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IRS provides relief to retirement plan participants to sign elections remotely
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. The change relates...
IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns
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. Making the...
The Quick Tax Fix for Qualified Improvement Property
At long last, the Coronavirus Aid, Relief and Economic Security (CARES) Act fixes a glitch in the tax rules for deductions for “qualified improvement property” (QIP). The change, which some tax commentators have calling for since the Tax Cuts and...
Quirks spurred by COVID-19 tax relief
It's May, and we've had a few weeks to digest all the new tax legislative, regulatory, and procedural guidance that's been released associated with COVID-19. That means we've also had a little time to ponder some procedural and administrative...
Essential documents clients must update during COVID-19
CPAs have been especially busy in recent weeks counseling clients through the sudden economic challenges brought on by COVID-19. Because you’ll be communicating with a large number of your clients, this can be a timely opportunity to also...
IRS adds phone operators to answer Economic Impact Payment questions
IRS telephone assistance and other services will remain limited, and answers for most of the common questions related to Economic Impact Payments are available on IRS.gov. The IRS anticipates bringing back additional assistors as state and local...
Cares Act and Single Audit Requirements
Until recently, it has been unclear if any of the funds received, either as loans or grants, would be subject to Single Audit requirements.