August 15, 2021
Andrew Presti
Blog Posts
0 CommentsIRS Announces New Online Tools to Help Taxpayers Manage Child Tax Credit Payments The IRS has announced the launch of two new online tools to help families verify, manage and monitor monthly payments of child tax credits under the American Rescue Plan Act (ARP) (P.L. 117-2). These are in addition to the Non-filer Sign-up tool […]
Read more
August 15, 2021Salvatore RussoBlog Posts0 CommentsPenalty Relief for Certain Pass-through Forms Partnerships, S corporations, and U.S. persons with interests in foreign partnerships may rely on transition relief from penalties for tax years beginning in 2021 with respect to new Schedules K-2 and K-3. These schedules may be required for: Form 1065, U.S. Return of Partnership Income, Form 1120-S, U.S. Income […]
Read moreAugust 15, 2021Andrew PrestiBlog Posts0 CommentsNo Surprise Billing Act Interim and Proposed Regulations The Departments of the Treasury, Labor, and Health and Human Services (the Departments), have issued interim final rules and identical proposed regulations to implement provisions of the No Surprises Act. On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA), which included the No Surprises Act, was […]
Read moreAugust 15, 2021Andrew PrestiBlog Posts0 CommentsIRS Issues Proposed Electronic Filing Requirements for Specified Returns and Other Documents The IRS has proposed regulations that would amend the rules for filing electronically and affects persons required to file partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, certain information returns, registration statements, disclosure statements, notifications, actuarial reports, […]
Read moreAugust 15, 2021Andrew PrestiBlog Posts0 CommentsTreasury Secretary Yellen Addresses Support for Corporate Global Minimum Tax Secretary of the Treasury Janet L.Yellen addressed the support for a global minimum tax for corporations at a press conference at the close of the G20 Finance Ministers and Central Bank Governors Meetings, on July 11, 2021, see https://home.treasury.gov/news/press-releases/jy0270. Secretary Yellen stated that now 132 countries, […]
Read more
August 15, 2021Brian WhelanBlog Posts0 CommentsFarm NOL Election Procedures Provided The IRS has provided a procedure for making elections and revocations under Act Sec. 2303(e) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ( P.L. 116-136) for taxpayers with a net operating loss (NOL) for any tax year beginning in 2018, 2019, or 2020, all or a portion […]
Read moreAugust 15, 2021Andrew PrestiBlog Posts0 CommentsIRS Provides Answers to Question Pertaining to Treasury Grants and Related Taxes The IRS has provided answers to questions that certain transportation companies may have regarding Treasury grants and related taxes, https://www.irs.gov/newsroom/coronavirus-economic-relief-for-transportation-services-certs-frequently-asked-questions. These companies must largely prioritize the use of the grants for payroll costs, though grants may be used for operating expenses, including the acquisition […]
Read more
August 13, 2021Angelica FarrellBlog Posts0 CommentsIRS Highlights Website and Online Tools The IRS reminded taxpayers that their website ( www.irs.gov) provides millions of visitors with the answers they need to fit their busy summer schedules. Taxpayers who requested an extension to October 15 or missed the May 17 deadline can still prepare and e-file tax returns for free with the IRS Free […]
Read more