Advice

First, the payment deadline for individual tax returns was extended from April 15, 2020 to July 15, 2020, first announced at a news conference by the Secretary of the Treasury. The first quarter estimated tax payment was also extended to July 15, with the second quarter payment unchanged, for now. Then it was announced that
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The Internal Revenue Service is now accepting email and digital signatures on tax documents to make it easier for tax professionals and taxpayers to communicate with the agency during the novel coronavirus pandemic. The IRS said Monday that, effective immediately, it would “begin temporarily accepting images of signatures (scanned or photographed) and digital signatures on
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The American Institute of CPAs wants the Internal Revenue Service and the Treasury Department to give taxpayers more tax filing and payment relief during the coronavirus pandemic, in addition to the three-month extension until July 15 that has already been announced. The AICPA submitted several priority questions and recommendations for consideration in a letter Thursday
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Health reimbursement arrangements are arrangements in which an employer reimburses employees for medical costs incurred by the employee or individual health insurance premiums for health insurance procured by the employee. When the Patient Protection and Affordable Care Act, or ACA, was enacted in 2010, HRAs were viewed as violating the ACA by putting impermissible limits
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The House passed a massive $2.2 trillion stimulus bill Friday containing tax relief for both businesses and individuals and other stimulus measures in response to the coronavirus pandemic, and President Trump quickly signed it into law. The Senate passed the same far-reaching bill Wednesday (see our story). According to the Washington National Tax Office of
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The Internal Revenue Service is taking a “sweeping series of steps” to assist taxpayers on issues ranging from payment guidelines to compliance actions during the coronavirus outbreak. The changes — part of a new “People First Initiative” — include postponing certain payments related to installment agreements and offers in compromise, and limiting certain enforcement. The
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The Internal Revenue Service is giving foreign banks and financial institutions more time to file their forms about U.S. taxpayers with overseas bank accounts and other holdings in compliance with the Foreign Account Tax Compliance Act, or FATCA, because of the coronavirus pandemic. FATCA was included as part of the HIRE Act of 2010 and
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The filing season, like every part of our lives, has been significantly impacted by the coronavirus. “It was going smoothly at the beginning,” said Roger Harris, president of Padgett Business Services. “It all changed when the virus became not just a daily part of our lives, but almost the entire focus of our lives. We’re
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The National Conference of CPA Practitioners is calling on the Treasury and the Internal Revenue Service to push the federal tax filing and payment deadlines to Oct. 15. On Tuesday, Treasury Secretary Steven Mnuchin announced that the federal government would allow individual taxpayers to defer tax payments of up to $1 million until July 15
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Treasury Secretary Steven Mnuchin tweeted Friday that President Trump has directed him to move Tax Day to July 15, giving taxpayers more time to file their taxes in the midst of the coronavirus pandemic. “At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15,” said Mnuchin (pictured). “All taxpayers and businesses
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