On March 17, 2021 The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. Formal guidance from the IRS will be...
The IRS announced on February 22, 2021 that victims of this month's winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments. IRS Tax Relief Details The IRS is offering this relief to any area...
How IRS Trains Its Agents To Conduct Audits Of Cannabis Businesses In January 2015, the IRS issued a memo to provide guidance to its agents on conducting audits of cannabis businesses addressing whether an IRS agent can require a taxpayer trafficking in a Schedule 1...
Earlier in January 2021, the IRS delivered to Congress the Taxpayer First Act Report as a response to legislation passed in July 2019. The report includes recommendations to improve IRS operations. As part of a larger effort related to the Taxpayer First Act Report,...
As required by law, once a year the Taxpayer Advocate’s Office (an independent Federal government department that monitors the Internal Revenue Service) must send a report to Congress describing challenges the IRS is facing, problems experienced by taxpayers in...
Starting December 29, 2020 the IRS begins delivering the second round of Economic Impact Payments On December 27, 2020 President Trump signed the $900 million Stimulus Bill formally known as the Coronavirus Response and Relief Supplemental Appropriations Act of 2021...
On March 27, 2020 President Trump signed the $2 trillion Stimulus Bill formally known as the Coronavirus Aid, Relief and Economic Security [CARES] Act (the “CARES Act”) to provide assistance to workplaces and employees. The CARES Act provides many benefits intended to...
On November 16, 2020 the IRS released the Criminal Investigation Division’s (CI) annual report, highlighting significant successes and criminal enforcement actions taken in fiscal year ending September 30, 2020. The IRS noted that a key achievement was the...
Every year, about 9 million taxpayers miss tax deadline or fail to file their tax returns according to data from the Internal Revenue Service. How To Handle Late Tax Returns? The Treasury Inspector General for Tax Administration on May 29, 2020 issued a report finding...
Federal Court Of Appeals Rules That Cannabis Is Just Like Any Other Industry Subject To IRS Audits On October 20, 2020, the U.S. Court of Appeals for the 10th Circuit issued its opinion ruling against a group of Colorado cannabis dispensaries and their affiliates that...
