Democrats on the House Ways and Means Committee are urging the Internal Revenue Service to extend tax season beyond April 15 to give taxpayers another three months until July 15.
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February 19, 2021
Upcoming Events February 19, 2021
Daily Briefing
Lawmakers ask IRS to extend tax season until July 15
By Michael Cohn      2 min read
Democrats on the House Ways and Means Committee are urging the Internal Revenue Service to extend tax season beyond April 15 to give taxpayers another three months until July 15.
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Tax season: What the IRS says clients and advisors can expect
By Lynnley Browning      4 min read
The agency’s commissioner is upbeat, but tax preparers and financial planners worry that this year could be especially chaotic due to the COVID pandemic.
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IRS continues to face mail backlog amid pandemic
By Michael Cohn      3 min read
The Internal Revenue Service is still dealing with a backlog of unprocessed mail from 2020, hurting its efforts to provide help with COVID-19 relief payments and this year’s tax season.
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Democrat bills would help the IRS go after wealthy, corporations
By Michael Cohn      3 min read
House Democrats are proposing two pieces of legislation that would also provide more funding for the Internal Revenue Service.
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Tax strategy can help private equity firms unlock long-term value
By Petter Wendel      5 min read
Amid regulatory change, margin pressure and technological shifts, private equity firms need to rethink their approach to tax and finance functions. Petter Wendel, EY global tax private equity leader, shares how based on findings from the 2020 EY Tax and Finance Operate Survey.
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IRS offers flexibility on carrying over FSA funds
By Michael Cohn      3 min read
New guidance shows how employees and employers can carry over unused money from flexible spending accounts and dependent care assistance programs.
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Tax changes brewing for online alcohol marketplaces
By Gail Cole      7 min read
A potent mash of alcohol regulations, tax obligations and marketplace facilitator laws is brewing as the industry adjusts to living with the COVID-19 pandemic.
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Tax Fraud Blotter: Pants on fire
By Jeff Stimpson      5 min read
Family affairs; Ultimate crime; level effects; and other highlights of recent tax cases.
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Illinois governor’s budget cuts costs, corporate tax breaks
By Shruti Date Singh      4 min read
Illinois Governor J.B. Pritzker is seeking to cut spending and end some corporate tax breaks to help close the worst-rated state’s nearly $3 billion deficit in the coming fiscal year.
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KPMG speaks out against Asian-American violence
By Sean McCabe      2 min read
Paul Knopp, KPMG U.S. Chair and CEO, posted an internal message on LinkedIn reiterating the firm's condemnation of "discrimination, harassment or racism" against Asian-Americans during the COVID-19 pandemic.
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RESOURCES
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Case Study in Growth: More Profitable Sales Tax Services
The COVID pandemic, along with many changes due to the rise of economic nexus, has increased the burden and complexity of managing sales tax compliance for many clients.
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