With a CARES Act fix stalled along with stimulus legislation, the institute is urging CPAs to put pressure on their representatives.
The American Institute of CPAs is firing back after a congressional hearing, asking for penalty relief for taxpayers dealing with the pandemic.
The top Republican and Democrat on the Senate Finance Committee said the Treasury Department “missed the mark” in new guidance that limits tax breaks for businesses that get their Paycheck Protection Program loans forgiven.
The Internal Revenue Service reminded taxpayers Thursday that they only have until Nov. 21 at 3 p.m. Eastern Time to register for an Economic Impact Payment of $1,200 or more.
The guidance clears up the tax treatment of expenses when a loan from the Paycheck Protection Program hasn’t been forgiven by the end of the year.
The pandemic is throwing a monkey wrench into plans for the Internal Revenue Service to reorganize itself to provide better taxpayer service.
The Internal Revenue Service’s Criminal Investigation unit has been initiating fewer investigations of abusive tax return preparers this past year, while also recommending fewer prosecutions, and seeing fewer indictments and prison sentences this year.
The service is rolling out new systems and expanding forms that can be electronically filed by tax-exempt organizations.
The coronavirus slowdown has hit the IRS and tax professionals,
The IRS is making some changes in its collection program to lessen the burden on taxpayers with outstanding tax debts who are trying to cope with the economic fallout of the COVID-19 pandemic.