Tax

balance-due notices

IRS Will Resume Issuing Balance-Due Notices

October 26, 2020

The IRS will resume mailing balance-due notices to taxpayers later this month. The 500 series balance-due notices were suspended temporarily in May because of a backlog in mail due to the Coronavirus pandemic. The IRS has caught up on the backlog of mail and can continue issuance. Some taxpayers will begin seeing in late October or…

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Application for Change in Accounting Method

Temporary Procedures to Fax Certain Forms Will Stop at Year-End

October 20, 2020

The IRS is ending the temporary procedures to fax Forms 1045 and 1139 for claiming tentative tax refunds on December 31, 2020. The temporary procedures were put in place in April in response IRS employees working remotely due to the Coronavirus pandemic. The CARES Act included provisions on net operating losses (NOLs) and modifies the…

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tax deadline

Tax Calendar: Key Deadlines for Businesses and Other Employers in Q4 2020

October 5, 2020

We are already in the fourth quarter of 2020. Here are some of the key tax-related deadlines affecting businesses and other employers. Keep in mind that this list isn’t all-encompassing, so there may be additional tax deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about…

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paycheck protection program

IRS Releases Draft of Form For Self-Employed Individuals To Report Sick Leave And Family Leave Credits

October 1, 2020

The IRS has released a draft of Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals, for self-employed individuals claiming qualified sick leave equivalent (or qualified family leave equivalent) credits. The Families First Coronavirus Response Act allows a self-employed individual a refundable credit against income tax imposed on self-employment income for…

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IRS

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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tax advisory cpa

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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