How to Report ARPA Unemployment Benefit Exclusion when Computing 2020 Modified AGIs
The American Rescue Plan Act of 2021 (ARPA) provision that contains an exclusion for up to $10,200 of 2020 unemployment …
IRS Again Updates 2020 Form 3468, Investment Credit
The IRS has again updated the 2020 Form 3468, Investment Credit. The new updates reflect the changes made to the …
Unemployment Benefit Recipients: Don’t File Amended 2020 Return Yet.
In a posting to its website, IRS asked individuals who received unemployment benefits in 2020 and have already filed their …
House Passes ARPA COVID-19 Relief Bill
The House on Wednesday passed the $1.9 trillion American Rescue Plan Act of 2021 (ARPA, HR 1319). The Senate passed …
IRS Provides Guidance for Employers Claiming the Employee Retention Credit for 2020
In a Notice, IRS has provided guidance for employers claiming the Employee Retention Credit (ERC) for 2020. The Notice includes …
IRS Revises Effective Date Language in Application for Tax-Exempt Status
On its website, the IRS has said that it is making two changes to the 2020 Instructions to Form 1023, …
IRS, Partners Issue Urgent Electronic Filing Identification Number Scam Alert
In a News Release, the IRS, together with its Security Summit partners, have urgently warned tax professionals of a new …
IRS Updates “Eligible Employer” FAQs for Sick and Family Leave Credits
On its website, the IRS has updated its answers to frequently asked questions (FAQs) to reflect the changes made to …
IRS Releases final 2020 Form 1120-S and Draft Instructions
The IRS has issued the final Form 1120-S, U.S. Income Tax Return for an S Corporation, for use in tax …
IRS Releases Form, Instructions, for Calculating Sick Leave and Family Leave Credits
The IRS has released Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals, and that form’s …