Treasury, IRS release latest state-by-state Economic Impact Payment figures for May 22, 2020

IR-2020-101, May 22, 2020 — The Treasury Department and the IRS today released updated state-by-state figures for Economic Impact Payments reflecting the opening weeks of the program.

IRS.gov helps taxpayers get tax information they need; find tools for filing, paying, checking accounts and answering questions

IR-2020-99, May 21, 2020 — The IRS reminds taxpayers today about several online tools available to help them get the tax information they need as the IRS has limited operations due to the coronavirus.

IRS Nationwide Tax Forums go virtual in 2020

IR-2020-100, May 21, 2020 — The IRS today announced the 2020 IRS Nationwide Tax Forums will be held virtually in 2020 with a series of live-streamed webinars beginning this July.

A Wave of Small Business Closures Is on the Way. Can Washington Stop It?

Bipartisan proposals address weaknesses of a hastily passed aid program.

How the Pandemic Splintered the Appalachian Trail

The coronavirus scuttled plans and forced officials to ask people to get out of the woods. Of the thousands who hoped to hike the trail this year, only a few hundred remain.

HSA contribution limits increase for 2021

The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.

Andy Keyso named Chief of IRS Independent Office of Appeals

IR-2020-98, May 20, 2020 — The Internal Revenue Service announced today that Andy Keyso has been selected to serve as the Chief of the IRS Independent Office of Appeals.

Is a Pandemic the Right Time to Start a Business? It Just Might Be

Previous financial crises gave rise to high-profile American companies. The spread of the coronavirus challenges entrepreneurs to meet new needs.

Say Hello to That New Spin Studio and Goodbye to Your Child Care

We’ve long failed to fund the child care sector like the public good that it is. Now it’s on the brink of collapse.

IRS mobilizing 3,500 phone operators to answer stimulus questions

With many taxpayers still having problems using the Internal Revenue Service’s “Get My Payment” website, the IRS announced that it is mobilizing 3,500 telephone representatives to answer some of the most common questions about economic impact payments.

Keeping Your Business Going May Mean Both Growing and Shrinking

For some companies, like Mike’s Organic Delivery, embracing higher demand without changing their core strategy is the key to survival.

IRS adds phone operators to answer Economic Impact Payment questions

IR-2020-97, May 18, 2020 — Today, the Internal Revenue Service is starting to add 3,500 telephone representatives to answer some of the most common questions about Economic Impact Payments.

‘A Big Decision’: Firms Weigh Returning Federal Aid

A sporting goods manufacturer and a software developer both got stimulus loans. After a backlash, they were among the hundreds of companies facing a new question: Should we give the money back?

Few Minority-Owned Businesses Got Relief Loans They Asked For

The Paycheck Protection Program and other federal efforts largely neglected them, a survey commissioned by two equal-rights groups found. Nearly half the respondents expect to close permanently.

Emergency Paid Leave Helps Some Families, Leaves Others Adrift

After years of lobbying for a federal paid family leave policy, coronavirus has forced the issue — but it’s just a stopgap.

IRS posts FAQs on paid COVID-19-related sick and family leave

Employer tax credits for small businesses are provided under the Families First Coronavirus Response Act.

IRS explains how nonfilers can receive economic impact payments

Individuals not required to file a return can use a tool on the IRS website or file a special 2019 return.

New conflict-of-interest guidelines for tax services

AICPA rules are expanded to cover situations that arise in all tax services, not just federal tax services.

IRS grants relief for COVID-19 disruptions on tax residency

Time rules are eased for the substantial presence test for foreign citizens in the US and the foreign earned income exclusion for US citizens abroad.

Deducting home office expenses

Help tax clients fulfill exacting requirements.

COVID-19 tax guidance for businesses

The IRS provided guidance on how businesses can take advantage of CARES Act tax provisions.

IRS expands partner materials for Economic Impact Payments; continues sweeping effort to share details in multiple languages

IR-2020-96, May 15, 2020 — The Internal Revenue Service announced today the availability of additional material for partner groups sharing information related to Economic Impact Payments, including a new toolkit in Spanish and a variety of other print and visual items available.

Treasury Eases Terms for Small Businesses to Convert Loans to Grants

A fact sheet released on Friday said businesses could get forgiveness without rehiring all their employees if the layoffs occurred early on during the lockdowns.

How Wall Street Is Hampering Some Small Businesses Seeking Aid

To get government help, some owners who borrowed money from credit funds and bond investors had to fight their lenders first.

Final regs. clarify when interest in corporation is stock vs. debt

The IRS has issued final regulations addressing when certain related-party interests in corporations should be treated as stock vs. debt.

Proposed rules govern deductions and reporting for restitution

The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act.

IRS allows midyear changes to health coverage, dependent care elections

In response to the coronavirus pandemic, the IRS is allowing employers to permit their employees to change their health coverage elections or dependent care elections during the year and is extending the carryover period for health flexible spending arrangement (FSA) expenses.

IRS provides tax relief through increased flexibility for taxpayers in section 125 cafeteria plans

IR-2020-95, May 12, 2020 — The Internal Revenue Service today released guidance to allow temporary changes to section 125 cafeteria plans.

