President Donald Trump’s order to delay collection of payroll taxes thrusts a dilemma on U.S. companies: continue withholding the money from workers expecting bigger paychecks or pass it on and potentially put themselves or their employees at risk of a big end-of-year bill from the IRS.
The Internal Revenue Service is giving extra time to companies that make and sell sport fishing and archery equipment to file and pay their excise taxes due to the novel coronavirus pandemic.
The Internal Revenue Service is sending $500 payments to the children of some stimulus relief recipients who hadn’t gotten that part of the aid package after lawmakers complained that the agency wasn’t moving fast enough.
The American Institute of CPAs joined with more than 170 organizations in asking congressional leaders to allow businesses to write off expenses associated with loan forgiveness under the Paycheck Protection Program.
The service is implementing a new temporary procedure for faxing the duplicate copy of Form 3115 for companies applying for an automatic change in accounting method.
The Internal Revenue Service moved to ease the tax burdens of private equity portfolio companies and heavily indebted industries.
The service released the final regulations and other guidance on the deduction, which was amended by the CARES Act.
Democrats in Congress are criticizing how millions of economic impact payments authorized under the CARES Act are being handled.
New regulations to help employers reconcile any advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary, in line with the CARES Act and the Families First Act.
The 160 million Americans who got stimulus checks earlier this year would get another payment as soon as next month under a plan being negotiated by Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnell.