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...

Guidance on Temporary Full Deduction for Business Meals

May 28, 2021 | Taxes

The IRS has provided guidance related to the temporary 100-percent deduction for business meals provided by a restaurant. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 ( P.L. 116-260) temporarily increased the deduction from 50 percent to 100 percent for...

COBRA Premium Assistance Guidance

May 28, 2021 | Healthcare

The U.S. Department of Labor has published a new webpage with guidance implementing the Continuation of Health Coverage premium assistance provisions of the American Rescue Plan (ARP), to provide full COBRA premium assistance to certain individuals who experienced a...

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...

Cash Rewards for Money Order, Debit Card Purchases Included in Income

Apr 30, 2021 | Taxes

The Tax Court ruled that rewards dollars that a married couple acquired for using their American Express credit cards to purchase debit cards and money orders—but not to purchase gift cards—were included in the taxpayers’ income. The court stated that its holdings...

Lenders Notified to File Corrected Forms 1099-MISC to Exclude Subsidized Loan Payments

Mar 30, 2021 | Taxes

The IRS has announced that lenders who had filed or furnished Form 1099-MISC, Miscellaneous Information, to a borrower, reporting certain payments on loans subsidized by the Administrator of the U.S. Small Business Administration (Administrator) as income of the...