Businesses who didn’t receive forgiveness on their Paycheck Protection Program loans can now claim a tax credit instead, thanks to a provision in last month’s coronavirus stimulus package.
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IRS Watch
January 27, 2021
Upcoming Events January 27, 2021
IRS offers option when PPP loan forgiveness is denied
By Michael Cohn      4 min read
Businesses who didn’t receive forgiveness on their Paycheck Protection Program loans can now claim a tax credit instead, thanks to a provision in last month’s coronavirus stimulus package.
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IRS isn’t verifying millions in QBI deductions
By Michael Cohn     5 min read
The Internal Revenue Service hasn’t been properly vetting millions of dollars in deductions that could be erroneous, according to the inspector general.
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Treasury plans efforts to deliver missing stimulus payments
By Michael Cohn     4 min read
The Treasury Department said Friday it plans to launch an all-out effort to deliver Economic Impact Payments to people who haven’t yet received the two rounds of stimulus payments that they should have received last year or this month.
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Forms 2848 and 8821 are now online
By Jeff Stimpson     2 min read
Tax pros can now submit powers of attorney and tax information authorizations electronically.
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Supreme Court seeks Biden DOJ views on work-from-home taxes
By Greg Stohr     3 min read
New Hampshire is seeking to sue directly at the high court to challenge the Massachusetts practice of taxing nonresidents who used to work in the state but now do their jobs from home.
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Yellen leaves door open to tax increase on wealthy
By Saleha Mohsin and Jenny Leonard     5 min read
The Treasury Secretary-designate said she would work with lawmakers to fast-track a series of tax increases on corporations and wealthy Americans.
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IRS issues guidance on repayment of deferred payroll taxes
By Michael Cohn     2 min read
The Internal Revenue Service released information on how employees now have until the end of the year to repay any payroll taxes they deferred from last year.
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Tax windfalls drive states to unlikely role in U.S. recovery
By Amanda Albright and Danielle Moran     4 min read
America’s governors aren’t waiting for Washington to stimulate their economies.
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