The IRS finalized proposed regulations on withholding from transfers of partnership interests to foreign persons and the definition of effectively connected income for those purposes.
Tax practitioners have expressed concerns that they will not be able to meet upcoming Oct. 15 tax filing deadline for a variety of reasons related to the global pandemic.
The IRS announced that it was extending the deadline from Oct. 15 to Nov. 21 at midnight for certain individuals to enter their information on the Non-Filers: Enter Payment Info Here tool on the IRS website to receive the $1,200 stimulus payment due to individual taxpayers.
The IRS extended the due date for furnishing Form 1095-B and 1095-C health care coverage information returns to individuals from Jan. 31, 2021, to March 2, 2021. The date for filing them with IRS has not been extended.
Eligible individuals with disabilities received guidance from the IRS on the rules regarding ABLE accounts. Tax-favored ABLE accounts allow eligible individuals to save money to meet qualified disability expenses.
The IRS finalized rules implementing provisions of the law known as the Tax Cuts and Jobs Act, disallowing deductions for most business entertainment expenses and distinguishing them from business food and beverage expenses that remain deductible.
The IRS issued final regulations providing guidance on withholding federal income tax from employees’ wages under changes enacted in the Tax Cuts and Jobs Act.
The IRS issued final and proposed regulations covering a wide variety of issues involving deductions and credits for foreign taxes.
New simplified accounting rules for small businesses do not apply to tax shelters — and the definition of a tax shelter can cause problems for businesses with large deductions or losses during a tax year.
For tax returns with a Sept. 15 due date that were affected by an e-filing software outage, the IRS will treat a return and any elections that were filed with that return as timely filed if the taxpayer successfully e-filed the return and any elections by Sept. 17, 2020.