IRS
IRS Offers Guidance for Employee Retention Credit and PPP Eligibility Rules
For 2020, the employee retention credit can be claimed by employers who paid qualified wages after March 12, 2020, and before January 1, 2021, and who experienced a full or partial suspension of their operations or a significant decline in gross receipts.
IRS Interest Rates Stay Same for Q2 2021
The Internal Revenue Service says that interest rates will remain the same for the calendar quarter beginning April 1, 2021. The rates will be: 3% for overpayments [2%t in the case of a corporation]; 0.5%for the portion of a corporate overpayment exceeding $10,000; 3% for underpayments; and 5% for large corporate underpayments. Under the Internal […]
Businesses Reminded to Report Large Cash Transactions
To help businesses prepare and file reports, the IRS created a video on How to Complete Form 8300 – Part I, Part II. The short video points out sections of Form 8300 for which the IRS commonly finds mistakes and explains how to accurately complete ...
Don’t Leave Money on the Table: Employee Retention Credit Modified and Extended
Good news for small business owners! The Consolidated Appropriations Act, signed into law on December 27, 2020, has expanded and clarified CARES Act benefits for employers.
IRS Still Working on Last Year’s Tax Returns, May Extend 2021 Tax Deadline
Amid recent requests by the AICPA and National Association of Tax Professionals that the IRS extend the 2021 income tax filing season, millions of Americans are still challenged by a backlog at the IRS of income tax returns from last year.
National Association of Tax Professionals Asks IRS to Extend 2021 Tax Season
NATP recently surveyed tax pros to find out what their preference for the 2021 Tax Day would be. More than 70% of respondents indicated their support of a filing date later than the current April 15.
AICPA Says IRS Needs to Give Penalty Relief to Taxpayers Affected by Pandemic
Though the IRS has emphasized that taxpayers and tax professionals should assume that the deadline will remain, it has also been reported that the IRS will not commit to keeping an April 15 filing deadline if Congress approves another round of economic...
AICPA Comments on Adjustments Attributable to Conversions from S Corps to C Corps Under TCJA
The American Institute of CPAs (AICPA) submitted comments to the Internal Revenue Service (IRS) to address the need for guidance concerning adjustments attributable to conversions from S corporations to C corporations under section 481(d) of the TCJA...