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IRS issues detailed reminder regarding reporting large cash transactions

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IR 2021-47, 2/26/2021; Fact Sheet 2021-3 In a News Release and Fact Sheet, IRS has reminded businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, and has encouraged e-filing of the form. Background. Generally, any person in a trade or business who receives more than $10,000 […]

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House Ways and Means leadership alarmed by new identity theft scheme

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The chairman and ranking member of the House Ways and Means Committee on Feb. 22 wrote to IRS Commissioner Charles Rettig about reports that taxpayers are receiving information returns for unemployment benefits that they did not apply for or receive. Rep. Richard Neal (D-MA), the chairman, and Rep. Kevin Brady (R-TX), the ranking member, cited […]

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Employee retention credit guidance includes rules for PPP borrowers

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Notice 2021-20, 2021-11; IR 2021-48, 3/1/2021 Not. 2021-20 IR-2021-48 In a Notice and accompanying News Release, IRS has issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act), for calendar quarters […]

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House passes COVID-19 relief package

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American Rescue Plan Act of 2021, as approved by the House Budget Committee House amendments to American Rescue Plan Act The House of Representatives has passed, by a vote of 219-212, the American Rescue Plan Act of 2021, a bill to enact President Biden’s COVID-19 relief package. The bill includes another round of economic impact […]

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News Alert IRS Scam

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Be Aware of IRS Phone Call Scams I wanted to update you all on a scam going on as we speak. Apparently, there are some unscrupulous people, most likely from outside the United States, that are calling taxpayers in the United States. Most calls are coming to home telephone numbers with a message to call […]