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 …
Big Insurers Jump to Rally Around FASB’s Proposed Delay of Life Insurance Accounting Rules
By Denise Lugo Some of the nation’s biggest life insurance companies have thrown their full support behind a FASB proposal …