of Emergency Proclamation, the Alabama Department of Revenue is updating instructions and guidance for its 2020 returns for income tax and Financial Institution Excise Tax to implement the tax relief measures included in the proclamation related to federal CARES Act stimulus payments and PPP loan forgiveness.

In a bold move, Governor Kay Ivey late this morning issued a ground-breaking Proclamation that would exempt from Alabama income and financial institution excise tax certain CARES Act benefits and would extend the sunset (expiration) date of two of our major industrial tax incentives.

Safety and social distancing, along with virtual options, will be the emphasis now and for the upcoming tax season as the Internal Revenue Service seeks volunteers to provide free tax return preparation through its Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs.

The IRS and its Security Summit partners recently announced that multi-factor authentication will be available on all 2021 online tax preparation products. This security feature is designed to protect both taxpayers and tax professionals.

The Internal Revenue Service today issued Notice 2020-86 PDF addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans.

The Internal Revenue Service has started sending letters to taxpayers that may need to take additional actions related to Qualified Opportunity Funds (QOF).

The Treasury Department and Internal Revenue Service issued final regulations on the deduction for qualified transportation fringe and commuting expenses following changes made by the Tax Cuts and Jobs Act (TCJA).

In January, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity.

The Internal Revenue Service today encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021.

For many organizations, the coronavirus pandemic has led to significant changes in day-to-day operations, working environments, and internal controls.

In 2019, following the passage of the law known as the Tax Cuts and Jobs Act, P.L. 115-97, the IRS rolled out major changes to Form W-4, Employee’s Withholding Certificate. And while the updated Form W-4 is designed to help taxpayers more accurately estimate their withholding, so far, few Americans have used it.

The IRS and it's Security Summit partners are warning people to be aware of a new text message scam. The thief's goal is to trick people into revealing bank account information under the guise of receiving the $1,200 Economic Impact Payment.

Recently, the IRS and its Security Summit partners hosted the 2020 National Tax Security Awareness Week. The goal of this week is to encourage taxpayers, businesses and tax pros to take steps to protect their tax data and identities.

In a Dec. 3 letter addressed to the U.S. Senate majority and minority leaders and the leaders of the House of Representatives, several hundred national trade associations, including the AICPA, and many state and regional affiliates appealed to Congress to pass legislation this year reversing the IRS’s treatment of expenses paid by funds borrowed under the Paycheck Protection Program (PPP) that are ultimately forgiven.

The IRS, state tax agencies and the tax industry marked the final day of National Tax Security Awareness Week with a warning to all tax professionals that they face additional challenges from cybercriminals seeking to exploit COVID-19 fears.

The Paycheck Protection Program (PPP), created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, authorized loans to certain businesses affected by the COVID-19 pandemic.

Starting in January, the IRS will allow all individuals to receive an identity protection personal identification number (IP PIN).

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning January 1, 2021.

The Internal Revenue Service today reminded employers that they must file Form W-2 and other wage statements by February 1, 2021, to avoid penalties and help the IRS prevent fraud.

The Internal Revenue Service, state tax agencies and the tax industry urged businesses to be on guard as thieves try to use their stolen names and data to file fraudulent tax returns.

The Internal Revenue Service today reminded employers that they must file Form W-2 and other wage statements by February 1, 2021, to avoid penalties and help the IRS prevent fraud.

As taxpayers get ready to file their 2021 taxes, they may be thinking about hiring a tax preparer. People should choose a tax preparer wisely. This is important because taxpayers are responsible for all the information on their return, no matter who prepares it for them.

As part of the Security Summit effort, the Internal Revenue Service announced today that starting in January the Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identities.

Business tax transcripts will soon look a little different. Beginning December 13, the IRS will conceal some information on business tax transcripts to better protect people from possible identity theft.

The Internal Revenue Service, state tax agencies and the tax industry today marked the second day of National Tax Security Awareness Week by announcing an improved feature that will be available on all 2021 online tax preparation products.

These days most people are spending more time at home and a lot more time online. Whether people are online for work, school, a virtual gathering or shopping, online security is more important than ever.

The Internal Revenue Service and the Security Summit partners today issued warnings to all taxpayers and tax professionals to beware of scams and identity theft schemes by criminals taking advantage of the combination of holiday shopping, the approaching tax season and coronavirus concerns.

The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year.

The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help file federal tax returns timely and accurately in 2021.

The Treasury Department and Internal Revenue Service issued final regulations relating to section 1031 like-kind exchanges.

The Internal Revenue Service's Office of the Chief Procurement Officer today announced a research partnership with Data and Analytic Solutions, a small business located in Fairfax, Virginia.

The Internal Revenue Service today reminded people who don't normally file tax returns that they have until November 21 at 3 p.m. Eastern time to register for an Economic Impact Payment.

The Internal Revenue Service, state tax agencies and the nation's tax industry today announced that the 5th Annual National Tax Security Awareness Week will take place between November 30 and December 4.

The Internal Revenue Service today released the Criminal Investigation Division's annual report PDF, highlighting the agency's successes and criminal enforcement actions taken in fiscal year 2020, the majority of which occurred during COVID-19. A key achievement was the identification of over $10 billion in tax fraud and other financial crimes.

The Internal Revenue Service Advisory Council (IRSAC) today issued its annual report for 2020, including recommendations to the IRS on new and continuing issues in tax administration.

Employers who are filing Form 941, Employer's Quarterly Federal Tax Return and claiming an employer tax credit should read the instructions carefully and take their time when completing the form to avoid mistakes.

The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help them file their federal tax returns timely and accurately in 2021, including special steps related to Economic Impact Payments (EIP).

The Internal Revenue Service today reminded anyone who doesn't normally file a tax return that they have until 3 p.m. EST this Saturday, November 21, to register with the IRS for an Economic Impact Payment (EIP).

The IRS is here to serve and support all of America's taxpayers including, those who use assistive technology. The agency's Alternative Media Center (AMC) provides resources and accessibility services to taxpayers with disabilities.

Employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators.

Moving to protect business taxpayers from identity theft, the Internal Revenue Service today announced that starting December 13 it will begin masking sensitive data on business tax transcripts.

Any eligible self-supporting college student who doesn't need to file a tax return should register using the Non-Filers tool by 3:00 p.m. ET November 21 to receive an Economic Impact Payment before the end of this year.

Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that's personally meaningful to them, their charitable donations may be tax deductible.

The IRS grouped all of the rights taxpayers have under the law into the Taxpayper Bill of Rights. Included in the list is the right to retain representation.

The Internal Revenue Service (IRS) today issued Notice 2020-75 PDF, which announces rules to be included in forthcoming proposed regulations.

The Internal Revenue Service today urged anyone who doesn’t normally file a tax return and has not yet received an Economic Impact Payment (EIP) to take advantage of “National EIP Registration Day,” on Tuesday, November 10.

Gift cards are a popular and convenient gift for all occasions. They're also a tool that scammers use to steal money from people.

ADOR issued helpful guidance to help taxpayers renew their licenses, including step-by-step instructions and FAQs, as well as telephone contact information if taxpayers have questions or difficulty accessing the ADOR’s website, My Alabama Taxes (MAT).

he Internal Revenue Service (IRS) today urged any eligible self-supporting college student who doesn't need to file a tax return to register by November 21 so they can receive an Economic Impact Payment before the end of the year.

There are cost‑of‑living adjustments that may affect a taxpayer's pension plan and other retirement-related savings next year. People should familiarize themselves with these adjustments, so they aren't caught off guard.

The Department of the Treasury and the Internal Revenue Service today issued guidance for employers and employees with terminating 403(b) plans that fund benefits through 403(b)(7) custodial accounts. The guidance reflects changes provided in the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act).

This week is National Veterans Small Business Week. The IRS has a variety of resources to help small business owners, including veterans, understand their tax responsibilities. Best of all, most of these resources are available online at IRS.gov.

The Internal Revenue Service, state tax agencies and the tax industry today warned of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment.

As part of an ongoing effort to provide more useful information and better assistance to many communities, the IRS is making two key publications for tax professionals available in Spanish.

The Internal Revenue Service today announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS.

Federal beneficiaries who got their Economic Impact Payment but didn't register to receive a $500 supplemental payment per qualifying child can still register for this additional payment using the Non-Filers: Enter Info Here tool before 3 p.m. Eastern November 21, 2020.

The Alabama Department of Revenue issued a Temporary Suspension of Alabama Terminal Excise Tax Requirements due to the state of emergency from Hurricane Zeta.

The Alabama Department of Revenue (ALDOR) is offering taxpayers a quick and easy way to renew sales tax and other licenses which, starting this year, must be renewed annually.

The Internal Revenue Service reminds U.S. citizens, entities and resident aliens with a foreign bank or financial account that they have until October 31, 2020, to file their 2019 Report of Foreign Bank and Financial Accounts (FBAR).

As part of an ongoing initiative to provide information and assistance to underserved communities more effectively, the Internal Revenue Service announced today that it is making two key publications designed for tax professionals available in Spanish.

The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 PDF provides details about these annual adjustments.

The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79 PDF, posted today on IRS.gov.

The next quarterly payroll tax return due date is October 31, and the Internal Revenue Service urges business owners to use the speed and convenience of filing the returns electronically. Deposits made by Monday, November 2, however, would still be considered timely as October 31 is a Saturday.

The Internal Revenue Service today set November 10 as "National EIP Registration Day," as the agency and partners across the country launch a final push to encourage everyone who doesn't normally file a tax return to register to receive an Economic Impact Payment.

The Internal Revenue Service announced today a second time-limited settlement initiative for certain taxpayers under audit who participated in abusive micro-captive insurance transactions.

The IRS released today an early draft of the instructions to Form 1065, U.S. Return of Partnership Income PDF, for tax year 2020 (filing season 2021) that include revised instructions for partnerships required to report capital accounts to partners on Schedule K-1 (Form 1065).

