IRS Issues Guidance on the Retroactive Termination of the ERC
The IRS has issued guidance for employers on the retroactive termination of the Employee Retention Credit (ERC). The ERC was …
Election by Taxpayers with 2018-2020 Farming Losses to Disregard Cares Act NOL Rules
In a Revenue Procedure, IRS has set out how taxpayers that have a net operating loss (NOL) for any tax …
Moody’s Seeing Varied Practices Reporting Effects of Pandemic
Public companies are filing Form 10-Ks with 2020 results. And analysts with credit ratings agency Moody’s Investors Service said they …
Practice Alert: Timing of 2020 Form 1040 Filing to Maximize Economic Impact Payments
The American Rescue Plan Act of 2021, which is expected to become law this month, contains a third Economic Impact …
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 …
Information on Issues Involving Receiving Second Economic Impact Payments
IRS has issued a series of frequently asked questions regarding the second economic impact payments (EIP 2s), i.e., stimulus payments provided …
Draft Form 1040 Instructions Updated for CAA, 2021, Virtual Currency
The IRS has released a new draft of the instructions for Form 1040 and Form 1040-SR, U.S. Tax Return for …
Employers Will Experience Delay in Receiving Form 7200 Credits
In a December 4 statement posted on its website, the IRS said that employers will experience a delay in receiving …
IRS to Send Letter to Non-Tax Filers Reminding Them to Register for EIPs
In an Information Release, the IRS has said that it will be sending letters later this month to roughly 9 …
COVID-19 Testing and Diagnostic Services Not Minimum Essential Coverage
In a Notice, the IRS has determined that Medicaid coverage limited to COVID-19 testing and diagnostic services is not minimum …