IRS

Draft Instructions for 2022 Schedules K-2 and K-3

Will partnerships need to file K-2 & K-3?

IRS issues draft instructions for Partnership Schedules K-2 and K-3 for 2022 tax returns. On October 25, 2022, the IRS issued a draft set of instructions for partnership’s 2022 Schedule K-2 and K-3. An important element is the “Who Must File” section, because some partnerships might not have to file these two international schedules, but […]

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20220824 IRS Notice 2022-36

IRS releases penalty relief for taxable years 2019 and 2020

I am just now reading the IRS Notice 2022-36 and wanted to share the news to help spread it around. I guess it was initially released last night (August 23, 2022) and then pulled off their website. It was then re-released to their website today, August 24, 2022. The notice proves relief for certain taxpayers

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HB 5155 Taxpayer Protection Act of 2021

There’s trouble at the IRS – Tell Congress to Act NOW!

The American Institute of CPAs (AICPA) had a Town Hall meeting on Thursday, January 6, 2022, to cover updates related to the tax profession. One of the items they highlighted is how dysfunctional the Internal Revenue Service (IRS) currently is. The biggest problem is they aren’t opening their mail or reading the faxes that are

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What you need to know about the tax deadline changes

What you need to know about the IRS extension of tax deadlines

Never to be satisfied with the confusion they cause, the IRS set off a wave of anxiety across the tax profession this afternoon. So what was this announcement? Well, the IRS announced that they are moving the April 15, 2021 deadline for individuals to May 17, 2021. Sounds simple right? No, it’s not simple at

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IRS extends tax deadlines for Texas due to storms in February, 2021

This is just a quick update on the status of tax deadlines for victims of the winter storms that began on February 11, 2021. These taxpayers have until June 15, 2021 to file various individual and business tax returns and make tax payments, the IRS announced today, February 22, 2021. The relief applies to individuals

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How to deduct you PPP expenses under the CARES Act?

Right now, the IRS says you can’t deduct the expenses related to your PPP loan forgiveness but it doesn’t have to be that way. Write to your Congressperson and Senators and tell them to allow PPP Expense deductions for small businesses. See the sample letter at the end of this post from the AICPA. There

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IRS releases guidance on deductibility of expenses related to loans forgiven under the Paycheck Protection Program.

IRS drops a bomb and answers the question: Can a taxpayer deduct expenses related to their Paycheck Protection Program (PPP) Loans?

Summary: IRS releases guidance on deductibility of expenses related to loans forgiven under the Paycheck Protection Program. It’s been a while since the Internal Revenue Service issued a late night batch of tax rules, but they did it again last night on November 18, 2020. They released their Revenue Ruling 2020-27 and Revenue Procedure 2020-51.

IRS drops a bomb and answers the question: Can a taxpayer deduct expenses related to their Paycheck Protection Program (PPP) Loans? Read More »