No Sign of Unclogging Key IRS Phone Line, Tax Pros Say
The IRS has indicated it’s on the way to clearing a massive, pandemic-caused backlog of unprocessed returns, but tax practitioners …
10-Year Statute of Limitations Established for Paycheck Protection Program Loan Fraud
On August 5, 2022, President Biden signed the PPP and Bank Fraud Enforcement Harmonization Act of 2022 (HR7352) that establishes a 10-year …
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 …
Proposed Regs Would Amend Definition of Minimum Essential Coverage
The IRS has released proposed regs that would amend Reg §1.5000A-2 by adding Medicaid coverage for COVID-19 testing and diagnostic …
IRS Provides Guidance on Tax Treatment and Information Reporting of HAF Payments
The IRS has provided guidance on the federal tax treatment and information reporting requirements for payments made to, or on …
Draft Nonresident Alien Instructions Updated to Remove COVID Exception
The IRS has issued draft instructions to Form 8233, Exemption From Withholding on Compensation for Independent (and Certain Dependent) Personal …
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 …
House Passes ARPA COVID-19 Relief Bill
The House on Wednesday passed the $1.9 trillion American Rescue Plan Act of 2021 (ARPA, HR 1319). The Senate passed …
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 …
House Passes COVID-19 Relief Package
The House of Representatives has passed, by a vote of 219-212, the American Rescue Plan Act of 2021, a bill …