One of the relief provisions included in the CARES Act was the temporary suspension of the normal 60% of adjusted gross income limitation for cash contributions made to qualified charities during 2020.

No matter how devastating a disaster is, before the IRS can authorize any tax relief, FEMA must issue a major disaster declaration and identify areas qualifying for their Individual Assistance program. Here's a list of tax-related things that usually happen after a major disaster strikes.

The Internal Revenue Service recently awarded over $36 million in Tax Counseling for the Elderly and Volunteer Income Tax Assistance grants PDF to organizations that provide free federal tax return preparation.

Help is available for taxpayers who need tax information for prior years, but who didn't keep copies of their returns. There are options for helping taxpayers get the information they need.

The Internal Revenue Service reminds the nation's more than 780,000 active tax return preparers to start the upcoming 2021 filing season smoothly by renewing their Preparer Tax Identification Numbers (PTINs) now. All current PTINs will expire December 31, 2020.

After a misworded posting caused confusion about the 2020 deadline to file FBARs (i.e., FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)), Treasury’s Financial Crimes Enforcement Network (FinCEN) has extended the deadline to Oct. 31.

The Internal Revenue Service is combating fraud by once again joining organizations around the world to highlight the third annual International Charity Fraud Awareness Week, October 19-23.

No one can fully prepare for a disaster, but knowing what resources are available beforehand can make the recovery a little easier.

Victims of the California wildfires that began on September 4 now have until January 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Victims of Hurricane Delta that began on October 6 now have until February 16, 2021 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Today is the filing extension deadline. Most taxpayers who requested an extension of time to file their 2019 tax return must file today.

This past year has further emphasized the importance of thinking strategically about your online presence, and it’s clear this will become even more critical in the future as digital inevitably becomes the dominant business channel.

Beginning November 1, 2020, taxpayers will be required to renew the State of Alabama Tax License annually.

Taxpayers who receive certain types of income may have backup withholding deducted from these payments. Backup withholding can apply to most payments reported on certain Forms 1099 and W-2G.

The deadline to register for an Economic Impact Payment using the Non-Filers tool is extended to November 21, 2020.

The Internal Revenue Service today announced 18 new seminars from the 2020 Nationwide Tax Forums are now available on IRS Nationwide Tax Forums Online. The cost is $29 per seminar.

For the first time, Alabama taxpayers holding either an ADOR-issued sales tax, rental tax, sellers use tax, lodgings tax, utility gross receipts tax, or Simplified Sellers Use Tax (SSUT) license must renew that license between November 1 and December 31 of this year- and every year thereafter.

An adjustment or two made now may boost take home pay or allow taxpayers to pay more in the last quarter of 2020 to avoid a surprise tax bill.

Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released Thursday by Treasury and the U.S. Small Business Administration (SBA).

The US Small Business Administration released guidance Wednesday clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest, and fees on all Paycheck Protection Program (PPP) loans, even if the executed promissory note indicates only a six-month deferral.

Starting this month, the CP14 and CP14 IA notices that inform taxpayers that they owe money on unpaid taxes and their payment options are now equipped with QR bar codes to help those taxpayers securely and easily navigate to the IRS.gov website.

Most knowledge workers in 2020 are familiar with mixed reality tools like Zoom, Teams, and Slack that enable them to meet in virtual locations. But these experiences are just the tip of the iceberg of mixed reality offerings.

After discussions with the IRS regarding the upcoming 10/15 tax filing due date, we understand that the IRS is willing to work with taxpayers who need relief.

Taxpayers interacting with the IRS have the right to finality. This is especially for taxpayers who are being audited. This is one of ten basic rights —collectively known as the Taxpayer Bill of Rights.

Taxpayers should file their tax returns on or before the October 15 deadline. For those who still owe, pay as soon as possible to reduce any penalties and interest.

In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

The Internal Revenue Service announced today that Free File, the IRS-private sector partnership that offers free tax preparation products, scored a record percentage increase in new users as taxpayers turned to free name-brand providers in 2020.

People experiencing homelessness may be eligible for a $1,200 Economic Impact Payment and $500 for each qualifying child under age 17. To get this payment, they must register with the IRS by Saturday, November 21, 2020.

The Internal Revenue Service announced today that the deadline to register for an Economic Impact Payment (EIP) is now November 21, 2020. This new date will provide an additional five weeks beyond the original deadline.

Closing a business is always a difficult decision regardless of the circumstances. With this in mind, the IRS redesigned the closing a business page of IRS.gov to help business owners navigate the federal tax steps when closing a business.

Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in certain areas will receive tax relief.

Taxpayers need to know their correct filing status and be familiar with each option.

Today the Internal Revenue Service Chief Counsel released Chief Counsel Notice 2021-001 PDF ("CC Notice"), which contains information regarding Chief Counsel's settlement initiative for certain pending Tax Court cases involving abusive syndicated conservation easement transactions described in IRS Notice 2017-10 PDF ("SCE transactions"). Prior coverage of the settlement initiative can be found in IRS news release IR-2020-196.

The regulations issued today finalize two previously issued proposed regulations. The first proposed regulation(link is external) was published in 2015 after the enactment of the ABLE Act. The second proposed regulation(link is external) was published in 2019 in response to the Tax Cuts and Jobs Act, which made significant changes to ABLE accounts.

The IRS encourages any taxpayer who has continued to engage in an abusive micro-captive insurance transaction to not anticipate being able to settle its transaction with the IRS or Chief Counsel on terms more favorable than previously announced settlement offers and that any potential future settlement initiative that the IRS may consider will require additional concessions by the taxpayer.

The Internal Revenue Service issued final regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA).

The Internal Revenue Service today launched a redesigned page on IRS.gov to help business owners navigate the federal tax steps when closing a business.

Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don't know how IRAs help them save for retirement.

Eligible individuals can visit IRS.gov and use the Get My Payment tool to find out the status of their Economic Impact Payment. This tool will show if a payment has been issued and whether the payment was direct deposited or sent by mail.

Reconstructing records after a disaster is important for several reasons including insurance reimbursement and taxes. Most importantly, records can help people prove their disaster-related losses. More accurately estimated losses can help people get more recovery assistance like loans or grants.

Federal benefit recipients who don't normally have a filing requirement but do have qualifying children must register by Wednesday, Sept. 30 to receive a $500 catch-up payment per child. Other non-filers have until Thursday, October 15 to register for their Economic Impact Payment.

During Small Business Week, the Internal Revenue Service reminds business owners and self-employed individuals of the employer credits available to them during COVID-19.

Victims of Hurricane Sally that began on September 14 now have until January 15, 2021 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

In the six months since the Paycheck Protection Program (PPP) was created, the only certainty about the program has been uncertainty.

Federal benefit recipients who don't normally have a filing requirement but do have qualifying children must register by Wednesday, Sept. 30 to receive a $500 catch-up payment per child. Other non-filers have until Thursday, October 15 to register for their Economic Impact Payment.

The IRS just released a statement and guidance for taxpayers and tax preparers who were affected by the CCH outage on September 15th.

It's the IRS's goal to help all taxpayers, no matter where they live, their background or what language they speak. As part of this effort, the IRS is expanding information and assistance available to taxpayers in additional languages.

During Small Business Week, September 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return.

Understanding the tax responsibilities that come with starting a business venture can save taxpayers money and help set them up for success. IRS.gov has the resources and answers to help people through the process of starting a new business.

The Alabama Department of Revenue (ALDOR) is offering tax relief to Alabama taxpayers who reside or have a business in Baldwin, Escambia, and Mobile counties and have been affected by damage caused by Hurricane Sally. The tax relief measures mirror IRS measures in the same declared disaster areas.

In support of National Small Business Week – September 22 to 24 – the Internal Revenue Service is emphasizing the many IRS online resources available to help small business owners and self-employed individuals handle the tax aspects of their business.

Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service.

Businesses that receive cash payments of more than $10,000 must report these payments to the IRS – it's the law. Now businesses can batch file their cash reports; this is especially helpful for those required to file many forms.

The Treasury Department and the Internal Revenue Service released the last set of final regulations PDF implementing the 100% additional first year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business.

The Internal Revenue Service issued final regulations PDF that provide guidance for decedents' estates and non-grantor trusts clarifying that certain deductions of such estates and non-grantor trusts are not miscellaneous itemized deductions.

The October 15 filing deadline for taxpayers who requested an extension to file their 2019 tax return is quickly approaching. Taxpayers should remember they can file whenever they're ready and don't have to wait until Thursday, Oct 15.

Victims of Hurricane Sally that took place on Sept. 14 now have until Jan. 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Tax practitioners who use two CCH return preparation products reported problems with corrupted files and an inability to e-file returns on Sept. 15, resulting in tax returns that were not filed on time.

The IRS will sent a special mailing to people who typically aren't required to file federal income tax returns but may qualify for an Economic Impact Payment. The letter urges recipients to visit the special Non-Filers: Enter Payment Info Here tool on IRS.gov before the October 15 deadline to register for an Economic Impact Payment.

Organizations that meet specified requirements under Section 501(c) of the Internal Revenue Code may qualify for tax-exempt status and are required to apply for recognition as tax-exempt. Here are some key things that charities should know about the application process.

In accordance with the state of emergency declared by Gov. Kay Ivey, the Alabama Department of Revenue (ALDOR) will consider, on a case-by-case basis, relief from late filing penalties for Alabama taxpayers who in the coming days and weeks are unable to timely file tax returns as a result of damage or disruptions caused by Hurricane Sally.

The Internal Revenue Service continues to look for ways to assist taxpayers affected by the COVID-19 pandemic. As part of that effort, the IRS reminds taxpayers and tax practitioners of the procedures for requesting expedited handling of requests for letter rulings under Rev. Proc. 2020-1, 2020-1 I.R.B. 1 (January 2, 2020).

Taxpayers can get quick access to popular IRS tools by using IRS2Go on their mobile device. The mobile app is available and free to download on any iOS or Android device.

