With the uncertainty created by the global COVID-19 pandemic, it is hard to find anything like a sure bet. States are grappling with when to reopen, parents with school-aged children are awaiting news of when and if their...more
5/26/2020
/ Business Closures ,
CARES Act ,
Coronavirus/COVID-19 ,
DPA ,
Federal Trade Commission (FTC) ,
Investigations ,
Main Street Lending Programs ,
Pandemic ,
Paycheck Protection Program (PPP) ,
SBA ,
TARP ,
U.S. Treasury
The Internal Revenue Service’s Large Business & International Division has announced another compliance campaign, its 64th such campaign since the first set of campaigns was unveiled in 2017. This latest campaign will focus...more
In response to the COVID-19 pandemic, the IRS has granted foreign financial institutions a number of extensions on Foreign Account Tax Compliance Act reporting obligations due in 2020...more
The Internal Revenue Service has published two Frequently Asked Questions about how taxpayers can seek release of tax levies and federal tax liens due to hardship circumstances caused by the COVID-19 pandemic. The FAQs can...more
The COVID-19 pandemic and the President’s declaration of a national emergency have upended the Internal Revenue Service’s enforcement agenda in a dramatic way, both in the short term and for the feasible future. Already...more
Providing additional relief to taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service has extended a wide array of key tax deadlines for individuals and businesses to July 15, 2020. Last month, the IRS...more
In response to the COVID-19 pandemic, the Internal Revenue Service has agreed to extend many deadlines. One such extension affords foreign financial institutions more time to file Form 8966. Form 8966 is the annual...more
The Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most individuals. However, some...more
3/31/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Taxes ,
Filing Requirements ,
Financial Stimulus ,
Income Taxes ,
IRS ,
Online Payments ,
Tax Code ,
Tax Deductions ,
Tax Relief
The Federal News Network is reporting that the due to the coronavirus pandemic, the IRS issued an evacuation notice Friday afternoon directing that nearly all of its employees work from home on mandatory telework starting...more
As a follow-up to its announcement that the April 15 income tax filing deadline is extended to July 15, the Internal Revenue Service has created a series of Frequently Asked Questions to address common questions that may...more
As a follow-up to its prior announcement that the April 15 income tax filing deadline is extended to July 15 due to the COVID-19 pandemic, the Treasury Department has announced a similar extension of the filing deadline for...more
The United States Tax Court issued a press release today announcing that more trial sessions have been cancelled in light of the COVID-19 pandemic. All trial sessions through the end of June 2020 have now been cancelled. ...more
Treasury Secretary Steven Mnuchin announced on Twitter this morning that the April 15 tax filing deadline has been extended to July 15 due to the health crisis caused by the coronavirus outbreak....more
As a follow-up to our prior post, the Treasury Department and the Internal Revenue Service have released additional details regarding the extension of the federal income tax filing due date from April 15, 2020, to July 15,...more
Following the lead of the Internal Revenue Service, the Pennsylvania Department of Revenue announced yesterday that the deadline for taxpayers to file their 2019 Pennsylvania personal income tax returns is extended to July...more
The United States Tax Court announced today that in light of the growing threat posed by the coronavirus, it was cancelling the following upcoming trial sessions:
March 16, 2020: Hartford, CT; Philadelphia, PA; and San...more
Earlier this week, New Jersey Governor Philip Murphy announced his proposed budget for fiscal year 2021. Buried in the dense text of the 94-page document (at page 37) were several tax enforcement provisions of note....more
The United States Tax Court announced earlier this week that Chief Judge Maurice B. Foley has been re-elected and will serve another two-year term beginning June 1, 2020. His current term as Chief Judge expires May 31, 2020....more
Yesterday the Treasury Department and Internal Revenue Service announced that Erin M. Collins has been appointed National Taxpayer Advocate. Collins succeeds Nina E. Olson, who served as the as National Taxpayer Advocate...more
The Internal Revenue Service has announced an overwhelming acceptance rate for a time-limited settlement offer made to certain taxpayers under audit who participated in abusive micro-captive insurance transactions. Nearly 80%...more
The Internal Revenue Service is urging taxpayers involved in syndicated conservation easement transactions to consult with their tax advisors following a recent U.S. Tax Court decision. The IRS also plans to continue...more
The Internal Revenue Service announced today a significant increase in enforcement actions for syndicated conservation easement transactions, a priority compliance area. According to the announcement, coordinated audits are...more
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced today that it has launched a new Global Investigations Division (GID), which will be responsible for implementing targeted investigation...more
The Internal Revenue Service announced Friday that it has begun mailing what it calls “educational letters” to taxpayers with cryptocurrency transactions who potentially failed to report income and pay the resulting tax from...more
Earlier this week, the Internal Revenue Service’s Large Business & International Division announced six more compliance campaigns, bringing the total number of campaigns announced to date to a whopping 59. These campaigns...more