COVID-19

  • New 1065 Instructions Unveiled

    The Internal Revenue Service has released an early draft of the instructions to Form 1065, U.S. Return for Partnership Income for tax year 2020 (filing season 2021). The changes include revised instructions for partnerships that are required to report capital accounts to partners on Schedule K-1 (Form 1065). The revision, the IRS says, is part…

  • Tax Relief for Wildfire and Hurricane Victims

    Taxpayers dealing with the fallout from wildfires in California and Hurricane Delta in Louisiana yesterday received some good news from the Internal Revenue Service. Following the Federal Emergency Management Agency’s disaster declarations for affected areas, the IRS is giving victims additional time to meet certain filing and payment deadlines. What parts of California have been…

  • IRS Reminds Tax Pros about PTIN renewal and AFSP Opportunities

    The Internal Revenue Service Return Preparer’s Office is reminding tax professionals about the PTIN renewal deadline and Annual Filing Season Program perks. According to the Friday IRS newsletter, the RPO is set to send two separate messages: one to all current PTIN holders, and another to all non-credentialed PTIN holders. What does the RPO say about…

  • Treasury Says SBA Has Simpler Forgiveness Application for Certain PPP Loans

    The Treasury Department last week announced that the Small Business Administration is making it easier to request Paycheck Protection Program (PPP) loan forgiveness for loans that are $50,000 or less.   What is the Paycheck Protection Program? The Paycheck Protection Program was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020…

  • IRS Adds New Tech to Balance-Due Notices

    It’s a first for the Internal Revenue Service. The agency is adding barcode technology to the printed notices that are sent to millions of taxpayers that let them know they owe Uncle Sam money. The notices—known as CP14 and CP14 IA notices—inform taxpayers they owe money on unpaid taxes and what their payment options are.…

  • Final Regulations for Business Meals and Entertainment Deductions Now Available

    The Internal Revenue Service closed out September by announcing the publication of final regulations for the business-related entertainment deductions that were removed from section 274 by the Tax Cuts and Jobs Act. Corporations celebrated the new 21 percent tax rate and small businesses took advantage of the section 199A qualified business deduction, but the TCJA…

  • Final Regulations for Estate and Non-Grantor Trust Deductions, 100 Percent Bonus Depreciation

    Anyone who has prepared tax returns professionally knows that change is the rule, not the exception. When tax laws change, the Internal Revenue Service has the unenviable task of making sense of legislation or executive actions that directly impact the tax industry. Yesterday, the IRS announced the publication of two sets of final regulations that…

  • IRS Reminds Taxpayers About Extension Deadline

    The IRS suggests electronic filing and payment options. More than 150 million tax returns have been sent to the Internal Revenue Service, but many taxpayers still need to file for tax year 2019. That’s why the IRS recently reminded taxpayers that the extension deadline is less than a month away. (Those serving in combat zones…

  • More Forms Get Digital Signature OK from IRS

    The Internal Revenue Service has followed through on its promise to add digital signature capability to more tax forms, enabling an additional six forms to use the feature. On Aug. 28, the agency announced it would temporarily allow the use of digital signatures on certain forms that can’t be e-filed. Now, more forms have been…