The IRS is piloting a pre-examination compliance program for retirement plans, which provides plan sponsors with 90-day window to review plan operations and make corrections prior to examination.
The IRS issued FAQs regarding the Superfund chemical excise tax and tax rates today to help those taxpayers who may be impacted.
Despite persistent challenges facing the IRS, the agency is on track to process all Forms 1040 originally filed in 2021 this week, with remaining inventory processed soon after.
The IRS provides some relief amid rising gas prices with an optional increase to the standard mileage rate for business travel.
National Taxpayer Advocate, Erin Collins, recommends the IRS pause automated collection notices. Congress may consider the recommendation.
Employers need to react quickly to the new guidance to pay in amounts as if they were incurred on Dec. 31, 2021.
The IRS has released its annual cost-of-living adjustments for retirement plan limits, effective Jan. 1, 2022.
The Ways and Means Committee proposed legislation targeting digital assets to increase tax revenue via wash and constructive sales rules.
Taxpayer Advocate Service is wrestling with a backlog of cases trying to navigate the changing environment of the pandemic.
Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.
Notice 2021-49 provides answers on previously uncertain issues and addresses changes implemented in the American Rescue Plan Act.
Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.
EPCRS is a summary of the rules that the IRS uses to assist employers in correcting retirement plan mistakes without disqualifying the plan.
Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.
Notice 2021-42 provides guidance for cash payments from foregone vacation, sick or personal leave made by employers to charities.
Biden’s plan to grow the middle class, expand economic growth to all Americans and leave the US more competitive funded with tax changes.