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Author Archive for Steve Grgas

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Guidance for Claiming Employee Retention Credit in Third and Fourth Quarters of 2021

Guidance for Claiming Employee Retention Credit in Third and Fourth Quarters of 2021 The IRS has issued guidance for employers claiming the employee retention credit under Code Sec. 3134, enacted by section 9651 of the American Rescue Plan Act of 2021 (ARP), P.L. 117-2, which provides a credit for wages paid after June 30, 2021, and before […]

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Strengthening Tax Breaks to Promote Manufacturing Gets Bipartisan Support

Strengthening Tax Breaks to Promote Manufacturing Gets Bipartisan Support Strengthening tax breaks to promote manufacturing received strong bipartisan support at a Senate Finance Committee hearing on March 16. Creating new incentives and making temporary ones permanent are particularly critical for helping American competitiveness in semiconductors, batteries and other high-tech products, Senate Banking Chair Ron Wyden […]

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IRS Unopened Mail Backlog is Gone, Says Rettig

IRS Unopened Mail Backlog is Gone, Says Rettig IRS Commissioner Charles “Chuck” Rettig told Congress on February 23 that the backlog of 20 million unopened pieces of mail is gone. “There were trailers in June filled (with unopened paper returns). There are none today,” Rettig said in an appearance before the House Appropriations Committee Financial […]

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Cash Rewards for Money Order, Debit Card Purchases Included in Income

Cash Rewards for Money Order, Debit Card Purchases Included in Income The Tax Court ruled that rewards dollars that a married couple acquired for using their American Express credit cards to purchase debit cards and money orders—but not to purchase gift cards—were included in the taxpayers’ income. The court stated that its holdings were based […]

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National Virtual Settlement Days Announced

National Virtual Settlement Days Announced The IRS Office of Chief Counsel has embarked on its most far-reaching Settlement Days program by declaring the month of March 2021 as National Settlement Month. This program builds upon the success achieved from last year’s many settlement day events while being shifted to virtual format due to the pandemic. […]

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Individual Not Entitled to Innocent Spouse Relief

Individual Not Entitled to Innocent Spouse Relief An individual who owned a limited liability company (LLC) with her former spouse was not entitled to relief from joint and several liability under Code Sec. 6015(b). The taxpayer argued that she did not know or have reason to know of the understated tax when she signed and […]

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Penalty Not Timely Approved by Revenue Agent’s Supervisor

Penalty Not Timely Approved by Revenue Agent’s Supervisor A married couple’s civil fraud penalty was not timely approved by the supervisor of an IRS Revenue Agent (RA) as required under Code Sec. 6751(b)(1). The taxpayers’ joint return was examined by the IRS, after which the RA had sent them a summons requiring their attendance at […]

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New Form for Self-Employed COVID-19 Leave Credits

New Form for Self-Employed COVID-19 Leave Credits The IRS has released new Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. The form allows eligible self-employed individuals to calculate the amount to claim for qualified sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA) ( P.L. […]

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Coronavirus-Related Distributions and Plan Loan Guidance

Coronavirus-Related Distributions and Plan Loan Guidance The IRS has issued guidance on coronavirus-related distributions and plan loans. The guidance presents the rules set out in Act Sec. 2202 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136); adds three new categories to the list of individuals who qualify due to adverse financial […]

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