Source: https://www.ascpa.org/news/articles/238:governor-ivey-delays-state-tax-filings
Timestamp: 2020-08-05 16:53:10
Document Index: 90031996

Matched Legal Cases: ['§ 1274', '§ 417', '§ 430', '§ 42', '§ 417', '§ 430', '§ 48']

March 23, 2020 Alabama Department of Revenue Tax State and Local Tax Coronavirus
“This morning, I signed a supplemental State of Emergency order to allow the Alabama Department of Revenue to extend state filings until July 15, 2020,” said Governor Ivey. “It is imperative we reduce the burden upon Alabamians and get folks back on their feet financially. The safety and well-being of Alabamians is the paramount priority as we do everything within our power to mitigate the spread of the Coronavirus.”
ASCPA members actively called for tax payment and filing relief from leadership and representatives, including U.S. Treasury Secretary Steven Mnuchin and Alabama legislators. ASCPA leadership also stayed in communication with the Alabama Department of Revenue as concerns about payment and filing extensions arose during the rapid change of events last week.
Supplemental COVID-19 State of Emergency Proclamation Commissioner’s Executive Order pertaining to deadline extensions
As more tax professionals consider teleworking during COVID-19, the Internal Revenue Service and the Security Summit partners today urged practitioners to secure remote locations by using a virtual private network (VPN) to protect against cyber intruders.
Every year the IRS mails letters or notices to taxpayers for many different reasons. Here are some do's and don'ts for taxpayers who receive one.
On March 12, 2019, Governor Kay Ivey signed into law Act 2019-2, also known as the Rebuild Alabama Act (the “Act”). The Act was codified in Title 40, Chapter 17, Articles 12 and 12A. Pursuant to the provisions of the Act, the following fuel tax rate changes and filing requirements will take effect on October 1, 2020.
Governor Kay Ivey on Thursday announced a $50 million grant program to support nonprofit and faith-based organizations who have been financially impacted by the COVID-19 pandemic.
Bloomberg Tax Insight: Persistence Pays Off in Sale of Idaho Pass-Through Entity
Navy SEAL persistence paid off in a fight against the Idaho State Tax Commission on the treatment of gain on the sale of interests in a pass-through entity.
Because of the burdens the COVID-19 pandemic has placed on taxpayers claiming the rehabilitation credit, the Internal Revenue Service today issued Notice 2020-58 (PDF) that provides additional relief to taxpayers in satisfying the substantial rehabilitation test.
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 Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options.
Business owners can make taxes a little easier on themselves by filing payroll and employment taxes electronically.
Today, Wednesday, July 29, 2020, Governor Kay Ivey announced that the statewide ordinance requiring masks has been extended to August 31, 2020. Visit the Governor's newsroom for resources for your businesses including--outlines of the changes & signs for your organization.
Special tax benefits for members of the military and their families
IRS GuideWire: N-2020-59
Notice 2020-59 contains a proposed revenue procedure with a safe harbor for a trade or business that manages or operates a qualified residential living facility to be treated as a real property trade or business solely for purposes of qualifying as an electing real property trade or business under section 163(j)(7)(B) of the Internal Revenue Code.
How to Create a Virtual Office: Two Big Ideas
Companies face a big question as they build their new remote cultures: Will technology replicate or redesign the traditional office?
ASCPA President & CEO Calls for Federal Relief
The Alabama Society of Certified Public Accountants (ASCPA) today announced that Jeannine Birmingham, President and CEO, along with 27 other state society CEOS, sent a letter to Congressional leadership urging them to pass legislation that would close a projected collective budget gap of $555 billion that states and local governments face in this fiscal year and the following two years.
While the deadline to file and pay federal income taxes has passed for most people, there are some taxpayers still facing tax-related issues.
The Internal Revenue Service announced today the creation of the new Enterprise Digitalization and Case Management office, which will spearhead IRS efforts to empower taxpayers and IRS employees to rapidly resolve issues in a simplified digital environment.
RP 2020-36: Examination of returns and claims for refund, credit, or abatement; determination of correct tax liability
RP 2020-36 provides indexing adjustments required by statute for certain provisions under section 36B.
The Internal Revenue Service reminds businesses required to file reports of large cash transactions that e-filing is a fast, easy and secure option for filing their reports.
Working Virtually: Protect tax data at home and at work with the "Security Six"
With cyber thieves active during COVID-19, the Internal Revenue Service and the Security Summit partners today urged tax professionals to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location.
Every year scammers add new twists to well-known tax-related scams and 2020 is no exception. Taxpayers should remember that the IRS generally first mails a bill to a taxpayer who owes taxes. There are special circumstances when the IRS will call or come to a home or business.
The Department of the Treasury and the Internal Revenue Service today issued a final regulation (PDF) addressing the treatment of income earned by certain foreign corporations that is subject to a high rate of foreign tax.