The Internal Revenue Service today reminds taxpayers who filed an extension that the October 15 due date to file 2019 tax returns is approaching. Taxpayers should complete their tax returns and file on or before the October 15 deadline.

When something happens to a taxpayer's account, that taxpayer has the right to be informed about the activity. In fact, this right is one of ten outlined in the Taxpayer Bill of Rights.

With Sept. 15 tax filing deadlines looming, some tax practitioners have expressed concerns that they will not be able to meet those deadlines for a variety of reasons related to the global pandemic.

Marriage changes a lot of things and taxes are on that list. Newlyweds should know how saying “I do” can affect their tax situation.

The final regulations (PDF) for the business interest expense deduction limitation published in the Federal Register today. The final regulations vary slightly from the document released on IRS.gov on July 28, 2020.

Due to the Coronavirus pandemic, millions of Americans received or are currently receiving unemployment compensation, many of them for the first time. It's important for these individuals to know that unemployment compensation is taxable.

The Internal Revenue Service has selected 10 new members for the Electronic Tax Administration Advisory Committee (ETAAC).

On August 28, the IRS announced that it would temporarily allow the use of digital signatures on certain forms that cannot be filed electronically. Today, the agency added several more forms (PDF) to that list.

Taxpayers are encouraged to e-file forms this year, whenever possible, because of COVID-19. To protect the health of taxpayers and tax professionals, the IRS is temporarily allowing the use of digital signatures on some tax forms that can't be filed electronically.

The Internal Revenue Service today urged individuals who owe taxes but have not yet filed for 2019 to act now to avoid larger penalties that, by law, start after September 14.

As part of a larger effort to reach underserved communities, the Internal Revenue Service is taking a number of aggressive steps to expand information and assistance available to taxpayers in additional languages, including providing the Form 1040 in Spanish for the first time.

The Internal Revenue Service today reminded the self-employed, investors, retirees and others with income not subject to withholding that third quarter estimated tax payments for 2020 are due September 15.

Some taxpayers earn income not subject to withholding. For small business owners and self-employed people this can mean making quarterly estimated tax payments.

Revenue Procedure 2020-41 provides the domestic asset/liability percentages and domestic investment yields needed by foreign life insurance companies and foreign property and liability insurance companies to compute their minimum effectively connected net investment income under section 842(b) of the Internal Revenue Code for taxable years beginning after December 31, 2018.

Later this month, the Internal Revenue Service will start mailing letters to roughly nine million Americans who typically don't file federal income tax returns who may be eligible for, but have not registered to claim, an Economic Impact Payment.

Finance departments can expect to incur expenses for these anti-fraud tools.

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning October 1, 2020.

The IRS will correct common errors during processing. However, there are certain situations in which a taxpayer may need to file an amended return to make a correction.

The IRS has reopened the registration period for individuals who receive Social Security, Supplemental Security Income, Railroad Retirement or veteran's benefits, but didn't receive $500 per child earlier this year when they received their own Economic Impact Payment.

The IRS announces the launch of the Bi-Partisan Budget Act (BBA) Centralized Partnership Audit Regime webpage.

The Internal Revenue Service issued final regulations (PDF) today providing additional guidance on the base erosion and anti-abuse tax (BEAT).

The American Institute of CPAs and its business and technology arm, CPA.com, have begun an early-phase rollout of .cpa, a restricted Internet domain that allows CPAs to connect with clients and the general public with greater trust, security and verification.

Companies have an opportunity to make a clean break this year, with the pandemic requiring a more agile approach. We have seen three things that work.

In mid-August interest payments were sent to nearly 14 million individual taxpayers. People who got these payments filed their 2019 federal income tax returns by the July 15 deadline and were owed refunds.

The ASCPA has joined more than 120 employers and organizations across the nation in signing a letter to Congressional leaders urging them to support state tax filing and withholding relief for remote workers during the pandemic by enacting Section 403 of S.4318, the American Workers, Families and Employers Assistance Act, and a related measure, S.3995, the Remote and Mobile Worker Relief Act.

Victims of Hurricane Laura that began August 22 now have until December 31, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

To protect the health of taxpayers and tax professionals, the Internal Revenue Service today announced it will temporarily allow the use of digital signatures on certain forms that cannot be filed electronically.

The Department of Treasury and Internal Revenue Service issued guidance (PDF) implementing the Presidential Memorandum issued on August 8, 2020, allowing employers to defer withholding and payment of the employee's portion of the Social Security tax if the employee's wages are below a certain amount.

As part of a continuing effort to combat abusive transactions, the Internal Revenue Service announced today the completion of the first settlement under its initiative to resolve certain docketed cases involving syndicated conservation easement transactions.

The Internal Revenue Service announced today the opening of the application period for the 2021 Compliance Assurance Process program. The application period runs Sept. 1 to Nov. 13, 2020. The IRS will inform applicants if they're accepted into the program in February 2021.

Individual taxpayer identification numbers are used by taxpayers who have tax filing or payment obligations under U.S. law but who are not eligible for a Social Security number. People with expiring individual taxpayer identification numbers should renew their number ASAP. This will help avoid unnecessary delays related to their tax refund next year.

Vernon Barnett, Commissioner of the Alabama Department of Revenue, pursuant to the power granted to me under §40-2-11, Code of Alabama 1975, and Act 2019-164, Ala. Acts 2019, hereby declares that because there is a state of emergency resulting from Hurricane Laura, it is necessary to assist and expedite all efforts of relief.

All taxpayers should review their withholding annually. They can use the IRS Tax Withholding Estimator to check and make sure they're not having too little or too much federal tax withheld. This tool offers workers, retirees and self-employed individuals a step-by-step method to help figure out if they should adjust their withholding.

Whether it's something they've been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year's tax return.

The U.S. Small Business Administration (SBA) and Treasury issued an interim final rule Monday addressing Paycheck Protection Program (PPP) forgiveness issues related to owner-employee compensation and the eligibility of nonpayroll costs.

The Internal Revenue Service will soon send catch-up Economic Impact Payment checks to about 50,000 individuals whose portion of the EIP was diverted to pay their spouse's past-due child support.

The deadline to file and pay heavy highway vehicle use tax is Monday, August 31. All taxpayers who file Form 2290 are encouraged to do so electronically. Those with 25 or more taxed vehicles must e-file. All the information needed to file is on the Trucking Tax Center.

The Internal Revenue Service reminds people to create or maintain an emergency preparedness plan. A well-thought-out plan is a critical component for surviving natural disasters. Taxpayers, whether individuals, organizations or businesses, should take time now to create or update their emergency plans.

The Internal Revenue Service today issued a memorandum (PDF) that provides interim guidance to the agency's compliance staff on requests to designate issues for litigation.

The Internal Revenue Service today reminds IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until August 31 to rollover or repay the distribution to avoid paying taxes.

Many Alabama families and businesses that received federal coronavirus relief funds will be taxed by the state if legislative action isn’t taken

The IRS has suspended the mailing of three notices – the CP501, the CP503 and the CP504 – that go to taxpayers who have a balance due on their taxes.

October 15 is almost here. That's the last day to file for most people who requested an extension for their 2019 tax return. These taxpayers can file any time before Thursday, October 15 if they have all their required tax documents. They can also pay part or all of their taxes anytime on IRS.gov.

In this episode of Journal of Accountancy Podcast, Ed Karl, the AICPA’s vice president–Tax Policy & Advocacy, addresses questions the AICPA Tax Executive Committee has raised in official comments to Treasury and the IRS concerning President Donald Trump’s Aug. 8 memorandum ordering Treasury to defer the withholding, deposit, and payment of payroll taxes imposed by Sec. 3101(a) — better known as the employee portion of Social Security tax, currently 6.2% of covered wages and compensation — and a comparable rate of tax under Sec. 3201 — that’s the Railroad Retirement tax — for Sept. 1, 2020, through the end of the year.

The latest tax information and tips are just a click away. IRS.gov provides taxpayer assistance 24/7 and is regularly updated to reflect the most current tax information for most tax-related questions.

Using a reputable firm or group can protect employers from fraud; options include PSPs, RAs and CPEOs.

This week the Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are receiving refunds.

President Trump’s recent executive action will allow employees to defer certain payroll tax obligations. The AICPA wrote to the Treasury and the IRS for guidance on several key questions

Information a taxpayer gives the IRS won't be shared with outside parties, unless allowed by the taxpayer or by law. This is the right to confidentiality; one of ten rights known collectively as the Taxpayer Bill of Rights.

With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal income tax return next year.

The Internal Revenue Service and Security Summit partners today reminded tax professionals that federal law requires them to have a written information security plan.

Whether it's online, in-person, part-time or full-time, higher education can be expensive. The good news is there are tax credits that can help offset these costs. These credits reduce the amount of tax someone owes. If the credit reduces tax to less than zero, the taxpayer could even receive a refund.

Form 14039-B, an identity theft affidavit for businesses and other entities, will make it easier for businesses, estates, trusts and tax-exempt organizations to report identity theft to the IRS.

Notice 2020-64 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code.

Rev. Rul. 2020-16 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate.

Major IRS milestone helps taxpayers correct tax returns with fewer errors, speeds processing.

The Internal Revenue Service continues to look for ways to help people who were unable to provide their information in time to receive Economic Impact Payments for their children. As part of that effort, the Internal Revenue Service announced today it will reopen the registration period for federal beneficiaries who didn't receive $500 per child payments earlier this year.

Revenue Procedure 2020-39 addresses normalization issues that have arisen or are anticipated in ratemaking proceedings due to the corporate tax rate decrease that was included in the Tax Cuts and Jobs Act, Pub. L. 115-97 (131 Stat 2054), enacted on December 22, 2017.

The AICPA on Wednesday sent a letter to Treasury and the IRS requesting guidance on the recent presidential memorandum deferring some employee payroll taxes until next year.

