The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.
Source: The Tax Adviser
Final regs. outline trust and estate expenses still deductible under TCJA
The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by…
IRS issues more bonus depreciation rules
The IRS issued final bonus depreciation regulations and withdrew proposed regulations. Source: The Tax Adviser
Final regs. govern CFC downward attribution
The IRS issued final regulations on the downward attribution rules of controlled foreign corporations, whose treatment had been changed…
E-filing problems plague some Sept. 15 tax returns
Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing…
Premium tax credit unaffected by zeroing of personal exemptions
The IRS makes clear in final regulations that the health care premium tax credit calculation is unaffected by the…
Final regulations define ‘qualifying relative’
The IRS finalized proposed regulations defining “qualifying relative” for tax years 2018–2025, in which the personal exemption amount is…
Final regs. govern eligible terminated S corporation rules
The IRS finalized proposed regulations on eligible terminated S corporations, a new provision enacted under the Tax Cuts and…
IRS issues 2020–2021 per-diem rates
The IRS issued the 2020-2021 per-diem rates for business travelers who incur expenses while traveling away from home. Source:…
Pandemic makes meeting Sept. 15 filing deadline difficult
Tax practitioners have expressed concerns that they will not be able to meet looming Sept. 15 tax filing deadlines…