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DRAFT FORM 941 UPDATED TO REFLECT DEFERRAL OF EMPLOYEE SHARE OF SOCIAL SECURITY TAXES

24 September 2020

Draft Form 941, Employer’s Quarterly Federal Tax Return (revised July 2020) The IRS has issued a draft version of the 2020 Form 941 (Employer’s Quarterly Federal Tax Return), to be used for the third and fourth calendar quarters of...

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New York City—Corporate Income, Miscellaneous Taxes: City’s Decoupling From Certain CARES Act Provisions Discussed

24 September 2020

New York City has issued a memorandum discussing the following: decoupling of its business corporation tax, general corporation tax, unincorporated business tax, and banking corporation tax from certain federal tax changes contained in the CARES Act; and providing instructions...

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PKF O’Connor Davies Welcomes Albrecht Viggiano Zureck & Company, P.C.

22 September 2020

New partnership expands Firm’s presence in Long Island and deepens expertise in government, construction, engineering and manufacturing and distribution New York, NY (September 22, 2020) – PKF O’Connor Davies, LLP, one of the nation’s largest accounting, tax and advisory...

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Wolters Kluwer Projects Annual Inflation Amounts for 2021

14 September 2020

Annual inflation-adjusted amounts for tax year 2021 are projected by Wolters Kluwer. The projected amounts include 2021 tax brackets, the standard deduction, and alternative minimum tax amounts, among others. The projected amounts are based upon Consumer Price Index figures...

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Return Rejected for Missing IP (Identity Protection) PIN Still Triggered Running of Limitations Period

10 September 2020

The Code Sec. 6501(a) limitations period for assessing an individual’s tax return expired before a notice of deficiency was issued by the IRS. The IRS had rejected the taxpayer’s first submission of his electronically signed federal income tax return for the...

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Form 1040 Now Available in Spanish

10 September 2020

The IRS is providing Form 1040 in Spanish for the first time as part of a larger effort to reach underserved communities. The Service’s newly expanded multilingual initiative is a key part of helping the IRS reach its goal...

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Treasury, IRS Release Guidance on Employee Social Security Tax Deferral

31 August 2020

The Treasury Department and the IRS have issued guidance on the recent order by President Trump to defer the withholding, deposit, and payment of certain employee payroll tax obligations on wages paid from September 1, 2020, through December 31,...

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IRS Suspends Mailing Three Notices to Taxpayers with Balances Due

25 August 2020

The IRS has temporarily suspended the mailing of three notices to taxpayers who have a balance due on their taxes. The suspended notices are: (1) CP501; (2) CP503; and (3) CP504. However, the IRS has informed taxpayers and tax...

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IRS Providing Relief From Bad Check Penalty

24 August 2020

IRS website – IRS Operations During COVID-19: Mission critical functions continue (updated August 13, 2020) In an update to its mission-critical website, the IRS has provided information regarding the effects of its COVID-19-related delay in opening mail that it...

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IRS to Distribute Tax Refund Interest Checks to Taxpayers Who Filed 2019 Returns on Time

21 August 2020

Americans who filed their 2019 federal income tax returns on time should expect a refund this week. The Internal Revenue Service and the Treasury Department will send interest payments with an average of $18 to about 13.9 million taxpayers,...

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