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IRS Watch

August 19, 2020

Payroll processors await IRS guidance on tax deferral

By Michael Cohn 8 min read

Payroll companies need guidelines on how to implement President Trump's executive order before they can start processing paychecks next month.

IRS reopens registration for $500 stimulus claims for children

By Michael Cohn 5 min read

The Internal Revenue Service is giving parents another chance to list their kids so they can receive an extra $500 per child in economic impact payments under the CARES Act.

AICPA asks IRS and Treasury for clarity on Trump’s payroll tax deferral

By Michael Cohn 4 min read

The American Institute of CPAs has sent a letter to top officials asking for more guidance on the president's executive order.

IRS to send 13.9M taxpayers interest on their refunds

By Michael Cohn 2 min read

The Internal Revenue Service and the Treasury plan to send interest payments averaging $18 to approximately 13.9 million taxpayers.

IRS offers reprieve for taxpayer checks caught in backlog of unopened mail

By Michael Cohn 3 min read

The Internal Revenue Service is giving taxpayers a break if the checks they mailed in to pay their taxes still haven’t been opened up yet and are sitting in the trailers the IRS set up during the pandemic.

IRS makes Form 1040-X amended tax returns available for e-filing

By Michael Cohn 2 min read

The service is now letting taxpayers submit Form 1040-X electronically when they want to file an amended tax return through commercial tax software.

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Inside the proposed regs on acct'g method changes and carried interest

By Roger Russell 3 min read

One tax expert says the IRS proposals run contrary to the intent of the laws they’re supposed to be implementing.

DraftKings, FanDuel fees deemed taxable in landmark IRS memo

By Allyson Versprille and Samuel McQuillan 3 min read

Daily fantasy sports companies must pay federal excise tax on their entry fees, the IRS has decided, according to an internal memo that could cause a major shakeup in the industry.

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