2021-01-13 Notice 2021-7 (Jan. 4, 2021) Due to the COVID-19 pandemic, certain employers and employees who use the automobile lease valuation rule to determine the value of an employee’s personal use of an employer-provided automobile may switch to the vehicle cents-per-mile method. If an employer provides an employee with an automobile that is available to the employee for personal use, the value of the personal use must be included in…
2021-01-06 Under the original CARES Act an employer could not receive both a PPP loan and an Employee Retention Tax Credit (ERTC, up to $5,000 per employee). Congress changed that so that you can obtain both. Up to $10,000 wages (including certain health plan costs) for each employee can be counted to determine the amount of the ERTC credit. This credit can apply to wages paid after March 12, 2020.…
2020-12-22 The IRS on-line EIN service will be unavailable from approximately 5 p.m. Eastern time on Wednesday, Dec 23, 2020, until approximately 7 a.m. Eastern time on Monday, January 4, 2021, due to planned maintenance.
2020-12-19 The CARES Act added a new, temporary exception to the early distribution penalty onretirement plans that is very narrowly construed to COVID illness and business disruptions. The previously existing exceptions to early distribution penalties for IRA’s and/or other qualified retirement plans were not affected and are still available under existing law.
2020-12-16 https://www.irs.gov/coronavirus/mailing-of-irs-notices-delayed-due-to-ongoing-pandemic Due to the volume of notices that needed to be printed and mailed after the IRS restarted issuing notices and due to the ongoing impact of the pandemic, the IRS continues to experience delays mailing backlogged notices to taxpayers. This delay impacts some, but not all, IRS notices dated from November 9 – November 23rd. The impacted notices are those requesting payment for tax owed or notifying taxpayers…
2020-12-11 The December 9, 2020, memorandum extends the approval period to deviate from IDR enforcement procedures and applies to the IDR enforcement process for taxpayers who are unable, due to the COVID-19 pandemic, to respond timely to an IDR. Notwithstanding this deviation, managers retain the discretion to continue with the IDR enforcement process when in their judgment the interests of tax administration warrant, for example cases with short statues or…
2020-12-11 An IRS memorandum dated October 16, 2020, rescinded and replaced Interim Guidance memorandum SBSE 05-1020-0080. Taxpayer Contact - Face-to-face public contact/field activities will only occur in exceptional cases, will not be routine or regularly occurring activities, and will be voluntary on the part of the IRS employee. Revenue Officers (ROs) may conduct face-to- face contacts and other field activities with the taxpayer, the taxpayer’s authorized representative or other members…
2020-12-11 IRS Agenda - Vertical Classic IR-2020-248, Nov. 2, 2020 The RIS announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. Taxpayers who owe always had options to seek help through payment plans and other tools from the IRS, but the new IRS Taxpayer Relief Initiative is expanding on those existing tools even more. Taxpayers who qualify…
2020-12-04 T.D. 9935; IR-2020-262 As of January 1, 2018, the 2017 Tax Cuts and Jobs Act (TCJA) limited like-kind exchange treatment to exchanges of real property, and exchanges of personal or intangible property such as vehicles, artwork, collectibles, patents, and other intellectual property generally do not qualify for nonrecognition of gain as like-kind exchanges. Section 1031 does not provide a definition for the term “real property.” Under the final regulations,…
2020-12-03 IRS Tax Tip 2019-94, July 17, 2019 https://www.irs.gov/newsroom/heres-how-individual-taxpayers-can-view-their-tax-account-info Taxpayers with questions about their federal tax accounts can hop over to IRS.gov for answers. Individual taxpayers can login to the View Your Account Information page to view specific details about their federal tax account information. Taxpayers can view: Their payoff amount, which is updated for the current day.The balance for each tax year for which they owe taxes.Their payment history.Key…