Federal Tax

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IRS offers new stricter settlement for micro-captive insurance schemes; offer letters being mailed to groups under audit
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. In the coming days, the IRS will begin sending...
IRS releases draft Form 1065 instructions on partner tax basis capital reporting
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...
IRS reminds tax professionals to renew PTINs now for 2021
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...
The Myth of 179D EPAct and the $1.80/sf Deduction
Just because a building meets state and local energy code requirements, doesn’t mean it is energy efficient as defined by the IRS. Be very careful before claiming the deduction.  
IRS adds QR technology to key balance due notices to help taxpayers
For the first time, the IRS is adding barcode technology to notices sent to millions of taxpayers. 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...
What Small Business Owners Need To Know About Taxes And Selling Online In The Covid-19 Era
Covid-19 and the social distancing it requires has pushed more of our purchasing online. In fact, since March an extra $107 billion has been spent online, according to Adobe Analytics. For small business owners forced to close their doors for...
Cryptocurrency tax guidance leaves big holes worldwide, PwC says
Cryptocurrency investors face a tricky and fast-changing tax landscape worldwide with sparse guidance in many areas, according to a new report from PwC. Specific tax guidance “is an essential building block” to help institutionalize digital...
Returns affected by e-filing outage will be timely if filed by Sept. 17
The IRS announced on Thursday that, for tax returns with a Sept. 15 due date that were affected by an e-filing software outage, the Service will treat a return and any elections that were filed with that return as timely filed if the taxpayer...
IRS says lenders don't need to report PPP loan forgiveness
The Internal Revenue Service said Tuesday that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act should not file information returns or furnish payee statements to report the forgiveness. In...
IRS releases state-by-state breakdown of nearly 9 million non-filers who will be mailed letters about Economic Impact Payments
The Internal Revenue Service today released a state-by-state breakdown of the roughly nine million people receiving a special mailing this month encouraging them to see if they're eligible to claim an Economic Impact Payment. The IRS will mail...

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