Payroll taxes make up about 2/3 of the IRS' annual revenue. With the COVID-19 pandemic sweeping the globe and unemployment at an all-time high, the IRS is expecting a significant decline in this revenue, meaning after the panic has ended, they will need to replenish...
Generally, taxpayers who owe from previous tax years can file an amended return and send a check to cover the missed bill. The harm that taxpayer faces depends on the details, but generally equates to a relatively small interest penalty. Unfortunately, in light of...
The coronavirus is shutting down businesses throughout the country. Health care experts are recommending precautions to help curb the spread of the disease. One recommendation: social distancing.This safety measure is not always possible, especially for those who are...
With the country in a time of crisis, the IRS is stepping up, extending more tax deadlines not only for individuals but also companies, trusts, estates, corporations, and others to help provide both individuals and entities with the added time they need to file and...
In the wake of the COVID-19 pandemic, the Internal Revenue Service has created a program designed to assist people who may be having challenges with filing their taxes during this uncertain time. The program, called the IRS People First Initiative, will include a...
The government requires that all employers file and pay their taxes in a timely manner. This includes making federal tax deposits and filing an annual 940 or 940EZ, filing quarterly 941 forms, filing annual 945 forms, and filing annual W-2 wage and tax statements for...
IRS Updates on Treatment of Virtual CurrencyWhile continuing to treat virtual currency as a capital asset, in Notice 2014-21, 2014-16 IRB 938, the IRS speaks to its equivalent value in real currency and its treatment. On October 9, 2019, the IRS issued Rev Rul...
Repeated Bankruptcies Extend Length Of Non-Dischargability. A bankruptcy court in Oklahoma found that the three-year look-back period during which tax debts are not dischargeable extended for the times a taxpayer filed previous bankruptcies. (Nachimson, (Bktcy Ct OK...
IRS Enforces Stock-Based Compensation Rule. The Large Business and International Division formally withdrew its Cost-Sharing Arrangement Stock-Based Compensation Directive dated January 12, 2018 and provided new instructions for examiners on transfer pricing issue...
Maryland residents who have unresolved tax issues may benefit from using the services of both accountants and attorneys. The services that they offer complement each other. In many cases, both the client and the accountant benefit from working with an...
