Articles
- COVID-19 Delays Affecting Adopting Standards
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COVID-19 has undoubtedly impacted us more than we could have imagined. However, standard setters have been understanding, providing relief from adopting standards during this time as well as from certain requirements as our focus may not be in... read more
- IRS Operations During COVID-19: Mission-Critical Functions Continue
If your client mailed a check with or without a tax return, it may still be unopened in the backlog of mail the IRS is processing due to COVID-19. Any payments will be posted as the date IRS received them rather than the date the agency processed... read more
- Dirty Dozen Part 2: Thieves Are Constantly Coming Up With Ways To Scam Taxpayers
This is the second of two tips exploring the IRS Dirty Dozen tax scam list. Tax scams tend to rise during tax season or during times of crisis. Scam artists are using the COVID-19 pandemic to try to steal money and information from taxpayers.... read more
- New Law Provides Relief For Eligible Taxpayers Who Need Funds From IRAs and Other Retirement Plans
WASHINGTON − The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans... read more
- IRS Provides Guidance on Recapturing Excess Employment Tax Credits
The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary. The regulations authorize... read more
- Prometric Rescheduling Fees to Resume August 1 for CPA Exam Candidates
On July 22, Prometric released an email stating: In response to the large-scale closure of the Prometric test center network and the massive number of candidate rescheduling transactions caused by the global pandemic, Prometric waived... read more
- IRS Offers Settlement For Syndicated Conservation Easements; Letters Being Mailed To Certain Taxpayers With Pending Litigation
WASHINGTON — The Internal Revenue Service Office of Chief Counsel announced today a time-limited settlement offer to certain taxpayers with pending docketed Tax Court cases involving syndicated conservation easement transactions. Taxpayers... read more
- IRS Provides Additional Relief For Tax-Exempt Hospitals: Deadline For Completing Certain Needs Assessment Requirements Moved To Dec. 31
Because of the burdens the COVID-19 pandemic has placed on hospitals, the Internal Revenue Service today provided additional relief to hospital organizations that must meet the Community Health Needs Assessments (CHNA) requirements. Notice... read more
- Should My Firm File Protective Claims in Advance of the Supreme Court Decision on ACA?
This Q&A from AICPA and the GSCPA can help your firm’s decision-making. In March of this year, the U.S. Supreme Court announced that it will hear a case that challenges the constitutionality of the individual mandate under The Patient... read more
- SBA Provided $20 Billion to Small Businesses and Non-Profits Through the Economic Injury Disaster Loan Advance Program
Today, the U.S. Small Business Administration announced the conclusion and success of the Economic Injury Disaster Loan (EIDL) Advance program, which provided U.S. small businesses, non-profits and agricultural businesses a total of $20 billion... read more