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Navigating Meetings for Your Audit During COVID-19

September 30, 2020

Remote audit procedures can help protect the parties from health risks during the COVID-19 pandemic as well as streamline the audit process. Though, seeing people can be essential when it comes to identifying and assessing fraud risks during a financial statement audit. Virtual face-to-face meetings can be the solution to this issue. What does an…

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IRS Released Revised Form 941-X

September 28, 2020

The final version of the second quarter Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, has been released by the IRS. The instructions detail changes to the form to account for the COVID-19 tax relief offered under the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic…

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Deadline Approaching to Amend 2018 and 2019 Partnership Tax Returns

September 24, 2020

The deadline for partnerships, that are subject to the Bipartisan Budget Act of 2015 (BBA)’s centralized partnership audit procedures, to file an amended 2018 and/or 2019 Form 1065 is September 29, 2020. This allows partnerships to take into account tax changes brought about by the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act as…

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U.S. Department of Labor Revises Families First Coronavirus Response Act Regulations

September 23, 2020

The U.S. Department of Labor (DOL) issued new regulations on the paid sick leave as well as the family and medical leave provisions of the Families First Coronavirus Response Act (FFCRA). The changes are in response to a recent New York federal court decision invalidating certain regulation of the paid leave provisions. The revisions include:…

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tax implications

Are You Working From Home or Collecting Unemployment? Be Aware of These Tax Implications

September 21, 2020

The COVID-19 pandemic has changed our lives in many ways, and some of the changes have tax implications. Working from home or collecting unemployment are two common tax situations that many people are facing now. Working from home Many employees have been told not to come into their workplaces due to the pandemic. If you…

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tax planning accountant

Expedited Letter Ruling Procedures for COVID-19

September 17, 2020

Taxpayers and tax practitioners impacted by the Coronavirus pandemic can request expedited letter ruling under Rev. Proc. 2020-1. The IRS normally processes requests for letter rulings in the order they were received, but taxpayers can have it expedited, if needed. The request for expedited handling must be made in writing, preferably in a separate letter…

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