The deadline for taxpayers who requested an extension to file is going to be here before they know it. The deadline for these filers to submit their 2019 federal tax returns is Thursday, October 15, 2020.
ASCPA Legislative Update: Accounting Profession Provides Congress with Six Recommendations for Next Phase of COVID-19 Relief Legislation
While the federal income tax-filing deadline has passed for most people, some taxpayers haven't filed their 2019 tax returns yet. If a taxpayer is entitled to a refund, there's no penalty for filing late. Penalties and interest began to accrue on any remaining unpaid tax due as of July 16, 2020.
For those who missed the July 15 tax deadline and didn't request an extension, the Internal Revenue Service reminds taxpayers about some important tips, including filing electronically as soon as possible to reduce potential penalties.
The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year.
Taxpayers can use the Where's My Refund? tool to start checking on the status of refund 24 hours after the IRS acknowledges receipt of the taxpayer's e-filed tax return. Currently, the IRS is experiencing delays in processing paper tax returns due to limited staffing as a result of COVID-19.
RR-2020-15: Applicable Federal Rates
Revenue Ruling 2020-15 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274.
With the July 15 tax deadline now past, the Internal Revenue Service reminds all taxpayers that there is no secret way to find out when a refund will be issued.
N-2020-57: Interest rates for July 2020
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.
N-2020-56: Additional Relief with Respect to Deadlines under Section 501(r)(3) Applicable to Hospital Organizations Affected by the Ongoing Coronavirus Disease 2019 Pandemic
Notice 2020-56 extends the deadline for conducting a CHNA and adopting an implementation strategy to meet the community health needs identified through the CHNA to December 31, 2020.
Because of the burdens the COVID-19 pandemic has placed on hospitals, the Internal Revenue Service today provided additional relief to hospital organizations that must meet the Community Health Needs Assessments (CHNA) requirements.
The IRS reminds taxpayers that one of the best ways to check on their refund is the Where's My Refund? tool on the IRS website and the IRS2Go app. Updated once a day, usually overnight, this useful tool gives taxpayers a projected refund issuance date as soon as it is approved.
The Internal Revenue Service has started sending letters to taxpayers who have experienced a delay in the processing of their Form 7200, Advance Payment of Employer Credits Due To COVID-19 (PDF).
Special Report: Primary Election Run-offs & Updated Statewide Health Order
The Primary Election Runoffs for a U.S. Senate seat, Congressional District 1, Congressional District 2 and a seat on the Alabama Court of Criminal Appeals were held yesterday, July 14, 2020. Starting tomorrow, July 16, 2020, the Statewide Health Order will be updated to require people to wear a mask in public.
The Internal Revenue Service announced today the annual fee for 2021 that tax return preparers must pay to apply for or renew their Preparer Tax Identification Number (PTIN).
The Internal Revenue Service today reminds taxpayers that they have until the postponed due date of July 15, 2020, to file an extension for their 2019 federal tax return.
Are Revive Alabama grants subject to Alabama income tax?
The Treasury Department and the IRS today released a proposed redesigned partnership form for tax year 2021 (filing season 2022).
Small Business Disaster Loan Enhancement Act
On July 2, Senators Brian Schatz (D- Hawaii) and Catherine Cortez-Masto (D-Nev.) introduced the Small Business Disaster Loan Enhancement Act of 2020 to boost funding and lower interest rates for the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program.
Have an installment agreement or payment plan? Payments should resume starting July 15
The IRS reminds taxpayers who received tax relief as part of the People First Initiative and didn't make previously owed tax payments between March 25, 2020 and July 15, 2020 they will need to restart those payments to avoid penalties.
This Q&A from AICPA and the ASCPA can help your firm’s decision-making. In March of this year, the U.S. Supreme Court announced that it will hear a case that challenges the constitutionality of the individual mandate under The Patient Protection and Affordable Care Act (ACA).
ALDOR Encourages Taxpayers to Safely File Electronically
Tax Court strikes down 4 more abusive syndicated conservation easement transactions; IRS calls on taxpayers to accept settlement offers in syndicated conservation easement cases
On July 9, the U.S. Tax Court struck down four more abusive syndicated conservation easement transactions. The Internal Revenue Service calls on any taxpayer involved in syndicated conservation easement transactions who receives a settlement offer from the agency to accept it soon.
With the July 15 tax-filing deadline − postponed from April 15 – only a few days away, the IRS is reminding taxpayers who have yet to file their tax returns that IRS.gov has tools and services to help them meet their tax obligations.
The Internal Revenue Service today reminded taxpayers with a filing requirement to file an accurate tax return on time even if a balance due can't be paid in full.
Taxpayers should file their tax return by the deadline even if they cannot pay the full amount due
As the July due date for filing a tax return draws closer, the Internal Revenue Service reminds taxpayers about the many resources available on IRS.gov.
