IRS Issues Proposed Electronic Filing Requirements for Specified Returns and Other Documents

Aug 10, 2021 | IRS, Taxes

The IRS has proposed regulations that would amend the rules for filing electronically and affects persons required to file partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, certain information returns,...

Supreme Court Rejects Affordable Care Act Challenge

Jul 29, 2021 | ACA, IRS

The Supreme Court has reversed and remanded California v. Texas, holding that the Plaintiffs do not have standing to challenge the Patient Protection and Affordable Care Act’s (ACA) minimum essential coverage provision. In 2010, ACA, under the newly added Code Sec....

Child Tax Credit Letters Being Sent

Jul 29, 2021 | IRS, Taxes

The IRS has started sending letters to over 36 million families who, based on tax returns filed, may be eligible to receive monthly child tax credit payments starting July. Eligibility of these families are being evaluated based on information provided by taxpayers in...

American Rescue Plan Tax Credit FAQs

Jul 29, 2021 | IRS, News

The IRS issued two new, separate sets of frequently-asked-questions (FAQs) to assist families and small and mid-sized employers) in claiming credits under the American Rescue Plan (ARP). These FAQs provide information on eligibility, computing the credit amounts and...

IRS Extends Federal Tax Filing and Payment Deadlines for Certain Taxpayers Affected by COVID-19

May 28, 2021 | COVID-19, IRS, Taxes

The IRS has postponed the federal tax filing and payment deadlines, and associated interest, penalties, and additions to tax, for certain taxpayers who have been adversely affected by the Coronavirus Disease 2019 (COVID-19) pandemic. For individual taxpayers, the...

IRS Unopened Mail Backlog is Gone, Says Rettig

Apr 30, 2021 | IRS, Taxes

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...