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Temporary, Proposed Regs Authorize Assessment of Erroneous Refund of COVID-19 Employment Tax Credits

bwhelan

Temporary, Proposed Regs Authorize Assessment of Erroneous Refund of COVID-19 Employment Tax Credits

Temporary, Proposed Regs Authorize Assessment of Erroneous Refund of COVID-19 Employment Tax Credits The IRS has issued temporary and proposed regulations that authorize the assessment of any erroneous refund of the COVID-19 employment tax credits which were added by the American Rescue Plan Act of 2021 ( P.L. 117-2). These credits for certain wages paid by […]

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ekoumniotes

Qualified Sick and Family Leave Wages Reporting Guidance Issued

Qualified Sick and Family Leave Wages Reporting Guidance Issued The IRS and the Treasury Department have issued guidance to employers about reporting the amount of qualified sick and family leave wages paid to employees for leave taken in 2021 on Form W-2, Wage and Tax Statement. Further, the notice provides guidance under recent legislation, including: the […]

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tzanata

IRS Reminder for Classification of Workers as Employees or Independent Contractors

IRS Reminder for Classification of Workers as Employees or Independent Contractors The IRS has emphasized the importance of correctly determining whether the individuals providing services to businesses were employees or independent contractors. Generally, an employee performs services that businesses control. Independent contractors offer their services to the public. Businesses have a right to control the […]

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aaguanno

2021-2022 Special Per Diem Rates Released

2021-2022 Special Per Diem Rates Released The IRS has released the 2021-2022 special per diem rates. Taxpayers use the per diem rates to substantiate certain expenses incurred while traveling away from home. These special per diem rates include: the special transportation industry meal and incidental expenses (M&IE) rates; the rate for the incidental expenses only […]

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aaguanno

Final Foreign Partner Withholding Regulations To Be Deferred Until 2023

Final Foreign Partner Withholding Regulations To Be Deferred Until 2023 The IRS has announced that it intends to defer until 2023 the applicability of certain final regulations under Code Sec. 1446(a) and (f) relating to withholding of tax on foreign partners’ share of effectively connected income. Withholding Provisions on Transfers of Interests in Publicly Traded Partnerships DeferredThe amendments will […]

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aaguanno

IRS Reminds Taxpayers to File and Pay 2020 Tax Returns by October 15 Due Date

IRS Reminds Taxpayers to File and Pay 2020 Tax Returns by October 15 Due Date The IRS has reminded taxpayers to file their 2020 tax returns by the upcoming October 15, 2021 due date. Taxpayers must file on or before the extension deadline to avoid the penalty for filing late if they request an extension. […]

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aaguanno

Taxpayers Urged to Develop Emergency Preparedness Plans for Surviving Natural Disasters

Taxpayers Urged to Develop Emergency Preparedness Plans for Surviving Natural Disasters The IRS has reminded taxpayers to develop emergency preparedness plans due to the upcoming hurricane season and the ongoing threat of wildfires in some parts of the country. September is declared as the National Preparedness Month. Further, the IRS advised taxpayers to: secure critical […]

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aaguanno

Use of E-Signatures Approved for Certain Forms

Use of E-Signatures Approved for Certain Forms The IRS has allowed taxpayers to use electronic or digital signatures on certain paper forms they cannot file electronically. The Service has balanced the e-signature option with critical security and protection needed against identity theft and fraud. The IRS will accept a wide range of electronic signatures. Acceptable […]

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aaguanno

Tax Court Had Jurisdiction Over Innocent Spouse Case

Tax Court Had Jurisdiction Over Innocent Spouse Case The Tax Court had jurisdiction to determine the appropriate relief available to an individual who sought innocent spouse relief for two tax years at issue. Initially, the taxpayer submitted a request for innocent spouse relief for one tax year, which the IRS denied in a final determination. […]

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afarrell

2021 Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued

2021 Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2021 and the lease inclusion amounts for business vehicles first leased in 2021. Luxury Passenger Car Depreciation CapsThe luxury car depreciation caps for a passenger car placed in service […]

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