The Internal Revenue Service today reminded people that contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return.
The Internal Revenue Service issued final regulations that provide guidance on deductions for foreign-derived intangible income (FDII) and global intangible low-taxed income allowed to domestic corporations under the Internal Revenue Code.
As the tax-filing deadline fast approaches, the Internal Revenue Service reminds taxpayers with limited English proficiency and who have yet to file their 2019 tax returns that there are a variety of ways to get help and information in languages other than English.
RP-2020-37: Tables of limitations on depreciation deductions for owners of passenger automobiles
Revenue Procedure 2020-37 provides: (1) tables of limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2020; and (2) a table of amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2020.
The Treasury Department and the Internal Revenue Service today provided guidance in Notice 2020-54 (PDF) to employers requiring them to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act (FFCRA) on Form W-2.
N-2020-54: Guidance on Reporting Qualified Sick Leave Wages and Qualified Family Leave Wages Paid Pursuant to the Families First Coronavirus Response Act
Notice 2020-54 provides guidance to employers on the requirement to report the amount of qualified sick leave wages and qualified family leave wages paid to employees under the Families First Coronavirus Response.
Taxpayers who live and work abroad have until Wednesday, July 15, 2020 to file and pay their 2019 federal income taxes. U.S. citizens and resident aliens generally have the same filing and payment requirements regardless of where they live. The July 15 postponed deadline also applies to nonresident aliens and foreign entities with a U.S. filing and payment requirement.
The Internal Revenue Service today reminds tax-exempt organizations that certain forms they file with the IRS are due on July 15, 2020. For organizations that operate on a calendar-year basis, this includes the 2019 Form 990 they would have normally filed on May 15.
How to report non-employee compensation and backup withholding
There is a new Form 1099-NEC, Nonemployee Compensation for business taxpayers who pay or receive nonemployee compensation. Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee.
The U.S. Small Business Administration (SBA) and Treasury released the names of all organizations that received Paycheck Protection Program (PPP) forgivable loans of $150,000 or more. They also published data for recipients of PPP loans less than $150,000 but did not reveal the names and addresses of those businesses.
The Department of the Treasury and the Internal Revenue Service issued proposed regulations and temporary regulations that provide guidance for consolidated groups regarding net operating losses (NOLs).
GASB issues pandemic-related accounting guidance
GASB issued guidance to help state and local governments apply existing standards to transactions related to coronavirus relief legislation and certain outflows incurred in response to the coronavirus pandemic.
The American Institute of CPAs is offering up to $50,000 in education grants to help undergraduate and graduate accounting students who been monetarily impacted by the ongoing COVID-19 pandemic.
The July deadline for filing a 2019 tax return is near, but IRS tax help is available 24 hours a day on IRS.gov. 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.
Notice 2020-53, Low Income Housing Tax Credit
Notice 2020-53 provides temporary relief from certain requirements under § 42 of the Internal Revenue Code (Code) for qualified low-income housing projects.
REG-123027-19, proposed regs, Low Income Housing Credit
The Internal Revenue Service is issuing proposed regulations, REG-123027-19 relating to the compliance-monitoring duties of state agencies for purposes of the low-income housing credit.
If you are a low-income taxpayer who needs help resolving a tax dispute with the IRS and can’t afford representation, you may qualify for free or low-cost help from a Low Income Taxpayer Clinic.
The Internal Revenue Service Office of Chief Counsel announced today a time-limited settlement offer to certain taxpayers with pending docketed Tax Court cases involving syndicated conservation easement transactions. Taxpayers eligible for this offer will be notified by letter with the applicable terms.
The Internal Revenue Service today issued final regulations permitting a regulated investment company (RIC) that receives qualified real estate investment trust (REIT) dividends to report dividends the RIC pays to its shareholders as section 199A dividends.
The Electronic Tax Administration Advisory Committee (ETAAC) today released its annual report to Congress, featuring recommendations that focus on the prevention of identity theft and refund fraud.
N-2020-48: Relief for Taxpayers Affected by Ongoing Coronavirus Disease Pandemic, Related to Sport Fishing Equipment and Bows and Arrows Excise Tax Filing and Payment Deadlines
Notice 2020-48 provides expanded disaster relief, in the form of postponing until October 31, 2020, certain Federal excise tax filing and payment deadlines, and associated interest, penalties, and additions to tax, for taxpayers who owe a federal excise tax for sales of sport fishing or archery equipment for the second quarter of 2020.
The Internal Revenue Service today issued proposed regulations that provide guidance for the deduction of qualified transportation fringe and commuting expenses.
Now that many taxpayers have filed their federal tax returns electronically and the IRS is back to processing paper tax returns sent by mail, they're eager for details about their refund. When it comes to refunds, there are several common myths.
