Latest Posts › IRS

Share:

Treasury and IRS Propose Clean Electricity Investment Guidance

The Treasury Department and IRS on Wednesday issued an eagerly awaited notice of proposed rulemaking to incentivize clean energy facilities: the “clean electricity production credit”—Section 45Y credit—and “clean electricity...more

IRS Unveils Broad Draft Information Reporting Form for Digital Asset Transactions

On April 18, the Internal Revenue Service (“IRS”) issued a draft version of Form 1099-DA, a proposed information reporting form regarding certain digital asset sales and exchanges that “digital asset brokers” will need to...more

Business Better Podcast Episode: Tax Audits, Investigations, and Global Enforcement - A Conversation with IRS Special Agent... [Video]

In this episode, we are joined by Special Agent Jonathan Schnatz, Senior Analyst with IRS Criminal Investigation. Special Agent Schnatz will discuss his work with an international law enforcement and tax compliance group, and...more

Selected Business Provisions of the Proposed Tax Relief for American Families and Workers Act of 2024

On January 31, 2024, the United States House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 (TRAFW Act), which is now under consideration in the Senate. The TRAFW Act, in addition to...more

House Tax Bill Would Greatly Accelerate Employee Retention Credit Filing Deadlines

The current draft of the Tax Relief for American Families and Workers Act of 2024 includes a proposed provision that would dramatically accelerate the deadline to file claims for the Employee Retention Credit (ERC) to January...more

IRS Issues Guidance on Clean Energy Tax Credits

Summary - The IRS recently released guidance with respect to the new tax credit direct payment and transferability rules created under the Inflation Reduction Act enacted last August. The guidance explains how to register...more

IRS Addresses Non-Exempt Tax Status for NIL Organizations

Summary - The IRS recently advised that many organizations that develop paid name, image, and likeness—known as NIL—opportunities for college student-athletes are not eligible for tax-exempt status under Internal Revenue...more

IRS Changes Rules for Who Can Sign a Power of Attorney for an Entity Treated as a Partnership

Summary - In November 2022, the IRS updated its guidance regarding who can sign Form 2848, Power of Attorney and Declaration of Representative (POA), submitted on behalf of a limited liability company (LLC) treated as a...more

IRS Introduces a Domestic Filing Exception to Schedules K-2 and K-3

Background - The Internal Revenue Service (IRS) introduced Schedules K-2 and K-3 beginning with tax year 2021. Schedule K-2 (Partners’ Distributive Share Items−International) and Schedule K-3 (Partner’s Share of Income,...more

IRS Extends Tax Deadlines

Due Date for 2020 Tax Returns and Most Payments Extended to May 17, 2021; Estimated Taxes Still Due April 15, 2021 - Due to lingering concerns related to the pandemic and material changes to the tax laws in the American...more

Stimulus Bill Resolves PPP Loan Deductibilty, Enhances Employee Retention Credits, Provides Other Tax Relief

Included as part of the Stimulus Bill (the Bill) are the COVID-Related Tax Relief Act of 2020 and the Taxpayer Certainty and Disaster Tax Relief Act of 2020. For a discussion of other aspects of the Bill, see our...more

IRS Confirms Taxpayers Cannot Deduct Expenses Paid With PPP Loans If Forgiveness Is Reasonably Expected

In Revenue Ruling 2020-27, the IRS announced that taxpayers cannot deduct expenses paid for with the proceeds of a Paycheck Protection Program (PPP) loan that is forgiven, even if the PPP loan forgiveness occurs in a later...more

Pennsylvania Provides Additional Extensions for Many Tax Returns

In light of the ongoing pandemic, the Pennsylvania Department of Revenue announced that the due dates for many Pennsylvania individual and business tax returns have been extended....more

Treasury Issues Guidance Implementing Memorandum on Social Security Tax Deferral

Late in the afternoon on Friday, August 28, Treasury issued Notice 2020-65 providing guidance implementing President Trump’s Executive Memorandum on social security payroll tax deferral (Payroll Tax Deferral). President...more

Carried Interest – Proposed Regulations and the Impact on Private Equity

Treasury and the IRS released proposed regulations under Section 1061 of the Internal Revenue Code (the Code) on July 31, 2020, that require certain taxpayers to satisfy a three-year holding period, rather than a one-year...more

Carried Interest – Proposed Regulations – Impact on Real Estate: The Good and the Bad

On July 31, 2020, the IRS and Treasury released the long-awaited proposed regulations on the new carried interest rules in Section 1061 of the Internal Revenue Code (IRC) that became law as part of the Tax Cuts and Jobs Act...more

CARES Act Payroll Tax Deferral – Revised Form 941 Includes Helpful Guidance for Employers

The IRS released a final version of Form 941 (the employment tax return to be used by employers for the second quarter for 2020) and a revised set of accompanying Instructions. The Form and particularly the Instructions...more

IRS Issues Guidance Allowing Employer-Sponsored Leave Donation Programs for COVID-19 Relief

The Internal Revenue Service (IRS) issued Notice 2020-46 providing guidance to employers whose employees forgo sick, vacation, or personal leave to aid victims of COVID-19....more

More Federal Tax Filing and Payment Extensions – The Floodgates Have Opened

As we noted in our alerts on March 19 and March 20, Treasury extended certain income tax filing and payment dates to July 15, 2020. On April 9, in Notice 2020-23, many more deadlines have been extended. Payment obligations...more

IRS Allows Partnerships To File Amended Returns To Claim Immediate Expensing For Qualified Improvement Property

The IRS issued Rev. Proc. 2020-23 allowing partnerships subject to the BBA partnership audit rules to file amended returns to take advantage of retroactive tax benefits in the CARES Act, including the qualified improvement...more

IRS FAQs Provide Additional COVID-19 Related Tax Deadline Guidance

The IRS released FAQs addressing the Treasury’s decision to move Tax Day (for both filing and payment) from April 15 to July 15, 2020....more

District of Columbia Extends Tax Deadlines in Conformity With Federal Extension

The D.C. Office of Tax and Revenue announced on March 23, 2020 that, in step with the federal deadline extensions announced by the IRS on March 20, 2020, the deadline for taxpayers to file and pay their 2019 individual,...more

Utah Tax Deadlines Continue to Automatically Follow Federal Guidance

Pursuant to Utah state statute, the individual income tax return filing deadline will continue to mirror the Federal deadline. According to Utah State Tax Commission (STC) Chair John Valentine, Utah thus automatically...more

Georgia Extends Income Tax Deadlines to Align With IRS

The Georgia Department of Revenue (DOR) extended tax filing and payment deadlines for Georgia income taxes due on April 15, 2020, which makes Georgia another state to conform with the federal tax filing and payment...more

New York State Extends Tax Filing Date in Lockstep with Federal Deadline Extension

Following U.S. Treasury Secretary Steve Mnuchin’s announcement via Twitter on Friday, March 20, that Treasury would be moving Tax Day from April 15 to July 15, New York Governor Andrew Cuomo’s Budget Director Robert Mujica...more

36 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide