Tax Laws

  • Truckers Reminded to e-File Highway Use Tax Return by August Deadline

    The Internal Revenue Service is reminding owners of most heavy highway vehicles to timely file their Form 2290, Heavy Highway Vehicle Use Tax Return. The highway use tax applies to those motor vehicles with a taxable gross weight of 55,000 pounds or more. Generally, this includes large trucks, truck tractors and buses. The tax is…

  • “Physical Presence” CPE Rule Temporarily Waived for Enrolled Actuaries

    The Joint Board for the Enrollment of Actuaries is providing enrolled actuaries with some relief when it comes to picking up their continuing professional education (CPE) credits. The COVID-19 pandemic has caused the Joint Board to rethink the requirement that actuaries have to attend a certain amount of CPE courses in person. The board is…

  • IRS Announces New Identity Theft Affidavit

    Businesses are a favorite target of identity thieves. Reports often cover the theft of customer financial information, like credit cards, debit cards, and bank accounts. Perhaps less well known are scams that routinely use stolen business information—whether the business owner’s personal information or their Employer Identification Number—to file tax returns and Forms W-2. The Internal…

  • IRS: e-File is Available for Form 8300

    Many taxpayers may have collectively breathed a sigh of relief on July 16, but anyone selling big-ticket items between now and the end of 2020 will still need to report large cash transactions. The Internal Revenue Service says these reports can be batch e-filed, which should make life a little easier for the car dealerships…

  • PTIN Fees Coming Back for 2021

    Tax professionals across the country wrapped up a unique filing yesterday. While some still have to contend with an imposing stack of extensions that will be due on October 15, many are making plans to prepare for next filing season. It turns out that you should make room for another item on that checklist: paying…

  • IRS Says It’s Time to Settle Syndicated Conservation Easement Cases

    The Internal Revenue Service says taxpayers with docketed abusive syndicated conservation easement transaction Tax Court cases should seriously consider settling. The warning comes less than a week after a U.S. Tax Court decision striking down four types of these transactions. Oh, and time is running out to accept the government’s settlement offer. What is an…

  • IRS Opening IVES to New Requests on July 14

    The IRS has been steadily working through its IVES backlog. Here’s some good news for a change: The Internal Revenue Service today issued an IVES Program update announcing that the Income Verification Express Services (IVES) will start accepting new submissions on Tuesday, July 14, 2020. That means tax professionals who need to submit a stack…

  • IRS Expands Cash Payment Options

    The Internal Revenue Service says it has expanded its list of retail partners who accept cash payments for federal taxes. This cash payment option is available for individual and business taxpayers alike. The IRS has a continuing partnership with ACI Worldwide’s OfficialPayments.com and the PayNearMe Company that allows taxpayers to make their tax payments without…

  • IRS Not Pushing Back July 15 Deadline

    The Internal Revenue Service has some bad news for taxpayers hoping that the tax filing and payment deadlines would get pushed back again. In a recent IRS Newswire press release, the agency said taxpayers should either file their tax return or an extension by July 15. What is the deadline for taxpayers who request an…

  • IRS Processing CAF Requests, Reducing Backlog

    When will the IRS start processing CAF requests? The Internal Revenue Service last Thursday announced that it is beginning to process Centralized Authorization File requests, like Forms 2848 and 8821. This comes two weeks after the IRS issued an update for reporting agents saying they have resumed processing Forms 8655, signaling that the IRS is…