For most taxpayers the filing and payment deadline was postponed July 15. Those who need more time to file beyond the postponed date, can request an extension to file. Taxpayers must request an extension to file by July 15.
Technical New Form 1040 Series Business Rules and Schemas are Available
New Form 1040 Series Business Rules and Schemas are available.
Technical New MeF Business Returns Schemas and Business Rules are Available
New MeF Business Returns Schemas and Business Rules are available.
Attn: Tax Practitioners - Update on Reporting Agent Authorizations
Update on Reporting Agent Authorizations
N-2020-45: June interest rate
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.
Proposed changes to group exemption letter program, UBTI ‘silo’ rules and more
Taxpayers will soon be able to file amended tax returns electronically
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.
Childcare or adult dependent care can be a major expense. Fortunately, the child and dependent care credit can provide some relief. Taxpayers who pay for daycare expenses may be eligible to claim up to 35% of what they spend; limits apply.
The Internal Revenue Service today released proposed regulations addressing the treatment of certain medical care arrangements under section 213 of the Internal Revenue Code.
The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning July 1, 2020.
N-2020-43: Tax Capital Reporting - Notice Requesting Comments
Notice 2020-43 to seek public comment on a proposed requirement for partnerships to use only one of two alternative methods to satisfy the Tax Capital Reporting Requirement with respect to partnership taxable years that end on or after December 31, 2020.
New Form 1040 Series Schemas and Business Rules are Available
Software Developers and State organizations may access and download schemas and business rules from their e-Services mailbox.
IRS Updates the FATCA Registration System
The IRS has updated the Foreign Account Tax Compliance Act (FATCA) Registration System to include the following updates for sponsoring entities.
Announcement 2020-7, opinion letters, pre-approved defined contribution plans
Announcement 2020-7 states that 1) the IRS plans to issue opinion letters with regard to the third six-year remedial amendment cycle for pre-approved defined contribution plans by June 30, 2020 or soon thereafter.
The Treasury Department and the Internal Revenue Service today issued proposed regulations (PDF) to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits.
The U.S. Department of the Treasury and the Internal Revenue Service today issued a proposed regulation updating the federal income tax withholding rules for periodic retirement and annuity payments made after December 31, 2020.
Beginning of Construction for Sections 45 and 48; Extension of Continuity Safe Harbor to Address Delays Related to COVID-19
Notice 2020-41 clarifies and modifies the guidance provided in prior IRS notices regarding the beginning of construction for sections 45 and 48. Specifically, the notice extends the Continuity Safe Harbor for both the production tax credit for renewable energy facilities under section 45 and the investment tax credit for energy property under § 48 for projects that began construction in either calendar years 2016 or 2017.
Announcement related to income tax treaty references to the NAFTA in light of its pending replacement by the USMCA
Announcement 2020-06 provides the Treasury Department and IRS view on how to interpret references in U.S. income tax treaties to the North American Free Trade Agreement (NAFTA) once it is replaced by the Agreement between the United States Canada and Mexico (the USMCA).
The leadership of the Alabama Legislature have announced plans to convene in Regular Session May 4, 2020. 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 priority will be on the General Fund budget, the Education Trust Fund budget, and local legislation.
Special rules applicable to credit against income tax for foreign taxes
IRS Guidewire - RR-2020-08: Special rules applicable to credit against income tax for foreign taxes
Legislative Task Force on the Impact of TCJA Releases Its Final Report
SALT Tele-townhall with Bruce Ely & Brian Robbins
SALT Tele-townhall with Bruce Ely and Brian Robbins—the latest news on donating to worthy scholarship-granting organizations (SGO’s) in Alabama while also achieving both federal and state tax benefits.
New ruling gives physicians hope in claiming the Rural Physician Tax Credit
Members of the military can take advantage of special offers to file taxes for free
Certain Tax Credits are not available in Modernized e-File (MeF)
Attention: Software Developers, Return Transmitters and Authorized IRS e-file Providers/EROs The IRS is in the process of updating the MeF system to allow for the recent extender legislation. The tax forms listed below for Tax Year 2019 will continue to reject if an extender-related credit is claimed. Please refrain from sending these forms with extender-related credits until further notice.
With the tax filing season just weeks away, tax professionals who have a data security plan should review it for updates. Those who don't have a plan should create one and use the information below to get started. Having a written data security plan isn't just a good idea, it's federal law. Identity thieves target tax professionals because of the client data they have on hand. Thieves use stolen data from tax preparers to create fake returns that can be harder for the IRS to detect.
As 2019 comes to a close, while most people are busy making holiday plans, dutiful tax advisors and financial planners are burning the midnight oil to minimize their clients’ tax bills that will be due in a few short months. Year-end planning strategies include an evaluation of a taxpayer’s potential federal and state income tax liabilities and opportunities to harvest losses or otherwise lower their 2019 taxable income.