Federal Tax

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Returns affected by e-filing outage will be timely if filed by Sept. 17
The IRS announced on Thursday that, for tax returns with a Sept. 15 due date that were affected by an e-filing software outage, the Service will treat a return and any elections that were filed with that return as timely filed if the taxpayer...
IRS says lenders don't need to report PPP loan forgiveness
The Internal Revenue Service said Tuesday that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act should not file information returns or furnish payee statements to report the forgiveness. In...
IRS releases state-by-state breakdown of nearly 9 million non-filers who will be mailed letters about Economic Impact Payments
The Internal Revenue Service today released a state-by-state breakdown of the roughly nine million people receiving a special mailing this month encouraging them to see if they're eligible to claim an Economic Impact Payment. The IRS will mail...
Study Shows Cannabis Legalization Would Bring In $1B Over 5 Years
Before COVID-19, one of the big pushes at the state Capitol was the legalization and sale of cannabis and a new study by the Connecticut Center for Economic Analysis says by authorizing it, the state could collect nearly $1 billion in tax revenue...
Trump’s ‘tax holiday’ has few takers in Connecticut
It’s been two weeks since President Donald Trump offered employers a way to temporarily fatten their worker’s paychecks, but in Connecticut there have been few takers. Using his executive authority, Trump has allowed the nation’s employers to...
Final regulations on business interest expense deduction limitation published in the Federal Register
The final regulations (PDF)for the business interest expense deduction limitation published in the Federal Register today. The final regulations vary slightly from the document released on IRS.gov on July 28, 2020. The Treasury Department and...
Pandemic makes Sept. 15 filing deadline difficult
With Sept. 15 tax filing deadlines looming, some tax practitioners have expressed concerns that they will not be able to meet those deadlines for a variety of reasons related to the global pandemic. Issues mentioned by AICPA members range from...
IRS highlights higher penalties for some tax returns filed after Sept. 14
The Internal Revenue Service today urged individuals who owe taxes but have not yet filed for 2019 to act now to avoid larger penalties that, by law, start after September 14. The tax deadline was July 15 this year. Taxpayers who submitted an...
IRS provides additional guidance on base erosion and anti-abuse tax
The Internal Revenue Service issued final regulations (PDF) today providing additional guidance on the base erosion and anti-abuse tax (BEAT). To limit profit-shifting, the Tax Cuts and Jobs Act (TCJA) added a new tax, the BEAT. The BEAT...
Guidance issued on payroll tax deferral
Late on Friday, the IRS issued much-anticipated guidance on the payroll tax deferral that was ordered by President Donald Trump in a presidential memorandum on Aug. 8 (Notice 2020-65). The notice allows employers to defer withholding on affected...

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