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Category Archives: IRS
IRS Appears to Add Requirement for Individuals to Include Statement on PPP Loan Forgiveness for 2021 Personal Returns
On Friday, the IRS released draft instructions for Form 1040. Buried on page 23 of the instructions (page 24 of the PDF) is the following: Forgiveness of Paycheck Protection Program (PPP) Loans The forgiveness of a PPP Loan creates tax-exempt … Continue reading
Posted in IRS
Tagged 2022.Tax.Season, PPP.Loans
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The IRS Can’t Figure Out Where to Apply an Electronic Payment…Where the IRS Was Told Where to Apply It
My client received a letter from the IRS dated November 22, 2021: Taxpayer identification number: [redacted] Tax Period(s): Dec. 31, 2018 Form: 1040 We received a payment of $2,002.00 on Oct. 08, 2020. We don’t have enough information to apply … Continue reading
Posted in IRS
Tagged Amended.Returns
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IRS: Per Diem Is Food Provided by Restaurants
For tax years 2021 and 2022 taxpayers are allowed to deduct 100% of business meals provided by restaurants (per § 274(n)(2)(D) of the Internal Revenue Code). One question that I had was how the per diem would be treated. Taxpayers … Continue reading
IRS’s “ID.me”: Not Ready for Prime Time
This afternoon, I needed to upload an IRS Power of Attorney form to the IRS’s CAF Unit. The IRS advised me (on the login screen) that I should obtain an account on ID.me. The IRS rightly wants to make sure … Continue reading
Evergreen Post: IRS Sending Erroneous Balance Due Notices
Many of our clients have authorized us to receive IRS notices for them. Yesterday, we received three “balance due” (CP14) notices. I was quite surprised, as all three individuals paid their tax by electronic debit with the filing of their … Continue reading
IRS Efficiency and Inefficiency
It was with fear and trepidation I logged onto IRS eServices this morning. This is the portal that allows me to download transcripts for clients from the IRS (when I have an authorization). On September 16th, I had electronically uploaded … Continue reading
Prepare to Panic!
As I write this, it’s September 29th. Two weeks from Friday is October 15, 2021. That’s the deadline for individual taxpayers on extension to file their tax returns (except for those in disaster areas such as the hurricane that impacted … Continue reading
It’s Deja Vu All Over Again: IRS *Again* Mailing Erroneous CP259F Notices
One would think that the IRS would learn from its mistakes. One would be wrong (at least, in this case). Back in November 2020 I wrote a post titled, “IRS Mailing Erroneous CP259F Notices.” That post dealt with taxpayers who … Continue reading
Posted in IRS
Tagged 2021.Tax.Season, charitable.remainder.trusts, Form.5227
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Tax Relief for Hurricane Ida in New York and New Jersey
Hurricane Ida created disaster conditions in Louisiana; the IRS previously granted relief for impacted taxpayers in various parishes in the state. President Biden just declared a federal disaster area for many counties in New Jersey and New York (including New … Continue reading
Posted in IRS, Louisiana, New Jersey, New York
Tagged Hurricane.Ida
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Can the IRS be Honest About the Delays in Processing?
The IRS maintains a webpage showing operational status during the pandemic. Additionally, the IRS periodically sends out “Hot Issue” summaries. One of the items asked in the “Hot Issue” questions was on amended returns: 1040X not processed Issue: When will … Continue reading
Posted in IRS
Tagged 2021.Tax.Season
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