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 …
Temp NOL REGs Respond to Retroactive Extension of Carryback Period Due to COVID-19
The IRS has issued temporary regs that permit consolidated groups (that acquire new members that were members of another consolidated …
IRS Provides Relief and Clarifies 401(K), 401(M) Mid-Year Amendments Requirements
In a Notice, the IRS has provided temporary relief, in connection with the ongoing COVID-19 pandemic, from certain requirements that …
FASB’s Main Advisors Caution Board Against Developing Major New Accounting Changes This Year
By Denise Lugo Senior executives from the FASB’s main advisory council cautioned the board against issuing major new accounting changes …
Interest on Individual Refunds to run from April 15
On its website, the IRS says overpayment interest, on individual 2019 refunds with respect to returns filed by July 15, …