IRS Recommends Streamlining, Modernizing Improvements to Congress
The Internal Revenue Service has submitted a report to Congress—as required by the 2019 Taxpayer First Act—outlining a strategic plan to enhance taxpayer service and experience.
Browsing: Tax and Accounting
IRS Changes Course Again on EIPs; Will Reissue Misdirected Payments
The Internal Revenue Service today announced that—in a reversal of previous guidance—it will reissue payments for taxpayers who did not initially receive their second-round economic impact payments due to a processing error.
IRS Issues Additional Information for EIP Recipients
As the Internal Revenue Service continues to address the error that caused millions of economic impact payments to be incorrectly routed to temporary or incorrect bank accounts, the IRS today said that, together with tax industry partners, it is “taking immediate steps to redirect stimulus payments to the correct account for those affected.”
IRS Changes Course on EIP Processing Error Resolution
The IRS today issued additional instructions in an attempt to remedy the processing error that led to millions of economic impact payments being erroneously sent to accounts that were closed, inactive or temporary accounts.
IRS Issues Updated Guidance on Deductibility of PPP Qualified Expenses
The Internal Revenue Service has issued guidance implementing changes included in the latest COVID-19 relief package—which was signed into law last month—related to the deductibility of business expenses paid for with Paycheck Protection Program loan proceeds.
Opening the Post-COVID Bank Books
Banks moved heaven and earth to help clients through COVID-19. While examiners are stepping cautiously in exams, bankers must prepare for more probing questions.
BOLI: A Stable Asset in Unstable Times
A surge of liquidity and prolonged period of low interest rates are creating new questions for balance sheet management.
AICPA Survey: Business Leaders Support Additional Fiscal Stimulus
A new survey from the American Institute of CPAs today found that 54% of business leaders believe that their businesses would face slight, moderate or significant effects if a second round of fiscal support does not materialize this year or in early 2021.
SEC Finalizes Rule on Fair Value Determinations
The SEC last week voted to adopt a new rule under the Investment Company Act of 1940 addressing the valuation practices of registered investment companies and business development companies.
SBA: Banks Must File 1099/1098 for CARES Act Loan Subsidies
The Small Business Administration this week released a Q&A document addressing certain tax issues related to payments made on behalf of borrowers to lenders for existing SBA 7(a), 504 and microloans.