The IRS announced that it was extending taxpayers’ ability to file a number of forms using electronic signatures due to the pandemic. The limited relief extends the authorization through June 30, 2021.
The IRS finalized proposed rules on the disallowance of deductions for transportation fringe benefits, which was enacted by the law known as the Tax Cuts and Jobs Act.
Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.
The IRS finalized proposed regulations on the qualified plan loan rollover rules amended by the law known as the Tax Cuts and Jobs Act with just one change in response to a comment.
This article offers answers to questions from clients who are concerned about protecting their estate from tax changes that might happen in 2021.
In a letter to Congress, dated Dec. 3, hundreds of national trade associations and their state and regional affiliates asked that legislation be enacted before the end of 2020 reversing the IRS’s position that amounts forgiven in loans under the PPP be nondeductible business expenses.
Two experts look at the issue of the deductibility of expenses paid with PPP loan funds and conclude that they should be deductible.
The IRS announced that it would begin allowing all individual taxpayers to opt in to receive an identity protection personal identification number (IP PIN), beginning in mid-January 2021.
The IRS issued final regulations that define real property for like-kind exchange purposes and what qualifies as incidental personal property that will not disqualify an exchange.
The IRS issued final rules on the Sec. 245A extraordinary disposition rule and the Sec. 951A disqualified basis and disqualified payment rules, as well as reporting requirements to facilitate the rules.