IRS Grants Relief for COVID-19 Disruptions on Tax Residency: Time Rules Are Eased for the Substantial Presence Test for Foreign Citizens in the US and the Foreign Earned Income Exclusion for US Citizens AbroadThe IRS provided relief to individuals and businesses whose tax residence might be ...
In September 2022, the IRS published guidance regarding signature requirements for POAs.Although the IRS allowed electronic signatures on many forms as part of COVID-19 emergency relief, the updated guidance clarifies that when a POA is submitted by mail or by fax (as oppo...
As a part of the Coronavirus tax relief, the IRS has extended the tax filing and payment deadline. In order to aid taxpayers, the tax filing deadline was extended. The IRS has stated that they are working with the Treasury and with Congress to help individuals during this time. ...
As indicated in our priorupdate, the IRS previously issued Notice 2022-33 to extend the retirement plan amendment deadlines for the SECURE Act, the Miners Act, and the CARES Act. Notably, Notice 2022-33 did not extend the amendment deadline for Covid-19 relief regardin...
When properly claimed, the ERC – also referred to as the Employee Retention Tax Credit or ERTC—is a refundable tax credit designed for businesses that continued paying employees during the COVID-19 pandemic while their...
furnish certain payee statements otherwise required bychapter 61 of the Codewith respect to amounts excluded from gross income by reason of section 7A(i) of the Small Business Act (15 U.S.C. § 631 et seq.) or sections 276(b), 277, or 278 of the COVID Relief Act," the IRS notes...
COVID-19 Financial Relief ERC Voluntary Disclosure Program: aka Last Chance To Keep 20% Of Your Unentitled Pandemic Tax Credit Funds March 22, 2024Nancy McClellandLeave a comment TheIRS is offering an amazing dealto those who either fraudulently or mistakenly claimed Employee Retention Credits (ER...
The IRS has extended a number of COVID-19 relief measures for qualified opportunity funds and their investors. This relief is welcome news for many, and we’ll bring you up to speed quickly. READ NOW Related Content Qualified Opportunity Zones: Fundamentals ...
2020 & 2021 Updates:with the CARES Act legislation providing a number offinancial COVID relief measures, those who itemized taxes could deduct up to 100% of adjusted gross income in 2020 and 2021 for cash contributions. If you give more than your AGI, the excess deduction amount can roll ov...
While the IRS plans to resume sending out normal collection notices, the Tuesday announcement is meant as one-time relief based on the unprecedented interruption caused by the pandemic, IRS officials said. “It was an extraordinary time and the IRS had to take extraordinary...