A taxpayer may owe money when they complete and file their tax return. They have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax payments properly. This is one of ten rights known collectively as the Taxpayer Bill of Rights.

The Internal Revenue Service today reminded owners of most heavy highway vehicles of their responsibility to timely file Form 2290, Heavy Highway Vehicle Use Tax Return.

Notice 2020-60 provides procedures for the election of alternative minimum funding standards for defined benefit pension plans sponsored by community newspapers under § 430(m) of the Internal Revenue Code, which was added by § 115 of the SECURE Act.

Largest Ever Seizure of Terrorist Organizations’ Cryptocurrency Accounts

Using the IRS Tax Withholding Estimator can help taxpayers have the right amount of tax withheld and avoid surprises when filing next year.

Announcement 2020-14 provides that user fees relating to certain requests for letter rulings and determination letters submitted to Employee Plans Rulings and Agreements will increase in four categories, effective January 4, 2021.

Some questions on federal coronavirus measures were answered Tuesday in guidance issued by the U.S. Small Business Administration (SBA) and Treasury.

With assistance from a group of health care experts formed by the AICPA, an FAQ document has been developed to assist financial statement preparers and audit practitioners as they work through some of the challenges they are encountering amid the pandemic.

Before a natural disaster strikes, taxpayers are encouraged to prepare, if possible. This includes developing evacuation plans, putting together kits of essential supplies and putting financial safety measures in place.

The Internal Revenue Service and the Security Summit partners today warned tax professionals to be alert to new phishing scams that try to take advantage of COVID-19, Economic Impact Payments and increased teleworking by practitioners.

Now is a good time for people to begin thinking about next year's tax return. While it may seem early to be preparing for 2021, reviewing your recordkeeping now will pay off when it comes time to file again.

President Donald Trump on Saturday issued an executive order to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020.

The Joint Board for the Enrollment of Actuaries today provided enrolled actuaries with notice that it is waiving the physical presence requirement for continuing professional education (CPE) credit for any formal programs conducted from January 1, 2020, through December 31, 2022.

Notice 2020-62: Administrators of qualified retirement plans are required to provide a written explanation of tax consequences when making distributions that are eligible for rollover.

Notice 2020-61 provides guidance regarding the special rules relating to single-employer defined benefit pension plans under § 3608 of the CARES Act. 

Notice 2020-55 provides expanded disaster relief, in the form of a postponement until October 31, 2020, of certain Federal excise tax filing and payment deadlines, and associated interest, penalties, and additions to tax, for taxpayers who owe a federal excise tax for sales of sport fishing or archery equipment for the first quarter of 2020.

The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return.

This is the second of two tips exploring the IRS Dirty Dozen tax scam list. Tax scams tend to rise during tax season or during times of crisis. Scam artists are using the COVID-19 pandemic to try to steal money and information from taxpayers.

All tax scams put taxpayers at risk. This is the first of two tips taking a closer look at the IRS Dirty Dozen tax scam list. This year, taxpayers should be especially, watchful for aggressive schemes related to COVID-19 relief, including Economic Impact Payments.

As more tax professionals consider teleworking during COVID-19, the Internal Revenue Service and the Security Summit partners today urged practitioners to secure remote locations by using a virtual private network (VPN) to protect against cyber intruders.

Every year the IRS mails letters or notices to taxpayers for many different reasons. Here are some do's and don'ts for taxpayers who receive one.

On March 12, 2019, Governor Kay Ivey signed into law Act 2019-2, also known as the Rebuild Alabama Act (the “Act”). The Act was codified in Title 40, Chapter 17, Articles 12 and 12A. Pursuant to the provisions of the Act, the following fuel tax rate changes and filing requirements will take effect on October 1, 2020.

Because of the burdens the COVID-19 pandemic has placed on taxpayers claiming the rehabilitation credit, the Internal Revenue Service today issued Notice 2020-58 (PDF) that provides additional relief to taxpayers in satisfying the substantial rehabilitation test.

The Internal Revenue Service issued proposed regulations (PDF) updating various tax accounting regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA).

The Internal Revenue Service issued final regulations (PDF) regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act.

The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options.

Business owners can make taxes a little easier on themselves by filing payroll and employment taxes electronically.

With heightened threats during COVID-19, the Internal Revenue Service and Security Summit partners today called on tax professionals to select multi-factor authentication options whenever possible to prevent identity thieves from gaining access to client accounts.

Members of the military may qualify for special tax benefits. For instance, they don't have to pay taxes on some types of income. Special rules could lower the tax they owe or allow them more time to file and pay their federal taxes.

Notice 2020-59 contains a proposed revenue procedure with a safe harbor for a trade or business that manages or operates a qualified residential living facility to be treated as a real property trade or business solely for purposes of qualifying as an electing real property trade or business under section 163(j)(7)(B) of the Internal Revenue Code.

The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary.

Companies face a big question as they build their new remote cultures: Will technology replicate or redesign the traditional office?

School may look a little different this year, but eligible teachers and other educators can still deduct certain unreimbursed expenses on their tax return next year.

Determining the jurisdiction where an employee owes state and local taxes has become complicated as work arrangements have changed drastically during the pandemic. In addition to owing income taxes in an employee’s state of residency, without specific relief, the employee may also owe income taxes in any jurisdiction where they may have worked.

The Alabama Society of Certified Public Accountants (ASCPA) today announced that Jeannine Birmingham, President and CEO, along with 27 other state society CEOS, sent a letter to Congressional leadership urging them to pass legislation that would close a projected collective budget gap of $555 billion that states and local governments face in this fiscal year and the following two years.

While the deadline to file and pay federal income taxes has passed for most people, there are some taxpayers still facing tax-related issues.

The Internal Revenue Service announced today the creation of the new Enterprise Digitalization and Case Management office, which will spearhead IRS efforts to empower taxpayers and IRS employees to rapidly resolve issues in a simplified digital environment.

RP 2020-36 provides indexing adjustments required by statute for certain provisions under section 36B.

The Internal Revenue Service reminds businesses required to file reports of large cash transactions that e-filing is a fast, easy and secure option for filing their reports.

With cyber thieves active during COVID-19, the Internal Revenue Service and the Security Summit partners today urged tax professionals to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location.

Every year scammers add new twists to well-known tax-related scams and 2020 is no exception. Taxpayers should remember that the IRS generally first mails a bill to a taxpayer who owes taxes. There are special circumstances when the IRS will call or come to a home or business.

The Department of the Treasury and the Internal Revenue Service today issued a final regulation (PDF) addressing the treatment of income earned by certain foreign corporations that is subject to a high rate of foreign tax.

The deadline for taxpayers who requested an extension to file is going to be here before they know it. The deadline for these filers to submit their 2019 federal tax returns is Thursday, October 15, 2020.

While the federal income tax-filing deadline has passed for most people, some taxpayers haven't filed their 2019 tax returns yet. If a taxpayer is entitled to a refund, there's no penalty for filing late. Penalties and interest began to accrue on any remaining unpaid tax due as of July 16, 2020.

For those who missed the July 15 tax deadline and didn't request an extension, the Internal Revenue Service reminds taxpayers about some important tips, including filing electronically as soon as possible to reduce potential penalties.

The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year.

The Internal Revenue Service and the Security Summit partners today urged tax professionals this summer to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location.

The Internal Revenue Service today announced its annual "Dirty Dozen" list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments.

Taxpayers can use the Where's My Refund? tool to start checking on the status of refund 24 hours after the IRS acknowledges receipt of the taxpayer's e-filed tax return. Currently, the IRS is experiencing delays in processing paper tax returns due to limited staffing as a result of COVID-19.

Revenue Ruling 2020-15 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274. 

With the July 15 tax deadline now past, the Internal Revenue Service reminds all taxpayers that there is no secret way to find out when a refund will be issued.

Notice 2020-57 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code.

Notice 2020-56 extends the deadline for conducting a CHNA and adopting an implementation strategy to meet the community health needs identified through the CHNA to December 31, 2020.

Because of the burdens the COVID-19 pandemic has placed on hospitals, the Internal Revenue Service today provided additional relief to hospital organizations that must meet the Community Health Needs Assessments (CHNA) requirements.

Today, 2019 tax returns are due. Taxpayers should remember to file or request an extension of time to file and pay any taxes they owe by the July 15 deadline to avoid penalties and interest. Here are some tips for taxpayers who owe tax, but who can't immediately pay their tax bill.

The IRS reminds taxpayers that one of the best ways to check on their refund is the Where's My Refund? tool on the IRS website and the IRS2Go app. Updated once a day, usually overnight, this useful tool gives taxpayers a projected refund issuance date as soon as it is approved.

The Internal Revenue Service has started sending letters to taxpayers who have experienced a delay in the processing of their Form 7200, Advance Payment of Employer Credits Due To COVID-19 (PDF).

The Primary Election Runoffs for a U.S. Senate seat, Congressional District 1, Congressional District 2 and a seat on the Alabama Court of Criminal Appeals were held yesterday, July 14, 2020. Starting tomorrow, July 16, 2020, the Statewide Health Order will be updated to require people to wear a mask in public.

The Internal Revenue Service announced today the annual fee for 2021 that tax return preparers must pay to apply for or renew their Preparer Tax Identification Number (PTIN).

Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020.

The Internal Revenue Service today reminds taxpayers that they have until the postponed due date of July 15, 2020, to file an extension for their 2019 federal tax return.

The Treasury Department and the IRS today released a proposed redesigned partnership form for tax year 2021 (filing season 2022).

The Internal Revenue Service today reminded business taxpayers that their 2019 tax returns and tax payments, as well as their first two 2020 estimated tax payments, are due on Wednesday, July 15.

The IRS reminds taxpayers who received tax relief as part of the People First Initiative and didn't make previously owed tax payments between March 25, 2020 and July 15, 2020 they will need to restart those payments to avoid penalties.