IRS provides guidance on the deductibility and reporting of certain amounts paid to, or at the direction of, governments

IR-2020-94, May 12, 2020 — The Internal Revenue Service today issued proposed regulations under the Tax Cuts and Jobs Act (TCJA) that provide guidance to taxpayers and governments with respect to fines, penalties and certain other amounts.

Why the Economic Impact Payment amount could be different than anticipated

IR-2020-93, May 11, 2020 — The IRS and Treasury have successfully delivered nearly 130 million Economic Impact Payments to Americans in less than a month, and more are on the way.

Taxpayers must act soon for direct deposit of stimulus payments

The IRS announced that taxpayers for whom the Service does not have direct deposit information should go to its “Get My Payment” website and enter that information by noon on Wednesday, May 13, so they can receive their stimulus payments electronically.

Trusts and estates are permitted certain deductions

The IRS issued proposed regulations to clarify that certain deductions are allowed to an estate or nongrantor trust because they are not miscellaneous itemized deductions.

Act by Wednesday for chance to get quicker Economic Impact Payment; timeline for payments continues to accelerate

IR-2020-92, May 8, 2020 — With a variety of steps underway to speed Economic Impact Payments, the Treasury Department and the Internal Revenue Service urged people to use Get My Payment by noon Wednesday, May 13, for a chance to get a quicker delivery.

Treasury, IRS release latest state-by-state Economic Impact Payment figures

IR-2020-91, May 8, 2020 — The Treasury Department and the Internal Revenue Service today released updated state-by-state figures for Economic Impact Payments, with approximately 130 million individuals receiving payments worth more than $200 billion in the program’s first four weeks.

AICPA proposes broad range of tax relief to aid economic recovery

The AICPA has made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic.

IRS provides guidance for estates and trusts for itemizing deductions

IR-2020-90, May 7, 2020 — The Internal Revenue Service today issued proposed regulations that provide guidance for estates and trusts clarifying that certain deductions of estates and non-grantor trusts are not miscellaneous itemized deductions.

IRS: Three new credits are available to many businesses hit by COVID-19

IR-2020-89, May 7, 2020 — The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them.

AICPA supports bill that would make PPP-funded expenses deductible

A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.

State and local taxes during the pandemic

Eileen Sherr, CPA, CGMA, describes her work with state CPA societies as they advocate with state tax authorities for coronavirus-related taxpayer relief at the state and local level, and resources for keeping track of each jurisdiction’s response.

IRS seeking applications for TCE and VITA grants

IR-2020-88, May 6, 2020 — The IRS is accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs, which will allow some organizations to apply for annual funding for up to three years.

IRS retools Settlement Days program in response to COVID-19 pandemic; allows unrepresented taxpayers to settle their cases virtually and reach finality

IR-2020-87, May 5, 2020 — The Internal Revenue Service Office of Chief Counsel today announced the Settlement Days program will continue remotely enabling unrepresented taxpayers to work towards resolving their pending United States Tax Court case despite "stay-at-home" orders in many jurisdictions.

AICPA challenging nondeductibility of PPP-related expenses

The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.

VA, SSI recipients with eligible children need to act by Tuesday, May 5 to quickly add money to their automatic Economic Impact Payment; ‘Plus $500 Push’ continues

IR-2020-86, May 1, 2020 — The Internal Revenue Service today reminded Supplemental Security Income and Department of Veterans Affairs beneficiaries to act by Tuesday, May 5 if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.

PLR and other requests for IRS guidance can now be sent electronically

The IRS is temporarily allowing taxpayers to submit requests for private letter rulings, closing agreements, determination letters and information letters electronically instead of by mail.

Economic Impact Payments continue to be sent, check IRS.gov for answers to common questions

IR-2020-85, April 30, 2020 — As Economic Impact Payments continue to be successfully delivered, the IRS today reminds taxpayers that IRS.gov includes answers to many common questions, including help to use two recently launched Economic Impact Payment tools.

IRS accepting applications for 2021 grants for Low Income Taxpayer Clinics

IR-2020-84, April 30, 2020 — The Internal Revenue Service today announced that the application period for Low Income Taxpayer Clinic grants for calendar year 2021 will run from April 30, 2020 to June 16, 2020.

CARES Act QIP change requires action

Taxpayers with qualified property must act to take advantage of changes to the treatment of qualified improvement property, which is now eligible for bonus depreciation. Here are some considerations for taxpayers and their advisers.

Use IRS Non-Filers: Enter Payment Here tool to get Economic Impact Payment; many low-income, homeless qualify

IR-2020-83, April 28, 2020 – The Internal Revenue Service today reminds low-income Americans to use the free, online tool Non-Filers: Enter Payment Here Info to quickly and easily register to receive their Economic Impact Payment.

Quick relief with the CARES Act

Chris Hesse, CPA, the AICPA Tax Executive Committee chair, analyzes how the CARES Act's provisions allowing carryback of net operating losses for 2018 through 2020 interact with other new provisions.

IRS enhances Get My Payment online application to help taxpayers

IR-2020-82, April 26, 2020 — The Internal Revenue Service today announced significant enhancements to the “Get My Payment” tool to deliver an improved and smoother experience for Americans eligible to receive Economic Impact Payments.