ETAAC Calls for Fully Funding IRS
A new report to Congress from one of the Internal Revenue Service’s advisory panels is calling for the government to do something unusual: Fully fund the IRS budget request.…
More Tax Relief for Tornado Victims
The Internal Revenue Service is giving tornado, thunderstorm and flooding victims in three states extra time to file their various tax returns and make tax payments.Severe storms raked parts of…
IRS Unveils New Relief for COVID-19 Retirement Borrowers
The COVID-19 pandemic has forced millions of Americans to take extraordinary steps just to stay afloat financially. For those taxpayers who might want to take distributions against their retirement plans or even borrow against their plans, the IRS has announced new relief.…
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IRS Alert: EIPs Do Not Belong to Recipients’ Nursing Home, Care Center
The Internal Revenue Service is making it clear to nursing homes and other care facilities that they have no right to appropriate the economic impact payments (EIPs) of their elderly patients.…
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IRS Now Processing Forms 8655
The Internal Revenue Service announced that have resumed processing Forms 8655 in a recent update for reporting agents.…
IRS Says Modernized e-File Unavailable During Extended Maintenance
Tax professionals planning to use the IRS Modernized e-File (MeF) system this weekend to file a stack of returns for their clients may have to send them to the Internal Revenue Service at a different time. The…
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TIGTA Says IRS Should Act on Preparers with Overdue Returns, Debts
A new report from the Treasury Inspector General for Tax Administration (TIGTA) finds that a number of tax preparers are themselves classified as non-compliant, but in many cases, the Internal Revenue Service has not acted to recoup the outstanding tax due.…
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Treasury Updates PPP Regulations
Before the ink dried on the latest COVID-relief legislation, tax pros and small business owners alike had questions about the Paycheck Protection Program Flexibility Act. Despite being designed to expand access to the PPP loan, the bill included a change that seemed to eliminate partial loan forgiveness.…
AICPA Seeks Permanent Guidance on e-Signatures
While the pandemic has led the IRS to temporarily allow its employees to accept e-signatures on documents related to examination and collection of tax liabilities, AICPA believes the IRS should expand e-signature relief and make it permanent.…
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IRS Has Answers for Taxpayers Getting EIP Cards
If any of your clients are one of the 4 million filers set to receive their Economic Impact Payment as a Visa prepaid debit card, they may be interested in one of the latest Internal Revenue Service press releases.…
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