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IRS offers guidance on recapturing excess employment tax credits amid coronavirus
The Internal Revenue Service has posted temporary and proposed regulations to help employers reconcile any advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary, in line with the CARES Act...
IRS reinstates PTIN user fees
In T.D. 9903, the IRS issued final regulations reinstituting fees for obtaining and renewing preparer tax identification numbers (PTINs) for tax return preparers in 2021. The new fee is $21 plus a $14.95 fee paid directly to a third party for...
IRS: Seniors, retirees not required to take distributions from retirement accounts this year under new law
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 Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives...
IRS provides additional relief for tax-exempt hospitals: Deadline for completing certain needs assessment requirements moved to Dec. 31
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. Notice...
Extended, stressful tax season finally coming to an end Extended, stressful tax season finally coming to an end
The tax deadline is coming Wednesday after tax season was extended by three months to give taxpayers and preparers more time to deal with the novel coronavirus pandemic, but many of them will be dealing with extensions and amended returns in the...
IRS finalizes guidance on deduction for foreign-derived intangible income and global intangible low-taxed income
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...
President Trump signs 5-week PPP extension
The extension keeps a source of funding open to struggling small businesses while Congress works on a second, more targeted funding program. The PPP, which has approximately $129 billion in funding remaining, was launched in early April as the...
Taxpayers should file by July 15 tax deadline; automatic extension to Oct. 15 available
The Department of the Treasury and IRS today announced the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15.
National Taxpayer Advocate Erin Collins delivers her first report to Congress; identifies COVID-19 challenges, CARES Act, and Taxpayer First Act implementation as priority issues for taxpayers
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...
Top 10 business income tax planning ideas for the pandemic
During this time when all businesses want to maximize cash for operations, some of the most basic tax planning ideas warrant the attention of all business owners. These "oldies but goodies" in the tax planning bucket can make a significant...

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