Tax Attorney Blog by Jonathan D. Mishkin
Employers Can Help Employees with Qualified Disaster Relief Payments which are Excludible from Income
Employers need to look no further than IRC Section 139 when looking for a way to help employees pay for reasonable and necessary personal, family, living, or funeral expenses incurred as a result of a qualified disaster. According to Section 139(a), payments received...
Coronavirus Aid, Relief, and Economic Security (“CARES”) Act
Employers can defer payroll payments and get an employee retention credit– For employer payroll tax payments that would otherwise be due before January 1, 2021, 50% of such payments are now due December 31, 2021, with the remainder due December 31, 2022. ...
How Your 2019 Tax Return Affects the Amount of Your Stimulus Check
The U.S. government passed a $2 trillion stimulus plan on Friday, March 27, 2020. Now the U.S. Government is preparing to send stimulus payments to taxpayers to help them survive the coronavirus pandemic. How much you receive may depend on whether you have...
Good News For Taxpayers Who Owe Tax Debt – IRS Announces Expanded Relief “People First Initiative”
Wednesday, March 25, 2020 - Taxpayers concerned about paying or settling tax debt were treated to good news from the IRS. Today, the Service announced a new initiative that promises welcome relief to people facing uncertainty over taxes. The IRS is...
IRS POSTPONES APRIL 15 TAX FILING DEADLINE UNTIL JULY 15
Secretary of Treasury, Steve Mnuchin, announced by Tweet that the IRS was postponing the April 15 tax filing deadline until July 15, now matching the extended tax payment deadline. As taxpayers rejoice, it remains to be seen if the announcement will also extend...
IRS Announces Fee Waiver for Taxpayers Making An Offer In Compromise
Amid the coronavirus crisis, the IRS announced regulations granting low-income taxpayers an avenue to waive the $205 fee imposed on Offers In Compromise (OIC) applications. An OIC is an agreement between a taxpayer and the IRS to settle tax debt for less than...
IRS POSTPONES APRIL 15 TAX-PAYMENT DEADLINE FOR MILLIONS
At a White House Press briefing Tuesday, March 17, Secretary of Treasury, Steve Mnuchin announced that the IRS was postponing the April 15 deadline for paying taxes for 90 days. The extended deadline applies to individuals who owe less than $1 million and corporations...
HR 6201 The Families First Coronavirus Response Act (FFCRA)
This bill, which is expected to be passed in the Senate without significant modification, requires all employers to provide paid sick leave, allocates federal funding for new disaster unpaid sick leave, increases funding for low-income food assistance, and increases...
IRS Releases Guidance on Taxation of Cryptocurrency:
On October 9, 2019, the IRS released Revenue Ruling 2019-24 and a question and answer document (FAQs on Virtual Currency Transactions) that confirm when cryptocurrency owner's taxes are due. This has previously been a source of confusion. In this ruling, the IRS...
Taxpayer First Act Continued
Continuing from our post on Wednesday, here's additional information that we thought would be important to share! IRS must give notice of intent to contact third parties Beginning August 15, 2019, the IRS must not contact any person other than the taxpayer regarding...