IRS NOT SEIZING MOST STIMULUS CHECKS
IRS not seizing most stimulus checks. The Internal Revenue Service won’t take a taxpayer’s refund money to pay off any federal debts they owe if that taxpayer claims a 2020 stimulus payment on their tax return, according to a consumer watchdog inside the tax collection agency. This policy change provides “a needed lifeline to the […]
AMERICAN RESCUE ACT PART ONE
American rescue act part one. The House of Representatives passed the American Rescue Plan Act, H.R. 1319 by a vote of 220-211. It was then signed into law by President Biden. Among the Act’s many provisions are several tax items. Most of the tax provisions that were in the House version of the bill were […]
TAX FILING DELAY SHOULD BE LONGER
Tax filing delay should be longer. Many tax professionals welcomed the Internal Revenue Service stating it was going to hold off on the April 15th tax filing deadline and payment deadline until May 17th, 2021, but stated that the date should have been set back even further, given the circumstances surrounding the COVID-19 crisis, and […]
IRS ISSUES CORPORATE ALERT
IRS issues corporate alert. IRS officials issued an alert concerning amended returns and claims for the Domestic Production Deduction. This provision of tax law repealed as part of the Tax Cuts and Jobs Act for taxable years after December 31, 2017. In the wake of the repeal, the IRS has received a wave of questionable […]
CALLS TO DELAY THE TAX FILING DEADLINE
Calls to delay the tax filing deadline. Various accounting organizations and leaders of the House Ways and Means Committee are calling for extending the tax filing deadline to give the American taxpayer, the IRS, and accounting professionals an extra three months. Delays at the IRS, due to an increased work load are only one of […]
