On March 25, 2020 the IRS released IR-2020-59 with information on the operational status of their compliance programs, including expanded relief for payment programs. The news release details IRS Commissioner Chuck Rettig’s thoughts on providing taxpayers additional avenues of temporary relief during the coronavirus pandemic and highlights various IRS compliance and payment programs and the steps taken to provide temporary relief.
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By: Eric R. Elmore
The IRS recently issued guidance providing penalty relief for certain partnerships that did not file the required returns by the new due date for tax years beginning in 2016. Notice 2017-47 provides penalty abatement for these partnerships only if certain circumstances apply.
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By: Eric R. Elmore
The IRS announced Hurricane Harvey victims in parts of Texas have until January 31, 2018, to file certain individual and business tax returns and make certain tax payments. This includes an additional filing extension for taxpayers with valid extensions that run out on October 16, and businesses with extensions that run out on September 15. It also warned of possible charity scams related to the storm. If you or anyone you know was effected by the storm, is volunteering with relief efforts, or if you plan on making a charitable contribution to support the victims of this natural disaster, please read today’s Tax Warrior Chronicles post.
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According to USA Today, some members of Congress from New York, New Jersey and Connecticut said Thursday they will revive an effort to enact temporary tax relief for victims of Hurricane Sandy, possibly through a bill to help Oklahoma tornado victims. Sens. Chuck Schumer, D-N.Y., and Robert Menendez, D-N.J., plan to introduce a similar bill in the Senate.
The Internal Revenue recently provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are required to attach the forms that couldn’t be filed until after January to their returns. You may be able to take advantage of this opportunity. Here’s how it works.
A critical date is approaching for those who attained age 70.5 during 2012. If that is you, then by April 1, 2013, you must commence making required minimum distributions (“RMD”) from your traditional IRAs. If you are/were a participant in a qualified retirement plan ("QRP," e.g., 401(k) plan) you must begin taking distributions by April 1st of the calendar year following the later of the year in which you reach age 70.5, or retire; except for 5% owners, who have the same rules as IRA owners. A qualified plan, however, may provide a specific required beginning date (“RBD”), so be sure to check with your former or current employer, if applicable.
