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April 2021 Newsletter

Salvatore Russo discusses, “2020 Filing Deadline for Individuals Extended to May 17”. Brian Whelan takes a look at, “Biden Signs COVID-19 Relief Package”. Thomas Zanata examines, “Experts: IRS Guidance Needed on American Rescue Plan”.

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Salvatore Russo

2020 Filing Deadline for Individuals Extended to May 17

2020 Filing Deadline for Individuals Extended to May 17 The IRS and the Treasury Department have automatically extended the federal income tax filing due date for individuals for the 2020 tax year, from April 15, 2021, to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due […]

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Brian Whelan

Biden Signs COVID-19 Relief Package

Biden Signs COVID-19 Relief Package On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021. Some of the tax-related provisions include the following: 2021 Recovery Rebate Credits of $1,400 for eligible individuals ($2,800 for joint filers) plus $1,400 for each eligible dependent. Credit begins to phase out at adjusted gross income […]

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Thomas Zanata

Experts: IRS Guidance Needed on American Rescue Plan

Experts: IRS Guidance Needed on American Rescue Plan The IRS needs to issue new rules and guidance to implement the American Rescue Plan, experts said on March 11 as President Joe Biden signed his COVID-19 relief measure. “I hope Treasury will say something very soon: FAQs, press release, something. IRS undoubtedly will have to write […]

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Steve Grgas

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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Steve Grgas

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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Steve Grgas

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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Steve Grgas

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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Steve Grgas

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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Steve Grgas

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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