Reporting the New Employee Retention Credit: Thanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a refundable payroll tax credit is available for 50% of qualified wages paid…
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Changes to NOL rules under IRC Section 172(a) The CARES Act temporarily suspends the 80% taxable income limitation on the use of a net operating loss (NOL) to offset taxable…
Individuals would be due up to $1,200 and couples would receive up to $2,400 — plus $500 per child. But the payments would start phasing out for individuals with adjusted…
IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance programs IR-2020-59, March 25, 2020 WASHINGTON – To help people facing the challenges of COVID-19…
There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2018. Here are a few of them: Deferring Income…
The Internal Revenue Service (“IRS”) has a new collection tool for taxpayers with serious delinquent tax deficiencies and it was created under § 7345 of the Internal Revenue Code. The…
The stress of owing the IRS money can be crippling. The IRS can place a lien on your property or even levy your bank account. For whatever reason, you’ve gotten…
House Ways and Means Committee ranking member Richard Neal, D-Mass., has asked the Treasury and the IRS for guidance on the tax code’s new passthrough deduction. In a May 1…
Acting IRS Commissioner David Kautter told lawmakers on April 11 that implementing tax reform is one of the IRS’s highest priorities, but issuing guidance will likely take years. “Preliminary efforts to…
When it comes to income tax returns, April 15 isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S corporations and…