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Deadline to Certify Certain Employees for WOTC Extended

Tuesday, January 12, 2021

Employers that hired a designated community resident or a qualified summer youth employee under Code Sec. 51(d)(5) or (d)(7) who began work on or after January 1, 2018, and before January 1, 2021, now have until January 28, 2021, to submit Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Tax Credit (WOTC), to its designated local agency […]

IRS Reminds Employers of Filing Deadline for Form W-2, Wage Statements

Tuesday, January 12, 2021

The IRS has reminded employers of filing file Form W-2, Wage and Tax Statement, and other wage statements by Monday, February 1, 2021, to avoid penalties and help the IRS prevent fraud. Due to the usual January 31 deadline falling on a Sunday, the due date will be pushed to the next business day. Various other […]

IRS Releases Draft Form 1065 Instructions on Capital Reporting

Saturday, December 12, 2020

The IRS released an early draft of the instructions to Form 1065, U.S. Return of Partnership Income, for tax year (TY) 2020. The draft included revised instructions for partnerships required to report capital accounts to partners on Schedule K-1 (Form 1065). The draft instructions are intended to give tax practitioners a preview of the changes before the […]

E-Signatures Temporarily Approved for Certain Forms

Sunday, October 11, 2020

The IRS has announced that it is temporarily allowing the use of digital signatures on certain forms that normally require a handwritten signature. The following forms can be submitted with digital signatures if signed and postmarked beginning on or after August 28, 2020, through December 31, 2020: Form 3115, Application for Change in Accounting Method; Form 8832, […]

Form 1040 Now Available in Spanish

Sunday, October 11, 2020

The IRS will be providing Form 1040 in Spanish for the first time as part of a larger effort to reach underserved communities. The IRS’s newly expanded multilingual initiative is a key part of helping the IRS reach its goal of helping everyone, no matter where they live, what their background is, or what language […]