This Q&A from AICPA and the ASCPA can help your firm’s decision-making. In March of this year, the U.S. Supreme Court announced that it will hear a case that challenges the constitutionality of the individual mandate under The Patient Protection and Affordable Care Act (ACA).

During this time of uncertainty, and following guidance from federal and state officials, the Alabama Department of Revenue (ALDOR) continues to encourage all taxpayers to conduct their business with ALDOR through their online services.

On July 9, the U.S. Tax Court struck down four more abusive syndicated conservation easement transactions. The Internal Revenue Service calls on any taxpayer involved in syndicated conservation easement transactions who receives a settlement offer from the agency to accept it soon.

With the July 15 tax-filing deadline − postponed from April 15 – only a few days away, the IRS is reminding taxpayers who have yet to file their tax returns that IRS.gov has tools and services to help them meet their tax obligations.

The Internal Revenue Service is reminding taxpayers that using the IRS Tax Withholding Estimator to do a Paycheck Checkup can help them have the right amount of tax withheld and avoid surprises when filing next year.

The Internal Revenue Service today reminded taxpayers with a filing requirement to file an accurate tax return on time even if a balance due can't be paid in full.

Leaders from five international tax organizations are marking the two-year anniversary of the formation of the Joint Chiefs of Global Tax Enforcement (J5) this week.

Taxpayers should file their tax return by the deadline even if they cannot pay the full amount due

As the July due date for filing a tax return draws closer, the Internal Revenue Service reminds taxpayers about the many resources available on IRS.gov.

The Internal Revenue Service today reminded people that contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return.

The Internal Revenue Service issued final regulations that provide guidance on deductions for foreign-derived intangible income (FDII) and global intangible low-taxed income allowed to domestic corporations under the Internal Revenue Code.

Taxpayers have a variety of options to consider when paying federal taxes. This year, in response to the COVID-19 pandemic, the filing deadline and tax payment due date was postponed from April 15 to July 15, 2020.

The IRS today reminds taxpayers who took advantage of the People First Initiative tax relief and did not make previously owed tax payments between March 25 to July 15 that they need to restart their payments.

As the tax-filing deadline fast approaches, the Internal Revenue Service reminds taxpayers with limited English proficiency and who have yet to file their 2019 tax returns that there are a variety of ways to get help and information in languages other than English.

Revenue Procedure 2020-37 provides: (1) tables of limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2020; and (2) a table of amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2020.

The Treasury Department and the Internal Revenue Service today provided guidance in Notice 2020-54 (PDF) to employers requiring them to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act (FFCRA) on Form W-2.

Notice 2020-54 provides guidance to employers on the requirement to report the amount of qualified sick leave wages and qualified family leave wages paid to employees under the Families First Coronavirus Response. 

The Internal Revenue Service today encouraged members of the military and their families to learn more about the special tax benefits available to them as the July 15 tax filing season deadline approaches.

Taxpayers who live and work abroad have until Wednesday, July 15, 2020 to file and pay their 2019 federal income taxes. U.S. citizens and resident aliens generally have the same filing and payment requirements regardless of where they live. The July 15 postponed deadline also applies to nonresident aliens and foreign entities with a U.S. filing and payment requirement.

The Internal Revenue Service today reminds 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.

There is a new Form 1099-NEC, Nonemployee Compensation for business taxpayers who pay or receive nonemployee compensation. Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee.

The Department of the Treasury and the Internal Revenue Service issued proposed regulations and temporary regulations that provide guidance for consolidated groups regarding net operating losses (NOLs).

As part of its response to COVID-19, the IRS has postponed several tax deadlines until Wednesday, July 15, 2020. These postponements generally apply to all taxpayers with a filing or payment deadline between April 1 and July 15, 2020.

Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service.

The U.S. Senate passed by unanimous consent a five-week extension of the Paycheck Protection Program (PPP) on Tuesday night just a few hours before the application window on the program was scheduled to close.

The U.S. House of Representatives on Wednesday joined the Senate in passing by unanimous consent a five-week extension of the Paycheck Protection Program (PPP).

The Internal Revenue Service today announced additional retail partners are accepting cash payments for federal taxes. This cash payment option is for individual and business taxpayers.

The July deadline for filing a 2019 tax return is near, but IRS tax help is available 24 hours a day on IRS.gov. Whether filing a tax return, requesting an extension or making a payment, the IRS website can help taxpayers answer most questions and avoid long waits for phone assistance.

Notice 2020-53 provides temporary relief from certain requirements under § 42 of the Internal Revenue Code (Code) for qualified low-income housing projects.

In response to the ongoing COVID-19 pandemic, the Internal Revenue Service today issued Notice 2020-53 (PDF) to provide tax relief to issuers, operators, owners, and tenants of qualified low-income housing projects or qualified residential rental projects financed with exempt facility bonds, and state agencies that have jurisdiction over these projects.

The Internal Revenue Service is issuing proposed regulations, REG-123027-19 relating to the compliance-monitoring duties of state agencies for purposes of the low-income housing credit.

Notice 2020-52 clarifies the requirements that apply to a mid-year amendment to a safe harbor 401(k) or 401(m) plan that reduces only contributions made on behalf of highly compensated employees.

While many people are required to file a tax return, it's a good idea for everyone to determine if they should file. Some people with low income are not required to file but will need to do so to get a tax refund.

The Paycheck Protection Program (PPP), created by the U.S. government to provide relief to small businesses and some other entities during the coronavirus pandemic, has been unique in the combination of urgency and uncertainty it has presented to CPAs and their clients

There is a new requirement for Reporting Agents (RAs) who sign and submit Form 7200, Advance Payment of Employer Credits Due to COVID-19.

Lender accounting issues related to the Paycheck Protection Program (PPP) are discussed in new Technical Questions and Answers (TQAs) issued Tuesday by the AICPA.

IRS has easy ways to help taxpayers who need more time or payment options

National Taxpayer Advocate Erin M. Collins today released her first report to Congress, identifying taxpayer challenges arising from the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and the IRS's implementation of the Taxpayer First Act as priority issues the Taxpayer Advocate Service (TAS) plans to focus on in the coming year.

The Internal Revenue Service today unveiled the 2019 IRS Data Book, featuring a redesigned format that provides a different and expanded look at IRS accomplishments during the past year.

If you are a low-income taxpayer who needs help resolving a tax dispute with the IRS and can’t afford representation, you may qualify for free or low-cost help from a Low Income Taxpayer Clinic. 

The Internal Revenue Service Office of Chief Counsel announced today a time-limited settlement offer to certain taxpayers with pending docketed Tax Court cases involving syndicated conservation easement transactions. Taxpayers eligible for this offer will be notified by letter with the applicable terms.

Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits.

The Internal Revenue Service today issued final regulations permitting a regulated investment company (RIC) that receives qualified real estate investment trust (REIT) dividends to report dividends the RIC pays to its shareholders as section 199A dividends.

The gig economy, also called sharing or access economy, is activity where taxpayers earn income providing on-demand work, services or goods. Often, it's through a digital platform like an app or website. While there are many types of sharing economy businesses, ride-sharing and home rentals are two of the most popular.

The Electronic Tax Administration Advisory Committee (ETAAC) today released its annual report to Congress, featuring recommendations that focus on the prevention of identity theft and refund fraud.

People who receive an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of their payment, how the payment was made and how to report any payment that wasn’t received.

Victims of the April tornadoes, severe storms and flooding that took place in parts of Mississippi, Tennessee and South Carolina will have until October 15, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Notice 2020-48 provides expanded disaster relief, in the form of postponing until October 31, 2020, certain Federal excise tax filing and payment deadlines, and associated interest, penalties, and additions to tax, for taxpayers who owe a federal excise tax for sales of sport fishing or archery equipment for the second quarter of 2020.

The Internal Revenue Service announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.

Notice 2020-51 provides guidance relating to the waiver in 2020 of required minimum distributions (RMDs) from certain retirement plans and IRAs due to the amendment of   § 401(a)(9) of the Internal Revenue Code by section 2203 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136.

The Internal Revenue Service today issued proposed regulations that provide guidance for the deduction of qualified transportation fringe and commuting expenses.

The Internal Revenue Service today released Notice 2020-50 (PDF) to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans.

Notice 2020-50 provides guidance relating to the application of section 2202 of the CARES Act for qualified individuals and eligible retirement plans.

Millions of eligible individuals have already received their Economic Impact Payments. Some people, including those who received a payment for a deceased individual, may be unsure whether they should return a payment.

Now that many taxpayers have filed their federal tax returns electronically and the IRS is back to processing paper tax returns sent by mail, they're eager for details about their refund. When it comes to refunds, there are several common myths.

The Internal Revenue Service has advised that new rules under the CARES Act provide flexibility for health care spending that may be helpful in the current environment where more people may need at-home services due to measures to fight the coronavirus.

The U.S. Small Business Administration (SBA), in consultation with Treasury, released Wednesday a revised loan forgiveness application for the Paycheck Protection Program (PPP).

For most taxpayers the filing and payment deadline was postponed July 15. Those who need more time to file beyond the postponed date, can request an extension to file. Taxpayers must request an extension to file by July 15.

The Internal Revenue Service today alerted nursing home and other care facilities that Economic Impact Payments (EIPs) generally belong to the recipients, not the organizations providing the care.

New Form 1040 Series Business Rules and Schemas are available.

New MeF Business Returns Schemas and Business Rules are available.

Update on Reporting Agent Authorizations

Notice 2020-45 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code.

Notice 2020-46 provides guidance under the Internal Revenue Code on the federal income and employment tax treatment of cash payments made by employers under leave-based donation programs to aid victims of the ongoing Coronavirus Disease 2019 (COVID-19) pandemic as described in the notice.

With new guidance and extensions on use of funds, US businesses seek and find financial boosts in overall uncertain times.

The Treasury Department and the Internal Revenue Service today provided tax relief for certain taxpayers affected by the COVID-19 pandemic involved in new markets tax credit transactions.

