Law360 (March 24, 2023, 8:25 PM EDT) -- The Internal Revenue Service would likely impose more civil penalties on taxpayers than it does now if the Biden administration's recently revived proposal to change requirements for supervisory approval of penalties at the...
In (IR 2022-162, 9/21/2022; Chief Counsel Advice 202237010) the IRS noted that many PPP loan recipients who received loan forgiveness were qualified and used the loan proceeds properly to pay eligible expenses. However, the IRS has discovered that some recipients who...
The Internal Revenue Service (IRS) recently announced that it will provide penalty relief to qualifying taxpayers who filed late taxes for the 2019 and 2020 tax years. The agency explained that the move is part of the agency’s broader plan to use recent funding to...
2021 Tax Season Begins 1/24: IRS says it has updated its programming to accommodate recipients of advance child tax credit (CTC) payments and those eligible for “recovery rebate credit.” (IR 2022-8, 1/10/22) US Supreme Court & Timing of USTC Petition: Petitioner...
No doubt, the pandemic had an unfortunate economic impact on individuals and businesses alike, causing them to struggle to pay taxes owed to the The People First Initiative did provide relief for about 3 ½ months as the IRS paused enforcement pursuits, such as filing...
Tax Professionals & Data Safeguards. It is part of Circular 230 and in a Tax Tip, the IRS restates that data security measures should be reviewed before year end and provides a data security check list with basic steps they to be taken for their and their client’s...
According to the U.S. Government Accountability Office, the IRS shut down most office activities between March and July 2020 to protect its employees from COVID19. It also halted all in-person enforcement activities, including the mail service. Over several months,...
Historic Gross Receipts Permitted. IRC 165, PLR 202140002: IRS allows for the inclusion/consideration of historic gross receipts of stated foreign sub into account for purposes of computing Code Sec. 165(g)(3)(B)'s “more than 90% gross receipts test” by holding co....
The cost of home testing for COVID-19 and personal protective equipment considered medical expenses within meaning of Code Sec. 213(d) are eligible to be paid or reimbursed under various FSAs, HRAs, and HSAs. This means these costs can be paid or reimbursed by the...
How Much Can Taxpayers Rely on IRS? Acting IRS Chief Counsel William M. Paul said at the NYU conference recently, "IRS is comfortable with the view that if a taxpayer relies in good faith on an FAQ and that reliance is reasonable under all the facts and circumstances,...