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Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More


IRS Announces New Online Tools to Help Taxpayers Manage Child Tax Credit Payments

The IRS has announced the launch of two new online ... Read More


No Surprise Billing Act Interim and Proposed Regulations

The Departments of the Treasury, Labor, and Health and Human Services ... Read More


IRS 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 ... Read More


Treasury Secretary Yellen Addresses Support for Corporate Global Minimum Tax

Secretary of the Treasury Janet L.Yellen addressed the support ... Read More


IRS Provides Answers to Question Pertaining to Treasury Grants and Related Taxes

The IRS has provided answers to questions that certain ... Read More


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Penalty Relief for Certain Pass-through Forms

By: Salvatore Russo, CPA, Partner

 

Salvatore Russo, CPA, PartnerPartnerships, 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 Tax Return for an S Corporation, and
  • Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships.
The IRS also released new draft instructions for Schedules K-2 and K-3. Comments are requested.
Gleckman claimed a new form this late in the tax season is unlikely. ... Read More




Farm NOL Election Procedures Provided

By: Brian Whelan, CPA, Partner

 

Brian Whelan, CPA, PartnerThe 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 of which consists of a farming loss (farming loss NOLs). The procedure is effective on the date of its release, June 30, 2021.

Specifically, the procedure:

  • prescribes when and how to make an election with regard to all NOLs of the taxpayer, regardless of whether the NOL is a farming loss NOL;
  • provides that a taxpayer is treated as having made a deemed election under Act Sec. 2303(e)(1) of the CARES Act if the ... Read More




IRS Highlights Website and Online Tools

By: Angelica Farrell, CPA, Tax Manager

 

Angelica Farrell, CPA, Tax ManagerTThe 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 File tool. Further, taxpayers can view, download or print tax products, and do the following:

Use the "File" tab on the home page for most federal income tax needs. Access the Interactive Tax Assistant tool that can answer many tax law questions. See their tax account with the View Your Account tool. With this, they can find information such as a payoff amount, the balance for each tax year owed, up to 24 months of their payment history and key information from their current tax year ... Read More




    



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