aallenlenth Archive

TweetShareSharePin0 Shares The IRS announced on Wednesday that it is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The IRS says it will issue formal guidance in the near future. The postponement applies only to individual taxpayers, who can

TweetShareSharePin0 Shares The AICPA welcomed the IRS’s postponement of the April 15 income tax filing and payment deadline to May 17 but said the measure falls far short of needed taxpayer relief. After IRS Commissioner Charles Rettig, in a congressional hearing Thursday, sought to justify the Service’s limited postponement, AICPA President and CEO Barry Melancon

TweetShareSharePin0 Shares On Monday, the IRS issued guidance with details on its postponement of the April 15 tax deadline for individuals (Notice 2021-21). The IRS had announced in a news release on March 17 that it was delaying the April 15 deadline for individuals until May 17, 2021. Monday’s notice clarifies and adds details about

TweetShareSharePin11 Shares In good news for many taxpayers, the IRS said that, beginning in May and continuing through the summer, it will automatically issue refunds to eligible people who already filed a tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan Act, P.L. 117-2 (IR-2021-71). Under this process, eligible

TweetShareSharePin0 Shares The IRS explained the changes to the employee retention credit (ERC) for the first two calendar quarters of 2021 in Notice 2021-23, which amplifies Notice 2021-20. The credit was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L 116-136, and amended by the Consolidated Appropriations Act, 2021, P.L 116-260. The

TweetShareSharePin0 Shares On Thursday, Rep. Lloyd Smucker, R.-Pa., revealed he will certainly present a costs that would certainly delay the due day for first-quarter 2021 approximated tax obligation settlements from April 15, 2021, to May 17, 2021. The approximated tax obligation due day would certainly after that match the due day for 2020 Types 1040, UNITED

TweetShareSharePin0 Shares The IRS announced on Friday that taxpayers who may have had excess Sec. 36B premium tax credits to report for the 2020 tax year are not required to file Form 8962, Premium Tax Credit, or report an excess advance premium tax credit (APTC) repayment on their 2020 Form 1040, U.S. Individual Income Tax