The Internal Revenue Service and the Treasury Department released proposed regulations and temporary regulations to offer guidance for consolidated groups on net operating losses in the wake of changes under both the Tax Cuts and Jobs Act of 2017 and the CARES Act.
The 2017 tax law eliminated the federal write-offs previously allowed for unreimbursed business expenses and home offices, along with most other miscellaneous itemized deductions.
The Internal Revenue Service is extending timelines for performing some of the actions associated with the low-income housing tax credit and bonds for qualified residential rental projects to give businesses more time during the COVID-19 pandemic.
If you have an income of $1 million or more there’s less than a 1% chance that the IRS has called you in for an audit, according to new figures from the agency.
The new format aims to showcase the IRS’s work in fiscal year 2019, along with an additional message about its response this year to the novel coronavirus pandemic.
The Internal Revenue Service won’t further delay the tax filing and payment deadline past July 15, despite requests to do so, the agency said Monday.
National Taxpayer Advocate Erin Collins released her first report to Congress Monday, discussing some of the difficulties confronting taxpayers and the IRS during the COVID-19 pandemic.
The IRS initiated 71 percent fewer corporate audits this spring compared with the same time period a year ago as the coronavirus pandemic halted many agency operations.
The head of a federal watchdog agency had some direct experience with the shortcomings of one of the coronavirus stimulus programs — a check from the IRS made out to his late mother.
The extension also applies to Americans living abroad who would otherwise generally have had a filing deadline of June 15.