Notice 2020-49 postpones to December 31, 2020, the due dates for making investments, making reinvestments, and expending amounts for construction of real property under § 45D of the Internal Revenue Code (Code) due to be performed or expended on or after April 1, 2020, and before December 31, 2020.

The EO Update is a periodic newsletter with information for tax-exempt organizations and tax practitioners who represent them, from Exempt Organizations (Tax-Exempt and Government Entities Division) at the IRS.

Later this summer, for the first time taxpayers will be able to file their Form 1040-X, Amended U.S Individual Income Tax Return electronically.

As the July 15 tax-filing deadline − postponed from April 15 − draws near, the Internal Revenue Service is reminding all taxpayers who have yet to file their 2019 federal tax return to file electronically now, choose direct deposit for their refund, or pay any tax owed electronically.

The Internal Revenue Service today provided guidance for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic.

Childcare or adult dependent care can be a major expense. Fortunately, the child and dependent care credit can provide some relief. Taxpayers who pay for daycare expenses may be eligible to claim up to 35% of what they spend; limits apply.

Many businesses affected by COVID-19 qualify for tax relief though credits or deferrals. Here's a breakdown of which employers qualify for these new tax credits and the deferral of employment tax deposits and payments through December 31, 2020.

The Internal Revenue Service reminds taxpayers that estimated tax payments for tax year 2020, originally due April 15 and June 15, are now due July 15. This means that any individual or corporation that has a quarterly estimated tax payment due has until July 15 to make that payment without penalty.

The Internal Revenue Service today reminded taxpayers to guard against tax fraud and other related financial scams related to COVID-19.

Notice 2020-44 provides that the adjusted applicable dollar amount that applies for determining the PCORTF fee for policy years and plan years ending on or after October 1, 2019 and before October 1, 2020 is equal to $2.54.

The Internal Revenue Service today released proposed regulations addressing the treatment of certain medical care arrangements under section 213 of the Internal Revenue Code.

The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning July 1, 2020.

The Internal Revenue Service today provided guidance for Qualified Opportunity Funds (QOFs) and their investors in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic.

Notice 2020-43 to seek public comment on a proposed requirement for partnerships to use only one of two alternative methods to satisfy the Tax Capital Reporting Requirement with respect to partnership taxable years that end on or after December 31, 2020.

Life has quickly changed because of the COVID-19 pandemic. The responses from Congress, the Department of Treasury, IRS and Federal Reserve have been wide ranging.

To reach as many people as possible, the IRS translates tax information into multiple languages. To get information in one of these languages, taxpayers can click on the language drop down tab at the top of every IRS.gov page.

There are many easy-to-use tools on available on IRS.gov. Even better, they are available 24 hours a day. These tools help people file and pay taxes, find information about their account and get answers to tax questions.

Software Developers and State organizations may access and download schemas and business rules from their e-Services mailbox.

The Internal Revenue Service today provided temporary administrative relief to help certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures.

Notice 2020-42 provides participants, beneficiaries, and administrators of qualified retirement plans and other tax-favored retirement arrangements with temporary relief from the physical presence requirement.

With 159 million Economic Impact Payments processed, the Internal Revenue Service reminds many low-income Americans who don't usually file tax returns to register for a payment by October 15.

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.

The IRS has updated the Foreign Account Tax Compliance Act (FATCA) Registration System to include the following updates for sponsoring entities.

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.

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.

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.

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.

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.

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.

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.

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."

The Treasury Department and the Internal Revenue Service today is providing relief for taxpayers developing renewable energy projects and producing electricity from sources such as wind, biomass, geothermal, landfill gas, trash, and hydropower. Safe harbor is also available for taxpayers using technologies such as solar panels, fuel cells, microturbines, and combined heat and power systems.

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.

Nearly four million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of which taxpayers receive a debit card was made by the Bureau of the Fiscal Service, another part of the Treasury Department that works with the IRS to handle distribution of the payments.

The Department of the Treasury and the Internal Revenue Service today issued final regulations clarifying the reporting requirements generally applicable to tax-exempt organizations.

The Internal Revenue Service reminds taxpayers today about several online tools available to help them get the tax information they need as the IRS has limited operations due to the coronavirus.

The Internal Revenue Service today announced the 2020 IRS Nationwide Tax Forums will be held virtually in 2020 with a series of live-streamed webinars beginning this July.

As people across the country receive their Economic Impact Payments, some might receive a different amount than they expected.

Revenue Procedure 2020-32 provides the 2021 inflation adjusted amounts for Health Savings Accounts as determined under § 223 of the Internal Revenue Code. Revenue Procedure 2020-32 will be in IRB:  2020-24, dated June 8, 2020.

The AICPA’s revised PPP Loan Forgiveness calculator is now available.

The employee retention credit is designed to encourage businesses to keep employees on their payroll. The amount of the credit is 50% of qualified wages paid up to an annual limit of $10,000, which equals a maximum credit amount of $5,000 for each employee for the year.

Announcement 2020-06 provides the Treasury Department and IRS view on how to interpret references in U.S. income tax treaties to the North American Free Trade Agreement (NAFTA) once it is replaced by the Agreement between the United States Canada and Mexico (the USMCA).

The Families First Coronavirus Response Act provides tax credits to reimburse employers for the costs of providing paid sick leave and paid family and medical leave to employees unable to work because of the coronavirus (COVID-19). These credits are refundable. That means if the amount of the credit exceeds the amount of tax owed, the remainder is refunded to the business or organization.

Today, May 18, 2020, the Internal Revenue Service is starting to add 3,500 telephone representatives to answer some of the most common questions about Economic Impact Payments.

The U.S. Small Business Administration (SBA) issued a new interim final rule Wednesday night opening the door for lenders to increase existing Paycheck Protection Program (PPP) loans to partnerships and seasonal employers. In separate guidance, the SBA extended the safe harbor for returning PPP loans from May 14 to May 18.

The Internal Revenue Service today released guidance to allow temporary changes to section 125 cafeteria plans. These changes extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs and allow taxpayers to make mid-year changes.

Due to COVID-19, the IRS' People First Initiative provides relief to taxpayers on a variety of issues from easing payment guidelines to delaying compliance actions. This relief is effective through the filing and payment deadline, Wednesday, July 15, 2020.

IRS.gov has answers to many questions people may have about their Economic Impact Payment. Here are answers to some of the top questions people are asking about these payments.

The Internal Revenue Service today issued proposed regulations under the Tax Cuts and Jobs Act (TCJA) that provide guidance to taxpayers and governments with respect to fines, penalties and certain other amounts.

The Treasury Department and the Internal Revenue Service today released updated state-by-state figures for Economic Impact Payments, with approximately 130 million individuals receiving payments worth more than $200 billion in the program's first four weeks.

The federal income tax filing deadline has been extended to July 15. Taxpayers also have until July 15 to make any federal income tax payments that were originally due on April 15, without penalties and interest, regardless of the amount they owe. This extension applies to all taxpayers.

Legislation introduced in the Senate on Tuesday would overrule an IRS notice and clarify that ordinary expenses funded by Paycheck Protection Program (PPP) loans are deductible by taxpayers. The bill, the Small Business Expenses Protection Act of 2020, S. 3612, is currently in the Senate Finance Committee and is supported by the AICPA.

Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provides for special distribution options and rollover rules for retirement plans and IRAs and expands permissible loans from certain retirement plans.

The IRS released an advance version of Notice 2020-32 providing guidance regarding the deductibility for federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program (PPP)

The IRS has two tools to help millions of taxpayers with their Economic Impact Payment. The payments are $1,200 per eligible person and up to $500 for each qualifying child.

Employers who are filing Form 7200, Advance Payment of Employer Credits Due to COVID-19 should read the instructions carefully and take their time when completing this form to avoid mistakes.

The Internal Revenue Service today issued a special alert for several groups of federal benefit recipients to act by this Wednesday, April 22, if they didn't file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.

The Treasury Department and the Internal Revenue Service today issued guidance that provides relief to individuals and businesses affected by travel disruptions arising from the COVID-19 emergency.

IRS Guidewire - RR-2020-08: Special rules applicable to credit against income tax for foreign taxes

Working with the Treasury Department, the Internal Revenue Service today unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information.

In response to the COVID-19 Pandemic and solely to implement the following provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), until further notice, the IRS is implementing the temporary procedures described below for digital transmission of Form 1139 and Form 1045.

Commissioner Barnett ordered the temporary suspension of the motor fuel exporter, importer, and transporter licensing requirements associated with the Alabama Terminal Excise Tax for exporters, importers, or transporters supporting disaster relief efforts by engaging in the export of motor fuel from Alabama to areas in other states impacted by severe weather.

Based on member feedback, the AICPA identified seven key areas in need of immediate relief and provided the latest developments to the 20 most frequently asked questions on tax filing and payment relief.

The Internal Revenue Service reminded taxpayers, businesses, tax professionals and others to follow the agency's official social media accounts and email subscription lists to get urgent information on COVID-19 and economic impact payments. These platforms provide the latest alerts and information on various tax topics to include emerging scams.

The Treasury announced late Wednesday that Social Security beneficiaries who typically do not file a tax return will automatically get the $1,200 payment.

Gov. Kay Ivey has awarded 20 grants totaling more than $9.5 million to provide high-speed internet access to numerous communities throughout Alabama.

The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll.

The Secretary of the Treasury has determined that any person (as defined in section 7701(a)(1) of the Code) with a Federal gift tax or generation-skipping transfer tax payment due or the requirement to file Form 709 (United States Gift and Generation-Skipping Transfer Tax Return) on April 15, 2020, is also affected by the COVID-19 emergency for purposes of the relief described in this section III (Affected Taxpayer).

