During the pandemic, challenges never before faced by auditors in performing audits are emerging. New Form 1040 Series Business Rules and Schemas are available. The IRS reminds individual taxpayers the easiest and fastest way to request a filing extension is to electronically file Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Failing to renew them by the end of this year will cause refund and processing delays in 2019. Major IRS milestone helps taxpayers correct tax returns with fewer errors, speeds processing. The Alabama State Board of Public Accountancy understands that COVID-19 has changed much of how you are completing your CPE. President Donald Trump on Saturday issued an executive order to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020. For organizations that operate on a calendar-year basis, this includes the 2019 Form 990 they would have normally filed on May 15. This rating is based on 10 reviews, breaking down to 1 Buy, 8 Holds, and 1 Sell. In response to the ongoing COVID-19 pandemic, the Internal Revenue Service today issued Notice 2020-53 (PDF) to provide tax relief to issuers, operators, owners, and tenants of qualified low-income housing projects or qualified residential rental projects financed with exempt facility bonds, and state agencies that have jurisdiction over these projects. As part of an ongoing effort to provide more useful information and better assistance to many communities, the IRS is making two key publications for tax professionals available in Spanish. In support of National Small Business Week – September 22 to 24 – the Internal Revenue Service is emphasizing the many IRS online resources available to help small business owners and self-employed individuals handle the tax aspects of their business. In addition to owing income taxes in an employee’s state of residency, without specific relief, the employee may also owe income taxes in any jurisdiction where they may have worked. All rights reserved. Carnival has also cancelled operations in February from the ports of Miami, Galveston, and Port Canaveral, and pushed back the inaugural voyage of the new ship Mardi Gras to the end of April 2021. Use Form 1040-ES to figure and pay your estimated tax. Victims of the California wildfires that began on September 4 now have until January 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The Internal Revenue Service issued final regulations (PDF) regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act. The Treasury Department and the Internal Revenue Service today released final regulations (PDF) and additional proposed regulations (PDF) under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business. As of now, deadlines for estimated taxes for the 2020 tax year are: July 15 for the first and second estimates Sept. 15 for the third estimate Jan. 15, 2021 for the fourth estimate Governor Kay Ivey on Tuesday issued a Safer at Home order to be applied Statewide. These numbers were down year-over-year, however.The key uncertainty facing Lufax at the present is state regulation. President Trump threatened to veto the coronavirus stimulus deal. The President has declared that a major disaster exists in the State of Alabama. In accordance with Governor Kay Ivey’s 21st Supplemental State of Emergency Proclamation, the Alabama Department of Revenue (ALDOR) has issued guidance for taxpayers and employers regarding the tax relief measures included in the Governor’s proclamation. Some questions on federal coronavirus measures were answered Tuesday in guidance issued by the U.S. Small Business Administration (SBA) and Treasury. Transitions FIET from a “post-payment system” to a “pre-payment system” H.B. Learn more about what to expect in the second wave of relief. Victims of Hurricane Sally that began on September 14 now have until January 15, 2021 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Taxpayers can get quick access to popular IRS tools by using IRS2Go on their mobile device. The Internal Revenue Service today set November 10 as "National EIP Registration Day," as the agency and partners across the country launch a final push to encourage everyone who doesn't normally file a tax return to register to receive an Economic Impact Payment. At that point, you can either pay your entire estimated tax by September 15, or you can pay it in two installments by September 15 and January 15. Who qualifies for which new employer tax credit? The Internal Revenue Service today reminds IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until August 31 to rollover or repay the distribution to avoid paying taxes. Using TipRanks’ Stock Comparison tool, we lined up the three alongside each other to get the lowdown on what the near-term holds for these cruise line players.Royal Caribbean (RCL)The second-largest cruise line, Royal Caribbean, remains a top pick for Montour and his firm. An adjustment or two made now may boost take home pay or allow taxpayers to pay more in the last quarter of 2020 to avoid a surprise tax bill. You don't have to make the payment due January 15, 2021, if you file your 2020 tax return by February 1, 2021, and pay the entire balance due with your return. Later this summer, for the first time taxpayers will be able to file their Form 1040-X, Amended U.S Individual Income Tax Return electronically. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. Palatin plans to initiate phase 2/3 trials in mid-2021.In line with his bullish stance, Newman rates PTN a Buy, and his $3 price target implies room for a whooping 615% upside potential in the next 12 months. The IRS has updated the Foreign Account Tax Compliance Act (FATCA) Registration System to include the following updates for sponsoring entities. Organizations that meet specified requirements under Section 501(c) of the Internal Revenue Code may qualify for tax-exempt status and are required to apply for recognition as tax-exempt. Those who don't have a plan should create one and use the information below to get started. The Endurance is scheduled for delivery in the fall of 2021.Founded in 2018, Lordstown Motors went public earlier this year through a merger with a ‘blank check’ company. The content is intended to be used for informational purposes only. Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don't know how IRAs help them save for retirement. The presiding officers of each house will be present in their respective chambers on April 28 to declare the absence of a quorum due to a state of emergency and move to reconvene May 4. The agency's Alternative Media Center (AMC) provides resources and accessibility services to taxpayers with disabilities. The company’s shares are selling for $3.16 and have an average price target of $10.75, suggesting an upside 235% on the one-year time frame. A recently released U.S. Office of Management and Budget (OMB) memorandum, Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) (OMB Memo); A memorandum issued by the Department of Education (ED), Guidance for Interruption of Study Relating to Coronavirus (COVID-19), relating to the Student Financial Assistance (SFA) program (ED memo); and Thoughts on looking forward. The Department of the Treasury and the Internal Revenue Service today issued guidance for employers and employees with terminating 403(b) plans that fund benefits through 403(b)(7) custodial accounts. In our view, the ease and reliability of maintenance and charging is particularly important to Lordstown’s fleet/commercial customer base, which is focused on vehicle up-time.”In line with these comments, Delaney rates RIDE shares a Buy along with a $31 price target for the next 12 months. For small business owners and self-employed people this can mean making quarterly estimated tax payments. Extension of Filing and Payment Deadline for Income Tax, Financial Institution Excise Tax, and Business Privilege Tax. For many organizations, the coronavirus pandemic has led to significant changes in day-to-day operations, working environments, and internal controls. Kay Ivey's plan for spending the $1.9 billion federal Coronavirus relief funds, the only major issue in question going into the Regular Session's final day. Governor Kay Ivey on Wednesday announced Revive Plus, a $200 million grant program to support small businesses, non-profits and faith-based organizations in Alabama that have been impacted by COVID-19. As part of a continuing effort to combat abusive transactions, the Internal Revenue Service announced today the completion of the first settlement under its initiative to resolve certain docketed cases involving syndicated conservation easement transactions. tool on the IRS website and the IRS2Go app. Determining the jurisdiction where an employee owes state and local taxes has become complicated as work arrangements have changed drastically during the pandemic. Alabama state leaders are moving $300 million in federal CARES money to cover some unemployment benefit costs in an effort to avoid a significant increase in the tax paid by employers. Alabama Department of Labor Secretary Fitzgerald Washington announced today Alabama has begun paying the Federal Pandemic Unemployment Compensation (FPUC) benefit that was established with the passing of the federal CARES Act on March 27, 2020. Taxpayers should remember to file or request an extension of time to file and pay any taxes they owe by the July 15 deadline to avoid penalties and interest. The content is intended to be used for informational purposes only. If a taxpayer is entitled to a refund, there's no penalty for filing late. We await responses from the ADOR to the highlighted questions and will send members that update as soon as it is received. On March 23, 2020, Governor Ivey issued an emergency order (Order) pursuant to § 31-9-6 (11), Code of Alabama 1975, delegating to the Commissioner of Revenue the authority to postpone the April 15, 2020, due date for the payment of the following state taxes until July 15, 2020, for any person affected by the COVID-19 pandemic: Individual Income Tax, Corporate Income Tax, Financial Institution Excise Tax, and Business Privilege Tax. (See LU stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. While it may seem early to be preparing for 2021, reviewing your recordkeeping now will pay off when it comes time to file again. The content is intended to be used for informational purposes only. Other non-filers have until Thursday, October 15 to register for their Economic Impact Payment. Listen as they untangle some of the complications that can arise when you help your attest clients with this federal program. The Lowdown on Capital Gains Tax Rates for 2020 and Beyond, Electronic Federal Tax Payment System (EFTPS). The current cost makes these whole house water filters hard to resist. On March 23, Governor Kay Ivey announced that the state income tax filing due date is extended from April 15, 2020, to July 15, 2020. The priority will be on the General Fund budget, the Education Trust Fund budget, and local legislation. His target implies an upside of 27% on the one-year time frame.Norwegian is another cruise line with a Moderate Buy from the analyst consensus. If your income suddenly disappears due to a job layoff, it is critical to prioritize your most critical needs. Employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators. Business owners can make taxes a little easier on themselves by filing payroll and employment taxes electronically. The Internal Revenue Service today reminded owners of most heavy highway vehicles of their responsibility to timely file Form 2290, Heavy Highway Vehicle Use Tax Return. The Alabama Department of Revenue announced today that the period for certain tax relief related to income and other taxes has been updated. Attention: Software Developers, Return Transmitters and Authorized IRS e-file Providers/EROs Notice 2020-46 provides guidance under the Internal Revenue Code on the federal income and employment tax treatment of cash payments made by employers under leave-based donation programs to aid victims of the ongoing Coronavirus Disease 2019 (COVID-19) pandemic as described in the notice. This reflects the largest rate decrease in more than a decade and the first emergency cut since 2008. In normal times, this giant footprint gave the company an advantage; now, however, it has become an expensive liability. Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee. In the six months since the Paycheck Protection Program (PPP) was created, the only certainty about the program has been uncertainty. The study reflects results from over 200 adults.Photo courtesy: Cory Doctorow via FlickrSee more from Benzinga * Click here for options trades from Benzinga * Thinking About Buying Stock In Palantir, FuboTV, Apple, Shopify Or Snowflake? To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. The guidance reflects changes provided in the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). U.S. citizens and resident aliens generally have the same filing and payment requirements regardless of where they live. Benzinga does not provide investment advice. These transactions are designed to provide capital for companies looking to enter the public market. So far, there has been no indication the companies’ shots won’t work against the evolving strain. Gov. In January, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Notice 2020-57 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code. Notice 2020-45 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code. The Internal Revenue Service issued proposed regulations (PDF) updating various tax accounting regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA). The IRS released today an early draft of the instructions to Form 1065, U.S. Return of Partnership Income PDF, for tax year 2020 (filing season 2021) that include revised instructions for partnerships required to report capital accounts to partners on Schedule K-1 (Form 1065). These questions and answers will be updated periodically and are designed to be a flexible tool to communicate information to taxpayers and tax professionals in this changing environment. For financial institutions, the Department will follow the filing and extension dates of the Alabama Financial Institution Excise Tax return. With assistance from a group of health care experts formed by the AICPA, an FAQ document has been developed to assist financial statement preparers and audit practitioners as they work through some of the challenges they are encountering amid the pandemic. Victims of the April tornadoes, severe storms and flooding that took place in parts of Mississippi, Tennessee and South Carolina will have until October 15, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. President Donald Trump signed a bill Saturday re-opening the application window for the Paycheck Protection Program (PPP) until Aug. 8. We are calling on the Department of the Treasury to immediately give taxpayers an extension of the April 15th filing deadline — and we need your help. January 1 to March 31. Legislation introduced in the Senate on Tuesday would overrule an IRS notice and clarify that ordinary expenses funded by Paycheck Protection Program (PPP) loans are deductible by taxpayers. Now, more than ever, auditors might rely on technology in performing audit procedures. The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning October 1, 2020. Even better, they are available 24 hours a day. Under current law, no estimated FIET payments are required. Whether filing a tax return, requesting an extension or making a payment, the IRS website can help taxpayers answer most questions and avoid long waits for phone assistance. During Small Business Week, September 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The bill now awaits President Trump's signature. 3101(a) — better known as the employee portion of Social Security tax, currently 6.2% of covered wages and compensation — and a comparable rate of tax under Sec. The American Institute of CPAs (AICPA) today called for the Treasury Department and the IRS to provide relief to all taxpayers in light of the uncertainty and challenges caused by the spread of the Coronavirus (COVID-19) pandemic. In short, we have a combination of risk and reward setting up, for investors willing to put some skin in the game. Here are answers to some of the top questions people are asking about these payments. The IRS released an advance version of Notice 2020-32 providing guidance regarding the deductibility for federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program (PPP). Newlyweds should know how saying “I do” can affect their tax situation. 5 H.B. The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning July 1, 2020. People experiencing homelessness may be eligible for a $1,200 Economic Impact Payment and $500 for each qualifying child under age 17. The Internal Revenue Service today announced additional retail partners are accepting cash payments for federal taxes. Members of the military may qualify for special tax benefits. A key achievement was the identification of over $10 billion in tax fraud and other financial crimes. You may qualify for significant compensation. The Senate on Tuesday approved $370 billion in additional funding for small businesses through programs administered by the U.S. Small Business Administration (SBA) as part of a new COVID-19 pandemic relief bill. This tool will show if a payment has been issued and whether the payment was direct deposited or sent by mail. The Internal Revenue Service and the Security Summit partners today warned tax professionals to be alert to new phishing scams that try to take advantage of COVID-19, Economic Impact Payments and increased teleworking by practitioners. Lender accounting issues related to the Paycheck Protection Program (PPP) are discussed in new Technical Questions and Answers (TQAs) issued Tuesday by the AICPA. Be aware, though, that the delay is not a license to ignore peer review responsibilities. These are a new class of potential medications, receptor-specific and highly targeted toward specific diseases. Notice 2020-53 provides temporary relief from certain requirements under § 42 of the Internal Revenue Code (Code) for qualified low-income housing projects. Individual taxpayer identification numbers are used by taxpayers who have tax filing or payment obligations under U.S. law but who are not eligible for a Social Security number. Notice 2020-52 clarifies the requirements that apply to a mid-year amendment to a safe harbor 401(k) or 401(m) plan that reduces only contributions made on behalf of highly compensated employees. The second proposed regulation(link is external) was published in 2019 in response to the Tax Cuts and Jobs Act, which made significant changes to ABLE accounts. You’ll need to make the payments four times per year, according to these due dates: April 15th (payment #1) June 15th (payment #2) The Joint Board for the Enrollment of Actuaries today provided enrolled actuaries with notice that it is waiving the physical presence requirement for continuing professional education (CPE) credit for any formal programs conducted from January 1, 2020, through December 31, 2022.

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