New PPP forgiveness guidance addresses owner-employee compensation, rent-related costs, IRS: 50,000 spouses to get catch-up Economic Impact Payments, Deadline to file and pay heavy highway vehicle use tax is Aug. 31, As peak hurricane season nears, IRS reminds people to prepare for natural disasters, IRS updates procedures for designating taxpayer disputes for litigation, implementing provisions of Taxpayer First Act, IRS: Deadline to return distributions to retirement accounts is Aug. 31, Multi-Factor Authentication: Overview for Tax Professionals. Camping World will train its mechanics on the new truck, and provide garage floor space for Lordstown’s customers. The Treasury Department and the Internal Revenue Service today issued proposed regulations (PDF) to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits. The Internal Revenue Service today reminded people that contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return. (To watch Lee’s track record, click here)Like RIDE above, Liberty has an even split among its recent reviews – in this case, 3 Buys and 2 Holds, making the analyst consensus view a Moderate Buy. IRS.gov has answers to many questions people may have about their Economic Impact Payment. National Taxpayer Advocate Erin M. Collins today released her first report to Congress, identifying taxpayer challenges arising from the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and the IRS's implementation of the Taxpayer First Act as priority issues the Taxpayer Advocate Service (TAS) plans to focus on in the coming year. The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79 PDF, posted today on IRS.gov. The amount of the credit is 50% of qualified wages paid up to an annual limit of $10,000, which equals a maximum credit amount of $5,000 for each employee for the year. The Internal Revenue Service today issued final regulations permitting a regulated investment company (RIC) that receives qualified real estate investment trust (REIT) dividends to report dividends the RIC pays to its shareholders as section 199A dividends. Have you used Zantac and been diagnosed with cancer? Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service. People with expiring individual taxpayer identification numbers should renew their number ASAP. Revenue Procedure 2020-37 provides: (1) tables of limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2020; and (2) a table of amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2020. (See PTN stock analysis on TipRanks)Mustang Bio (MBIO)Mustang Bio is another clinical phase biopharmaceutical company. Every year scammers add new twists to well-known tax-related scams and 2020 is no exception. The Internal Revenue Service issued final regulations that provide guidance on deductions for foreign-derived intangible income (FDII) and global intangible low-taxed income allowed to domestic corporations under the Internal Revenue Code. With new guidance and extensions on use of funds, US businesses seek and find financial boosts in overall uncertain times. In fact, this right is one of ten outlined in the Taxpayer Bill of Rights. Alabama Society of CPAs As a result, taxpayers who are taking advantage of extended federal and state 2019 income tax filing deadlines may have difficulty properly estimating their quarterly payments for 2020. Later this summer, for the first time taxpayers will be able to file their Form 1040-X, Amended U.S Individual Income Tax Return electronically. The Internal Revenue Service, state tax agencies and the nation's tax industry today announced that the 5th Annual National Tax Security Awareness Week will take place between November 30 and December 4. As provided under the legislation, the U.S. Department of Labor will be issuing implementing regulations. With 159 million Economic Impact Payments processed, the Internal Revenue Service reminds many low-income Americans who don't usually file tax returns to register for a payment by October 15. U.S. citizens and resident aliens generally have the same filing and payment requirements regardless of where they live. Currently going for $0.42 apiece, Canaccord analyst John Newman thinks that the share price presents an attractive entry point. The company closed on $850 million in senior notes, at 5.875% and due in 2026, during November, and earlier this month closed an offering of common stock. While many people are required to file a tax return, it's a good idea for everyone to determine if they should file. The rating is derived from 4 recent reviews, evenly split between 2 Buys and 2 Sells. Remember: the IRS does not send unsolicited emails and never emails taxpayers about the status of refunds. In response to the COVID-19 Pandemic and solely to implement the following provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), until further notice, the IRS is implementing the temporary procedures described below for digital transmission of Form 1139 and Form 1045. The gig economy, also called sharing or access economy, is activity where taxpayers earn income providing on-demand work, services or goods. The EO Update is a periodic newsletter with information for tax-exempt organizations and tax practitioners who represent them, from Exempt Organizations (Tax-Exempt and Government Entities Division) at the IRS. The same is true for corporations that expect to owe at least $500. This rating is based on 4 Buys, 4 Holds, and 1 Sell set in recent months. The letter urges recipients to visit the special Non-Filers: Enter Payment Info Here tool on IRS.gov before the October 15 deadline to register for an Economic Impact Payment. The Internal Revenue Service Advisory Council (IRSAC) today issued its annual report for 2019, including recommendations to the IRS on new and continuing issues in tax administration. Starting this month, the CP14 and CP14 IA notices that inform taxpayers that they owe money on unpaid taxes and their payment options are now equipped with QR bar codes to help those taxpayers securely and easily navigate to the IRS.gov website. School may look a little different this year, but eligible teachers and other educators can still deduct certain unreimbursed expenses on their tax return next year. Lender accounting issues related to the Paycheck Protection Program (PPP) are discussed in new Technical Questions and Answers (TQAs) issued Tuesday by the AICPA. Notice 2020-45 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code. The Internal Revenue Service today reminded the self-employed, investors, retirees and others with income not subject to withholding that third quarter estimated tax payments for 2020 are due September 15. The IRS will sent a special mailing to people who typically aren't required to file federal income tax returns but may qualify for an Economic Impact Payment. This is clear from the company’s fiscal Q3 cash burn, which approached $770 million.Like the other big cruise companies, Carnival has extended its voyage cancellations, or, in the company’s terms, the ‘pause in operations.’ The Cunard line, one of Carnival’s brands, has cancelled voyages on the Queen Mary 2 and the Queen Elizabeth through early June of next year. There are cost‑of‑living adjustments that may affect a taxpayer's pension plan and other retirement-related savings next year. So far, there has been no indication the companies’ shots won’t work against the evolving strain. Revenue Procedure 2020-39 addresses normalization issues that have arisen or are anticipated in ratemaking proceedings due to the corporate tax rate decrease that was included in the Tax Cuts and Jobs Act, Pub. Businesses providing goods and services that are subject to excise tax must file a Form 720 quarterly to report the tax to the IRS. With heightened threats during COVID-19, the Internal Revenue Service and Security Summit partners today called on tax professionals to select multi-factor authentication options whenever possible to prevent identity thieves from gaining access to client accounts. The Alabama Department of Revenue would like to remind taxpayers to be vigilant about protecting their personal and financial information. SEE MORE The Lowdown on Capital Gains Tax Rates for 2020 and Beyond. The Internal Revenue Service today announced the 2020 IRS Nationwide Tax Forums will be held virtually in 2020 with a series of live-streamed webinars beginning this July. 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