The AICPA sent a letter to ask Treasury Secretary Mnuchin to deem public accounting as an “essential service” by the federal government, similar to what many state governors have already done for shelter-in-place orders.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, which passed the Senate by a 96-0 vote late on Wednesday, contains a host of tax measures as part of a $2 trillion aid package designed to help the economy as it suffers from the effects of the coronavirus pandemic. While the focus of the legislation is not tax, a large number of tax provisions are included in the over-600-page bill.

The U.S. Department of Labor released its first round of guidance on the Families First Act.

To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.

The IRS posted answers to frequently asked questions related to the relief provided in the Notice. These questions and answers will be updated periodically and are designed to be a flexible tool to communicate information to taxpayers and tax professionals in this changing environment.

Update on Federal and State Tax Responses to COVID-19 Pandemic - Federal Tax Alert from Bradley Law

The 2020 Census is happening now. You can respond online, by phone, or by mail.

The Alabama Law Enforcement Agency is modifying its Driver License Division’s statewide operations in response to the Coronavirus (COVID-19).

Governor Kay Ivey and the Alabama Department of Revenue announced today that the state income tax filing due date is extended from April 15, 2020, to July 15, 2020.

On March 23, 2020, Governor Ivey issued an emergency order (Order) pursuant to § 31-9-6(11), Code of Alabama 1975, delegating to the Commissioner of Revenue the authority to postpone the April 15, 2020, due date for the payment of the following state taxes until July 15, 2020, for any person affected by the COVID-19 pandemic: Individual Income Tax, Corporate Income Tax, Financial Institution Excise Tax, and Business Privilege Tax.

Tax relief provided by state and local tax and revenue departments in response to the novel coronavirus (COVID-19) is discussed.

The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.

Federal income tax filing and payment relief on account of Coronavirus Disease 2019 (COVID-19) emergency.

At 9AM this morning, U.S. Treasury Secretary Mnuchin announced that the Trump administration with extend the IRS tax filing deadline three months from April 15, 2020 to July 15, 2020.

We are calling on the Department of the Treasury to immediately give taxpayers an extension of the April 15th filing deadline — and we need your help.

Payment relief on account of Coronavirus Disease 2019 (COVID-19) emergency. The Treasury Department and IRS are extending the due date for Federal income tax payments due April 15, 2020, to July 15, 2020, for payments due of up to $10 million for corporations and up to $1 million for individuals - regardless of filing status – and other unincorporated entities. Associated interest, additions to tax, and penalties for late payment will also be suspended until July 15, 2020.

In a press conference on Tuesday, Treasury Secretary Steven Mnuchin announced that individuals and corporations can delay their tax payments for 90 days due to the coronavirus pandemic. Individuals can defer up to $1 million in payments for 90 days from the April 15 deadline. Corporations can defer up to $10 million in payments for 90 days. During that time, the IRS will not charge interest or penalties.

Some taxpayers still use the old-school method of filing their tax returns: on paper. For these people, now is the time to switch and file electronically.

The Internal Revenue Service has released its newly-revised tax guide, designed to help members of the military understand the many special tax benefits available to them under the law.

The IRS Birmingham Office has been relocated to downtown Birmingham at 417-20th St N, Birmingham, AL 35203 in the old Region’s Building.

The Internal Revenue Service wants tax-exempt organizations to know about recent tax law changes that might affect them. The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to tax-exempt organizations' current and previous tax years.

Active duty military personnel have multiple options for free federal tax preparation. IRS Free File allows taxpayers to prepare and file their federal individual income tax return for free using brand name tax-preparation-and-filing software.

If you’re an auditor, you should be excited about the many opportunities that the digital era creates for your profession. Sue Coffey, CPA, CGMA, Executive Vice President, Association of International Certified Professional Accountants — Public Practice, and Erik Asgeirsson, President and CEO, CPA.com, share how the profession is reimagining the audit and what this means for you.

Attention: Software Developers, Return Transmitters and Authorized IRS e-file Providers/EROs The IRS is in the process of updating the MeF system to allow for the recent extender legislation. The tax forms listed below for Tax Year 2019 will continue to reject if an extender-related credit is claimed. Please refrain from sending these forms with extender-related credits until further notice.

The Internal Revenue Service today issued the 2020 optional standard mileage rates (PDF) used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

With the tax filing season just weeks away, tax professionals who have a data security plan should review it for updates. Those who don't have a plan should create one and use the information below to get started. Having a written data security plan isn't just a good idea, it's federal law. Identity thieves target tax professionals because of the client data they have on hand. Thieves use stolen data from tax preparers to create fake returns that can be harder for the IRS to detect.

As 2019 comes to a close, while most people are busy making holiday plans, dutiful tax advisors and financial planners are burning the midnight oil to minimize their clients’ tax bills that will be due in a few short months. Year-end planning strategies include an evaluation of a taxpayer’s potential federal and state income tax liabilities and opportunities to harvest losses or otherwise lower their 2019 taxable income.

The Internal Revenue Service today reminded employers and other businesses that wage statements and independent contractor forms still have a January 31 filing deadline.

The Internal Revenue Service Advisory Council (IRSAC) today issued its annual report for 2019, including recommendations to the IRS on new and continuing issues in tax administration.

The Internal Revenue Service today issued guidance for taxpayers with certain deductible expenses to reflect changes resulting from the Tax Cuts and Jobs Act (TCJA).

System and Organization Controls (SOC) examinations performed by CPAs can give companies assurance that outsource providers possess appropriate controls. And in an environment with increased outsourcing and rapidly changing risks, the growing need for these reports presents a business opportunity that CPA firms may wish to consider.

The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59 (PDF), posted today on IRS.gov. This guidance provides cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2020.

Businesses providing goods and services that are subject to excise tax must file a Form 720 quarterly to report the tax to the IRS.

Taxpayers should be on the lookout for new variations of tax-related scams. In the latest twist on a scam related to Social Security numbers, scammers claim to be able to suspend or cancel the victim’s SSN. It’s yet another attempt by con artists to frighten people into returning ‘robocall’ voicemails.

Comments on Proposed Amendments to Alabama Administrative Code Rule 810-6-1-.37, Computer Hardware & Software

Oct. 15 extended deadline for filing returns is especially challenging this year under new tax law

Even though time before the extension deadline is dwindling, there’s still time for taxpayers to file a complete and accurate return. Taxpayers should remember they don’t have to wait until October 15 to file. They can file whenever they are ready.

The Treasury Department and the Internal Revenue Service today released final regulations (PDF) and additional proposed regulations (PDF) under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.

Two recent rulings by the Internal Revenue Service should cause Alabama CPAs to seriously consider whether to contact their LLC clients that have elected S status, and to urge clients or friends who are pondering the conversion to think twice or to consider simply forming an S corp. to begin with.

The Alabama Department of Revenue is providing relief from late-filing penalties for certain corporate taxpayers who are encountering difficulties meeting October state filing deadlines while trying to also file their federal returns by the October federal deadline. Adding to this challenge is the complexity associated with the continued implementation of the Tax Cuts and Jobs Act. 

The Internal Revenue Service and its Security Summit partners today warned taxpayers and tax professionals about a new IRS impersonation scam campaign spreading nationally on email. Remember: the IRS does not send unsolicited emails and never emails taxpayers about the status of refunds.

The Alabama Department of Revenue encourages eligible online sellers and marketplace facilitators that are subject to a collection requirement to register for the state’s Simplified Sellers Use Tax (SSUT) remittance program by Oct. 1, 2019. Doing so will relieve such sellers from the obligation of certain tax liability for the previous year.

The Internal Revenue Service today launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year.

Suffice to say, it’s not been a good week for the 5th largest U.S. credit card issuer. This week, Capital One was hacked in what’s being called one of the largest data breaches in history. A lone hacker gained access to more than 100 million American and Canadian customer accounts and credit card applications. The data theft exposed 140,000 social security numbers, 1 million Canadian Social Insurance numbers and 80,000 bank account numbers, among customers’ other personal data. Capital One estimates the breach will cost them between $100M and $150M in 2019 on customer notifications, credit monitoring, technology costs and legal support. And this does not include potential reputational damage or political and regulatory actions, including possible penalties. Capital One’s stock also plummeted 6% overnight.

Over the past several years, the emergence of new technologies has provided new ways for CPAs to provide services to clients through cloud-based and virtual platforms. These new services required careful consideration to maintain the high ethical principles that always have been a source of pride for CPAs, who are determined to maintain their independence so they can perform attest services without even a hint of possible impropriety.

Using a new “Taxes. Security. Together.” Checklist, the Internal Revenue Service and the Security Summit partners urged tax professionals to review critical security steps to ensure they are fully protecting their computers and email as well as safeguarding sensitive taxpayer data.

Taxpayers who received an extension but haven’t filed or those otherwise unable to file their return by the April deadline should visit IRS.gov if they need help completing and filing their return. These taxpayers must file by October 15.

Taxpayers who filed an extension and are submitting their 2018 tax return this summer might be waiting for their tax refund. It’s easy for these taxpayers to check on the status of their money. They can just zip over to IRS.gov and use “Where’s My Refund?”

Millennials are everywhere. As the largest generation of Americans ever, they seem to be changing every aspect of our society. They’re influencing marketing trends, technological advancements, politics, travel, food — there’s little that isn’t affected by this generation’s unique way of doing things.

Alabama’s 14th annual sales tax holiday for school-related items begins at 12:01 a.m. Friday, July 19, 2019, and ends at midnight Sunday, July 21, 2019, giving shoppers the opportunity to purchase certain school supplies, computers, books and clothing free of the state’s four percent sales or use tax. Cities and counties must notify the state that they will participate in the 2019 holiday by June 21.

It’s important to revisit your tax withholding, especially if major changes from the Tax Cuts and Jobs Act affected the size of your refund this year. Even if you did a Paycheck Checkup last year, you should do it again to account for differences from TCJA or life changes. A Paycheck Checkup can help you see if you’re withholding the right amount of tax from your paycheck. Too little could mean an unexpected tax bill or penalty.

