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Thomas Zanata

IRS Addresses Queries on COVID-19 Economic Impact Payments; No Return Required for Certain Social Security Recipients

IRS Addresses Queries on COVID-19 Economic Impact Payments; No Return Required for Certain Social Security Recipients The IRS announced on March 30 that distribution of economic impact payments in response to the coronavirus (COVID-19) pandemic would begin in the next three weeks. On April 1, the Treasury Department clarified that Social Security and Railroad Retirement […]

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Angelica Farrell

Due Dates Extended for Additional Filings and Payment Obligations

Due Dates Extended for Additional Filings and Payment Obligations The Treasury Department and IRS have provided a notice with additional relief for taxpayers, postponing until July 15, 2020, a variety of tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020. Associated interest, additions to tax, and penalties […]

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Thomas Zanata

Proposed Regs to Clarify Miscellaneous Deductions of Estate, Non-Grantor Trust

Proposed Regs to Clarify Miscellaneous Deductions of Estate, Non-Grantor Trust The IRS has released proposed regulations clarifying that the following deductions allowed to an estate or non- grantor trust are not miscellaneous itemized deductions: costs paid or incurred in connection with the administration of an estate or non-grantor trust that would not have been incurred […]

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Thomas Zanata

Proposed Regulations Address Deductibility of Fines and Penalties

Proposed Regulations Address Deductibility of Fines and Penalties The IRS has released proposed regulations that address changes made to Code Sec. 162(f) by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The proposed regulations provide operational and definitional guidance on the deductibility of fines and penalties paid to governmental entities. TCJA ChangesUnder amended Code Sec. 162(f), businesses […]

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Thomas Zanata

Simplified Procedures for Nonfilers to Receive Economic Impact Payments

Simplified Procedures for Nonfilers to Receive Economic Impact Payments Eligible individuals who are not otherwise required to file federal income tax returns for 2019 may use a new simplified return filing procedure to make sure they receive the Economic Impact Payments (EIPs) provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136). […]

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