News

On February 12, 2021, Governor Kay Ivey signed into law Act 2021-1. The following preliminary guidance is being providing in regard to Sections 7 and 8 of the act.

Unclaimed income tax refunds worth more than $1.3 billion await an estimated 1.3 million taxpayers who did not file a 2017 Form 1040 federal income tax return, according to the Internal Revenue Service.

As people across the country file their 2020 tax returns, some are claiming the 2020 Recovery Rebate Credit (RRC). The IRS is mailing letters to some taxpayers who claimed the 2020 credit and may be getting a different amount than they expected.

On March 31, 60 Congressional Representatives signed on to a letter, led by Representative Lloyd Smucker, requesting IRS Commissioner Rettig extend the federal tax filing deadline for first quarter estimated tax payments to May 17, 2021.

The Internal Revenue Service today issued guidance for employers claiming the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act).

The Internal Revenue Service today announced it is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP).

In a letter to IRS Commissioner Charles Rettig on Wednesday, a diverse, bipartisan group of 60 members of Congress urged the IRS to extend the deadline for first quarter 2021 federal estimated tax payments to May 17. The estimated tax deadline has been an issue since the IRS postponed the tax filing and payment deadline for individuals to May 17 but did not move the April 15 estimated tax deadline (see Notice 2021-21).

The timing and content of key yearly federal guidance provided to single audit practitioners needs to be more responsive to auditors’ input and needs, according to a U.S. Government Accountability Office (GAO) report to Congress.

In a Report to Congressional Committees, the GAO called on the Office of Management and Budget (OMB) to implement appropriate measures to better ensure that the yearly Compliance Supplement used by single audit practitioners is responsive to users’ input and needs.

In good news for many taxpayers, the IRS said that, beginning in May and continuing through the summer, it will automatically issue refunds to eligible people who already filed a tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan Act, P.L. 117-2 (IR-2021-71). Under this process, eligible taxpayers will not have to file amended returns to receive a refund.