News & Analysis as of September 26, 2024

Filing Deadlines

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Franchise Tax Refund Opportunity

Smith Anderson on 9/23/2024

Corporations subject to North Carolina’s franchise tax have an opportunity to seek refunds of their 2021 and 2022 franchise taxes but should act promptly to preserve their rights....more

¿Cómo Enmendar Declaración De Impuestos?

Foodman CPAs & Advisors on 6/14/2024

El IRS publicó el Consejo Fiscal 2024-38 el 25 de abril de 2024 para explicarle a los contribuyentes cómo enmendar declaración de impuestos. Si un contribuyente descubre un error después de presentar su declaración, es...more

Tax Document Danger: Not All Delivery Services Are Safe for Filing

McGlinchey Stafford on 4/25/2024

Another taxpayer has been stung by using the wrong version of a private delivery service, FedEx “Express Saver,” resulting in the late filing of an important tax document. Filing Requirements for U.S. Tax Court Petitions- ...more

Missing the Tax Court’s 90-Day Deficiency Deadline – Now What?

Rivkin Radler LLP on 4/24/2024

Over the years, I have observed there is only one thing that a taxpayer fears more than being notified by the IRS that their income tax return for a particular taxable year has been selected for audit, and that is being...more

Md. Comptroller Offers Relief for Missed 2023 PTE Elections

Miles & Stockbridge P.C. on 3/8/2024

Maryland Comptroller Brooke Lierman issued a letter Feb. 28 to address the challenges and concerns of tax practitioners regarding the policy and procedural changes to pass-through entity (PTE) filings and payments. Most...more

Tax Updates and Information for US Expatriates

Allen Barron, Inc. on 2/27/2024

US tax filing is underway, and as we approach the April 15 deadline we would like to offer additional tax updates and information for US expatriates. The first and most important thing for US expatriates to know about taxes...more

Employee Retention Credit on the Chopping Block as Congress Mulls Tax and Spending Bills

Buckingham, Doolittle & Burroughs, LLC on 1/23/2024

The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would terminate the employee retention credit (ERC) for claims filed after January 31, 2024. Initially authorized by the CARES Act to incentivize...more

IRS Tax Filing is to Begin January 29, 2024

Allen Barron, Inc. on 1/11/2024

The IRS has announced tax filing is to begin January 29, 2024 for US 2023 tax returns. Most of the almost 130 million individual tax returns will be due on Monday, April 15, 2024. The IRS will accept your tax return after...more

IRS Response to Israel’s Declaration of War: Relief to Impacted Taxpayers, But Extensions Granted to Its Enforcement Arm

DarrowEverett LLP on 10/19/2023

In IRS Notice 2023-71 (the “Notice”), the Internal Revenue Service (“IRS”) granted a postponement until October 7, 2024 for various time-sensitive filing and payment deadlines for taxpayers affected by the terrorist attacks...more

Mailing Your Tax Return by the Due Date Is Not Enough

McGlinchey Stafford on 10/3/2023

A recent United States Tax Court memorandum decision demonstrates once again the importance of understanding the rules for timely filing your tax return. See John P. Zaimes v. Commissioner of Internal Revenue. If a tax return...more

IRS Updates Fast-Track Program for Certain Corporate Tax Rulings

Jones Day on 8/3/2023

A new program offers rulings in 12 weeks, even absent a showing of business need. Revenue Procedure 2023-26, issued July 26, 2023, in replacement of a popular 18-month pilot program under Revenue Procedure 2022-10,...more

Weekly IRS Roundup May 8 – May 12, 2023

McDermott Will & Emery on 5/16/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 8, 2023 – May 12, 2023...more

Extension To File Taxes Does Not Equal Extension To Pay Taxes

Foodman CPAs & Advisors on 5/4/2023

Need more time to prepare your federal tax return? Taxpayers who aren’t able to file by the April 18, 2023, deadline can request an extension before that deadline, but they should know that an extension to file is not an...more

Federal and California Taxpayer Relief: Reprieve From Wet Winter Weather

Farella Braun + Martel LLP on 1/25/2023

2023 started California off with weather that escapes recent memory. Rain, snow, and surf seemed unrelenting for the first two weeks of January. While this spell of winter storms has brought snow to our slopes and refilled...more

Extended Tax Filing Deadline | Commonly Overlooked Tax Disclosures

Freeman Law on 10/14/2022

This year the extended tax filing deadline for U.S. citizens or residents, sole proprietorships, C corporations, and single-owner LLCs is Monday, October 17, 2022. Through the course of the tax year companies often engage in...more

IRS Provides Dramatic Penalty Relief

Miller Canfield on 9/2/2022

On Aug. 24, 2022, the IRS released Notice 2022-36 providing automatic relief from failure to file penalties for the 2019 and 2020 tax years for a significant number of individuals and businesses that were late in...more

IRS Announces Progress on Processing Tax Returns

McDermott Will & Emery on 8/31/2022

The phrase “it’s in the mail” is sometimes an excuse for one’s delinquency in filing tax returns. However, that is not necessarily the case for taxpayers who have submitted their individual tax returns during the COVID-19...more

IRS Announces Penalty Relief for 2019, 2020 Tax Years

Latham & Watkins LLP on 8/29/2022

Taxpayers must act quickly to determine if further action is necessary to obtain relief. Delinquent returns must be filed on or before September 30, 2022. ...more

You Received an IRS CP15 Notice (re: Form 3520 Penalty), What Now?

Freeman Law on 5/6/2022

As our previous firm Insights discuss, there is a numbered notice for almost any communication the IRS provides to a taxpayer. See, e.g., CP518 and CP504. In some cases, the taxpayer may safely review a communication...more

Reminder to Tax-Exempt Organizations: May 16 Filing Deadline; Tax-Exempt Organization Complaint Process

BCLP on 4/28/2022

The Internal Revenue Service reminds tax-exempt organizations that many have a filing deadline of May 16, 2022. Those that operate on a calendar-year (CY) basis have certain annual information and tax returns they file with...more

Weekly IRS Roundup March 27 – April 2, 2022

McDermott Will & Emery on 4/5/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 27, 2022 to April 2, 2022... March 29, 2022: The IRS issued a news release reminding...more

Taxpayer’s Informal Claim for Refund of Taxes Paid and Offset by the IRS Denied on a Technicality

Gray Reed on 3/22/2022

Properly navigating the IRS labyrinth of rules and regulations is difficult and sometimes taxpayers fail to dot every “i” and cross every “t”. The results can sometimes be devastating for both individuals and small...more

Tax Filing and Payment Due Dates

Miles & Stockbridge P.C. on 2/3/2022

Federal Corporate and Individual Income Tax Deadlines - The federal filing deadline for 2021 for calendar year end corporate income tax returns (IRS Form 1120) and individual income tax returns (IRS Form 1040) is Monday,...more

‘Tis the Season . . . to Recall Taxes?

Rivkin Radler LLP on 12/23/2021

Mention the “tax season” and most folks think of the weeks leading up to the April 15 deadline for filing one’s federal individual income tax return and paying the associated income tax. Truth be told, given the number of...more

A Missed Tax Election: Section 9100 Relief Gives a Second Chance

Freeman Law on 9/8/2021

It’s a common scenario: A taxpayer misses the deadline to file an election with the IRS. What options does the taxpayer have now? I have helped many clients out of this jam, and it is a situation that often presents several...more

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