Final REGs Issued on Small Business Tax Accounting & Long-Term Contracts
IRS has issued final regs that implement legislative changes to Code Sec. 263A, Code Sec. 448, Code Sec. 460, and Code Sec. 471 that simplify …
IRS Announces the Delay of Electronic Filing for Form 4720
In a Notice, the IRS has announced that it has delayed the requirement for private foundations to electronically file Form …
IRS Finializes REGs on Rollover Period for a Qualified Plan Loan Offset Amount
Treasury Decision 9937– Rollover Rules for Qualified Plan Loan Offset Amounts The IRS has released final regs on the rollover …
Draft 2021 Instructions for Forms 1099-MISC and 1099-NEC Released
The IRS has released draft 2021 instructions for Form 1099-MISC, Miscellaneous Information, and Form 1099-NEC, Nonemployee Compensation. Among the changes …
Chief Counsel Memo Discusses Fees for Income Verification
In a redacted Program Manager Technical Advice (PMTA) memo, IRS Chief Counsel has addressed the fees for income verification required …
Tax Policy Outlook Uncertain as Key Senate Races Head to Runoff
By Melissa A. Oaks, J.D., LL.M. …
Taxpayer Beneficial Change in Draft Instructions to 2020 Qualified Business Income Form
The draft instructions for 2020 Form 8995, Qualified Business Income Deduction Simplified Computation, contain a change that indicates that IRS …
IRS Acknowledges it Prematurely Issued Auto-Revocation Notices to Exempt Orgs
The IRS has released a statement acknowledging that it prematurely issued auto-revocation notices to some tax-exempt organizations. Background. Form 990, …
Official Inflation-Adjusted Tax Rate Schedule and Other Key Figures for 2021-Part II
IRS has issued official inflation-adjusted tax rate schedules and other key tax figures for 2021. This is part II of …
Dec. 31 Deadline for Natural Disaster Victims to File FBAR
The Financial Crimes Enforcement Network (FinCEN) has provided that victims of recent natural disasters have until December 31, 2020 to …