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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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 related actions

Due Date Postponed for Reporting and Payment of Certain Excise Taxes

September 16, 2020

The IRS and Treasury Department have postponed the due dates for reporting and paying excise taxes relating to certain delayed minimum required contributions to a single employer defined benefit plan due on January 1, 2021. The due dates are now January 15, 2021. This change overrides the due date provided on Form 5330 and the…

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coronavirus-related scams

More IRS Forms Can Be Digitally Signed

September 15, 2020

The IRS added six more forms to the list of documents that can be signed digitally, increasing the total to 16 forms. This temporary procedure was put in place on August 28 in order to protect the health of taxpayers and tax professionals during the Coronavirus pandemic. The IRS added the following forms to the…

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employer tax credit

Deadline Is Approaching for Non-Filers to Claim Their Economic Impact Payments

September 14, 2020

The IRS will mail letters to Americans who didn’t receive an Economic Impact Payment (EIP) and typically do not file federal income tax returns. The letters will be sent to approximately 9 million people who may be eligible for, but have not registered to claim an EIP. The mailing will begin around September 24 to…

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