Tax News

IRS Sending Tax Refund Interest Checks To 13.9 Million Tax Payers

If you get a tiny surprise payment from the Internal Revenue Service and you’re wondering what it is, it’s probably an interest payment and not a mistake. The IRS announced it’s starting to send out interest payments this week to individual taxpayers whose tax refunds were delayed. It applies to folks who filed a 2019 income tax return by this year's July 15 deadline and either received a refund in the past three months or will receive a refund. Business taxpayers aren’t eligible for the interest payments.

Proposed Regs. Govern Qualified Plan Loan Rollovers

 

IRS Begins Accepting E-filing of Amended Individual Tax Returns
AICPA Requests Guidance on Payroll Tax Deferral

In REG-116475-19, the IRS addressed the amendments to Sec. 401(c) by Section 13613 of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, which provides an extended rollover period for a qualified plan loan offset.

The IRS announced Monday that it has begun accepting Forms 1040-X, Amended U.S. Individual Income Tax Return, electronically, which it calls a “major milestone in tax administration” (IR-2020-182).

The AICPA on Wednesday sent a letter to Treasury and the IRS requesting guidance on the recent presidential memorandum deferring some employee payroll taxes until next year.

Executive Action Delays Workers' Payroll Tax Payments

 

President Donald Trump on Saturday issued a presidential memorandum to defer the withholding, deposit, and payment of certain payroll taxes on wages paid from Sept. 1 through Dec. 31, 2020.

AICPA Continues To Ask Congress To Include PPP Deductibility In Upcoming Legislation

 

In a letter dated Aug. 4, 2020, the AICPA joined over 170 organizations to urge Congress to “include a technical correction addressing the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP)” in its next round of legislation addressing the coronavirus pandemic.

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