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 …
Leave Deposited in Leave-Sharing Plan due to COVID-19 not Included in Income, Wages
On its website, the IRS has said that employers may set up a leave-sharing plan that permits employees to deposit …
IRS Recording of Power of Attorney Appointments Delayed Due to COVID-19
On its website, the IRS has said that recording information about third parties appointed under a power of attorney into …
IRS Issues Temp Regs on Erroneous Refund of COVID-19 Credits
The IRS has issued temporary regs for reconciling advance payments of refundable employment tax credits provided under the Families First …
IRS Lists Returns That are Due July 15
On its website, IRS has posted a list of tax returns that are due July 15, 2020. Background. In Notice 2020-23, …
Many Tax Payments Postponed Due to COVID-19 Resume on July 15
In a News Release, IRS has reminded taxpayers who took advantage of the People First Initiative tax relief and did not …