News & Analysis as of

Tax Returns Internal Revenue Service Coronavirus/COVID-19

McDermott Will & Schulte

Potential Refund Opportunity for Interest and Penalty Amounts Accrued During COVID-19 Federally Declared Disaster

Taxpayers who made payments to the Internal Revenue Service (IRS) that included underpayment interest and/or failure-to-file/pay penalties that accrued during all or part of the period between January 20, 2020, through July...more

McDermott Will & Schulte

DOJ Announces Largest Employee Retention Credit Fraud Indictment

On January 22, 2025, the US Department of Justice (DOJ) announced the indictment of seven individuals in the largest Employee Retention Credit (ERC) fraud scheme to date. According to the indictment, the defendants filed more...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Resumes Processing New Claims for Employee Retention Credit

After lifting the moratorium on processing tax refund claims, the Internal Revenue Service (IRS) has begun processing a large backlog of claims for the employee retention tax credit (ERC), aimed at businesses impacted by...more

Miller Canfield

IRS Announces Denials of Employee Retention Credit

Miller Canfield on

As described in our October 24 article “IRS Offers Forgiveness for Erroneous Employee Retention Credit Claims” the IRS has increased scrutiny on claims for the Employee Retention Credit (“ERC”). The IRS halted processing...more

DarrowEverett LLP

How IRS Is Cracking Down on Employee Retention Tax Credit Fraud

DarrowEverett LLP on

The Internal Revenue Service (“IRS”) has recently devoted great attention to detecting, investigating, and prosecuting fraud, particularly as it relates to the Employee Retention Tax Credit (“ERC”) post-COVID. On a webinar...more

McDermott Will & Schulte

Weekly IRS Roundup April 17 – April 21, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 17, 2023 – April 21, 2023...more

McDermott Will & Schulte

Weekly IRS Roundup September 19 – September 23, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 19, 2022 – September 23, 2022....more

McDermott Will & Schulte

Weekly IRS Roundup September 12 – September 16, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 12, 2022 – September 16, 2022...more

Lowndes

Good News: IRS Grants $1.2 Billion in Penalty Relief for Taxpayers Impacted by Covid-19

Lowndes on

The senior living industry was hit hard by the Covid-19, and the IRS recently announced relief for people or businesses who filed their 2019 or 2020 tax returns late as a result. If your business was subject to failure to...more

ArentFox Schiff

Federal Penalty Relief for Certain 2019 and 2020 Tax Returns Filed on or Before September 30, 2022

ArentFox Schiff on

The US Internal Revenue Service (IRS) recently released Notice 2022-36, in which the IRS announced that it is automatically waiving (and automatically abating, refunding, or crediting, as appropriate) penalties for failure to...more

McDermott Will & Schulte

Weekly IRS Roundup August 22 – August 26, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 22, 2022 – August 26, 2022....more

McDermott Will & Schulte

Weekly IRS Roundup March 20 – March 26, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 20, 2022 – March 26, 2022... March 21, 2022: The IRS issued Revenue Ruling 2022-07,...more

McDermott Will & Schulte

Weekly IRS Roundup November 15 – November 19, 2021

McDermott Will & Schulte on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 15, 2021 – November 19, 2021... November 15, 2021: The IRS published a news release...more

Fisher Phillips

IRS Addresses Lingering Employer Questions Regarding COBRA Premium Assistance and Corresponding Tax Credits under the American...

Fisher Phillips on

The American Rescue Plan Act (ARPA) provides for 100% premium assistance to certain qualified beneficiaries for continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) for periods of...more

Oberheiden P.C.

Eleven of the IRS's Enforcement Priorities During the 2021 Tax Season

Oberheiden P.C. on

It is tax season once again. While the Internal Revenue Service (IRS) has extended this year’s filing deadline to May 17, 2021 for individuals, businesses must still file by April 15, and all U.S. taxpayers must ensure that...more

Bricker Graydon LLP

Federal and Ohio tax deadlines extended

Bricker Graydon LLP on

On March 17, 2021, the Treasury Department and the Internal Revenue Service announced that the federal income tax filing due date deadline has been extended from April 15, 2021 to May 17, 2021. At the same time, the IRS also...more

Gibney Anthony & Flaherty, LLP

New York State Extends Tax Filing Deadline to May 17, 2021

New York State has extended the due date for personal income tax returns and related payments originally due on April 15, 2021 to May 17, 2021. This follows the federal tax deadline which was also extended from April 15,...more

Bricker Graydon LLP

Federal tax deadline extended—No word from Ohio Department of Taxation yet

Bricker Graydon LLP on

On March 17, 2021, the Treasury Department and the Internal Revenue Service announced that the federal income tax filing due date deadline has been extended from April 15, 2021 to May 17, 2021. At the same time, the IRS also...more

BCLP

Federal Income Tax Due Date Postponed to May

BCLP on

The IRS announced on Wednesday that the due date for individual federal income tax returns has been postponed to May 17, 2021. The postponement also applies to individuals who pay self-employment tax....more

Ballard Spahr LLP

IRS Extends Tax Deadlines

Ballard Spahr LLP on

Due Date for 2020 Tax Returns and Most Payments Extended to May 17, 2021; Estimated Taxes Still Due April 15, 2021 - Due to lingering concerns related to the pandemic and material changes to the tax laws in the American...more

Lowndes

IRS Extends Tax Day to May 17

Lowndes on

The Internal Revenue Service provided individual taxpayers with a nice St. Patrick’s Day surprise by announcing that the tax deadline for individuals had automatically been extended from April 15, 2021 to May 17, 2021....more

Robins Kaplan LLP

Financial Daily Dose 3.18.2021 | Top Story: Fed Commits to Near-Zero Rates Despite Improving Economy

Robins Kaplan LLP on

The latest and greatest from Fed Chair Powell as the Fed’s March Open Markets Committee meeting wrapped yesterday, including a markets-pleasing assurance that better-than-expected economic growth wasn’t enough to push the...more

Farrell Fritz, P.C.

How Dealings Between Related Parties Doomed A Captive Insurer

Farrell Fritz, P.C. on

Insurance: What is it? How does it work? Assume that Acme Co is paying premiums for commercial insurance coverage to protect itself from economic losses that may arise out of various events. These premiums are deductible...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, March 2021 # 10

Hogan Lovells on

In Washington: Congressional Democrats are urging the Treasury Department and IRS to “take every effort” to implement a new tax exemption for unemployment benefit recipients. The just-signed coronavirus relief law makes...more

Harris Beach Murtha PLLC

IRS Denies Deduction of Qualifying PPP Loan Expenses If Taxpayer Reasonably Expects Loan Forgiveness

Harris Beach Murtha PLLC on

In May 2020, the IRS issued Notice 2020-32 which addressed the deductibility of qualifying expenses (i.e., payroll costs, mortgage interest, rent and utilities) in the context of a loan covered under the Paycheck Protection...more

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