All taxpayers should check their withholding – also known as doing a Paycheck Checkup – as soon as possible. They should do a checkup even if they did one last year.

WASHINGTON — As part of its ongoing efforts to protect taxpayers from identity thieves, the Internal Revenue Service today announced it will stop its tax transcript faxing service in June and will amend the Form 4506 series to end third-party mailing of tax returns and transcripts in July.

WASHINGTON – Today the Internal Revenue Service issued a draft of the 2020 Form W-4, Employee's Withholding Allowance Certificate (PDF), that will make accurate withholding easier for employees starting next year.

A new bill introduced on Tuesday, March 19, may interest your equipment/vehicle/furniture leasing clients.

Tax extensions are a hot topic this month (and this year), and we hope this article helps you share some tips with clients.

State lawmakers overwhelmingly passed a landmark infrastructure package on Tuesday, and Governor Kay Ivey signed the Rebuild Alabama Act into law within hours.

The Alabama Department of Revenue is offering tax relief to Alabama taxpayers who have been affected by recent severe storms in Lee County. The tax relief measures mirror IRS measures in the same declared disaster areas.

Tips to help your employees power through before AND when the going gets tough.

Every voice is needed immediately to help resolve the deteriorating conditions of our roads and bridges.

Victims of Sunday’s tornadoes and severe storms in Alabama have until July 31, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today.

Governor Kay Ivey called the Alabama Legislature into a Special Session focused on transportation infrastructure, and lawmakers which commenced on Wednesday.

Last night, Governor Kay Ivey called the Alabama Legislature into a Special Session focused on transportation infrastructure, and lawmakers convened at 9:30 a.m. today. The governor's proclamation specified three issues for consideration.

The IRS has authority to charge a user fee for preparer taxpayer identification numbers (PTINs) a federal appeals court held on Friday, paving the way for the agency to reinstate the charges for obtaining and renewing a PTIN (Montrois, No. 17-5204 (D.C. Cir. 3/1/19)).

This notice provides a waiver of the addition to tax under section 6654 of the Internal Revenue Code (Code) for underpayment of estimated income tax by qualifying individual farmers and fishermen.

2019 is in full swing and it’s safe to say what the buzzwords of the year will be: innovation, disruption, AI and blockchain. Newsfeeds are abounding about how these technologies will automate the accountant’s role and their potential impact on the profession as a whole.

The Alabama Department of Revenue will release all software vendors to print forms today, meaning any tax form that remains unapproved will no longer have the watermark or the barcode.

Companies that don't transform digitally can see an annual operating performance drop of up to 8%. Read three key ways they can catch up.

Yesterday, several members of the ASCPA State Tax Committee had the privilege to meet with members of the Alabama Department of Revenue Forms and IT sections to discuss a couple of common issues that have been shared with us over the past two weeks.

The IRS is expanding to seven additional states its voluntary program for taxpayers who wish to obtain identity protection personal identification numbers (IP PINs) and are not currently victims of tax return identity theft. The pilot program originally involved Washington, D.C., Florida, and Georgia. IP PINs will now be available in seven more states: California, Delaware, Illinois, Maryland, Michigan, Nevada, and Rhode Island. Those states report the highest number of identity thefts to the Federal Trade Commission.

Alabama taxpayers enrolled in the IDEMIA eID app (formerly Alabama eID) can securely approve the legitimacy of their state tax returns and receive refunds up to 60 percent faster.

Finance professionals aren't adapting quickly enough to new technologies such as artificial intelligence and automation and must do so over the next three years, according to a new report from the Chartered Institute of Management Accountants.

Technology is driving the need for accounting and finance professionals to shift their focus from cost compliance to value creation. A new CGMA report reveals practitioners aren’t evolving their digital skills fast enough and provides them a roadmap to navigate this new terrain.

Responding to concerns that individual taxpayers may have found it difficult to correctly estimate their 2018 tax liability because of the many changes enacted in the law known as the Tax Cuts and Jobs Act, P.L. 115-97, the IRS issued relief from the penalty for underpayment of estimated income tax to individual taxpayers who have paid 85% of their 2018 tax liability with withholding and estimated tax payments (Notice 2019-11).

The optional standard mileage rates for business use of a vehicle will increase significantly in 2019, after increasing slightly last year, the IRS announced Friday (Notice 2019-2). For business use of a car, van, pickup truck, or panel truck, the rate for 2019 will be 58 cents per mile up from 54.5 cents per mile in 2018. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.

Cybercriminals stepped up their attacks on tax professionals during 2018, prompting the Internal Revenue Service and the Security Summit partners to urge practitioners to take steps to protect client data and their computer networks from these threats.

To help protect against cybercriminals stealing identities, the IRS, state tax agencies and the nation’s tax industry urged people to review new, stronger standards to protect the passwords of their online accounts.

Summit Partners urge taxpayers: 'Don't Take the Bait'

Blockchain expert Amanda Wilkie provides a guided tour around the blockchain ecosystem in this podcast.

The Securities and Exchange Commission issued an alert on business email compromise schemes, and your members’ small business clients should take note. These scams can have devastating impacts on companies. Heed these suggestions, courtesy of the AICPA's Forensic & Litigation Services Fraud Task Force.

The Alabama Department of Revenue (ADOR) partnered with IDEMIA (formerly MorphoTrust® USA) to launch a new pilot program utilizing IDEMIA’s electronic ID (eID) to combat state income tax fraud for 2017 and future filing seasons.

The President has declared that a major disaster exists in the State of Alabama. Following the recent major disaster declaration issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in certain counties will receive tax relief.

The Internal Revenue Service reminds taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) to submit their renewal applications as soon as possible. Failing to renew them by the end of this year will cause refund and processing delays in 2019.

When I first saw the word smishing, I assumed it was some new lingo the kids came up with to further stump us adults. But then again, this is coming from someone who didn’t know what ‘on fleek’ was until it was no longer cool to use. (It’s okay if you still don’t know what that means.)

menuALL NEWS Yesterday, President Donald J. Trump declared that an emergency exists in the State of Alabama and ordered Federal assistance to supplement State, Tribal, and local response efforts due to the emergency conditions resulting from Hurricane Michael beginning on October 10, 2018, and continuing.

The Alabama Department of Revenue is offering tax relief to Alabama taxpayers who have been affected by damage caused by Hurricane Michael. The tax relief measures will mirror IRS measures in the same declared disaster areas.

Hurricane Michael victims in parts of Florida and elsewhere have until Feb. 28, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today.

Vernon Barnett, Commissioner of the Alabama Department of Revenue, declared that because there is a state of emergency resulting from Hurricane Michael, it is necessary to assist and expedite all efforts of relief. In order to accommodate this need and provide assistance to the citizens affected by this storm, Commissioner Barnett ordered the temporary suspension of the motor fuel exporter licensing and motor fuel transporter licensing requirements associated with the Alabama Terminal Excise Tax for exporters and transporters supporting disaster relief efforts by engaging in the export of motor fuel from Alabama to other states impacted by Hurricane Michael.

SOC reporting isn’t something auditors should learn on the job or figure out as they go, though. If you’ve been thinking about expanding your firm’s offerings to include Service and Organization Control (SOC) engagements, there are a few things you need first.

Business travelers who incur expenses while traveling away from home have new per-diem rates to use in substantiating certain of those expenses (Notice 2018-77). The new rates are in effect from Oct. 1, 2018, to Sept. 30, 2019.

The IRS on Monday issued 34 questions and answers on new Sec. 45S, which was added by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, to provide a general business credit for employers who provide paid family and medical leave to their employees (Notice 2018-71).

Distributed-ledger technology is racing ahead on two tracks: public and private blockchains. Here are their different uses and weaknesses.

The IRS has announced proposed regulations that, if implemented, could negatively impact Alabama Accountability Act donors.

Is there any season more relaxing than summer? The weather is warm. The days are long. Perhaps best of all, busy season is still a ways off. There’s no cause to worry about extensions or business returns or even tax reform, right?

On July 31, the Alabama Department of Revenue (ADOR) released its long-awaited “Analysis of Federal Tax Law Revisions on the State of Alabama,” a comprehensive review of the changes brought about by the Tax Cuts and Jobs Act of 2017 (TCJA), commonly known as federal tax reform, and how those changes will likely affect Alabama taxpayers.

The Alabama Department of Revenue has issued its preliminary guidance on the impact of the provisions of the Tax Cuts and Jobs Act (TCJA).

This past busy season, increased IRS demands caused even more operational problems, affecting how tax practitioners do business. Here’s how the AICPA is working to change things in Washington.

Data breaches happen daily. We see it in the news, and we hear it from our clients. Clients trust us with their private information including Social Security numbers, paystubs, birthdays and other data valuable to identity thieves.

CFOs report wanting to devote more attention to digital initiatives but not knowing where to begin. Here are some suggestions.

The Alabama Legislature has enacted the Alabama Tax Delinquency Amnesty Act of 2018 to allow qualifying taxpayers to receive a waiver of penalties and interest on eligible tax types. The application period is now open through September 30, 2018.

The CFO of digital payments company Square gives her view on a cashless future, business-as-a-service, cryptocurrency, and data science.

It’s going to cost your small business clients to hire this summer, but at least the wages are deductible on their annual returns. Even better, if they hire workers from one of several “target groups,” a portion of the wages may qualify for a special tax credit.

Someone needs to verify the link between digital records and physical objects.

As part of a larger effort to help taxpayers, the Internal Revenue Service plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax season.

We’ve identified areas requiring immediate IRS attention and offered comments to the IRS and Treasury to influence guidance in a way that best serves you. These items affect your business, and we hope to influence any Treasury or IRS guidance in a way that serves you best.

The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines, compared to the 2017 version of the form. The draft form moves many items that in the past have appeared on the face of the 1040 to various new schedules.

When will the Internal Revenue Service (IRS) issue guidance on new Internal Revenue Code s