TAX HELP Archive
TweetShareSharePin0 Shares The Supreme Court has said that Congress could not have written a broader lien than the federal tax lien. In addition to the lien, Congress gave the IRS broad powers to take property through levy in IRC 6331. We can think of these administrative powers as the superpowers bestowed upon the IRS in
TweetShareSharePin0 Shares In Mendu v. United States, No. 1:17-cv-00738 (Ct. Fd. Claims April 7, 2021) the Court of Federal Claims held that FBAR penalties are not taxes for purposes of applying the Flora rule. In arguing for the imposition of the Flora rule the taxpayer, in a twist of sides, sought to have the court
TweetShareSharePin0 Shares The American Rescue Plan Act, H.R. 1319, was signed into law Thursday by President Joe Biden, one day after the House of Representatives passed it by a vote of 220–211. H.R. 1319 was first passed by the House on Feb. 27. The Senate made several amendments and passed its version of the bill on
TweetShareSharePin0 Shares Taxpayers urgently need guidance on Paycheck Protection Program (PPP) loan forgiveness issues, the AICPA has told the IRS, and the AICPA has made recommendations proposing solutions to those issues. The proposed solutions came in a letter sent March 15 from the AICPA Tax Executive Committee to two members of the IRS Chief Counsel’s
TweetShareSharePin0 Shares A condition attached to $350 billion in relief for state and local governments by the American Rescue Plan Act (ARPA), P.L. 117-2 — that states may not use the money to offset their own tax reductions — may prove problematic, and is perhaps unconstitutional, tax practitioners said. ARPA’s Coronavirus State Fiscal Recovery Fund
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 News Expenses & Deductions By Sally P. Schreiber, J.D. The IRS said on Friday that amounts paid for personal protective equipment (PPE), including masks, hand sanitizer, and sanitizing wipes, for the primary purpose of preventing the spread of COVID-19 can be treated as amounts paid for medical care under Sec. 213(d) (Announcement 2021-7).
Tax Problem Resolution Sachse, Tx.
TweetShareSharePin0 Shares The AICPA on Thursday released some suggestions for practitioners regarding issues that have arisen around the postponed May 17 tax due date for individuals. The postponement, announced by the IRS in March (see Notice 2021-21), applies to any individual who files a federal individual income tax return on Form 1040, 1040-SR, 1040-NR, 1040-PR,