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Do I qualify for IRS Innocent Spouse Relief?

Many married taxpayers choose to file a joint tax return because of certain benefits this filing status allows them. When filing jointly, both taxpayers are jointly and severally liable for the tax and any additions to tax, interest, or penalties that arise from the joint return even if they later divorce. Joint and several liability...
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IRS FORM 3520

If you are a U.S. person (other than an organization described in section 501(c) and exempt from tax under section 501(a)) who received large gifts or bequests from a foreign person, you may need to complete Part IV of Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts. The...
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IRS issues final regulations on the deduction for meals and entertainment

IR-2020-225, September 30, 2020 WASHINGTON — The Internal Revenue Service issued final regulations PDF on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. However, taxpayers may still deduct...
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What Is IRS Currently Not Collectible Status?

There are times where you agree you owe the IRS, but you can’t pay the liability in full or make monthly installments due to your current financial situation. If the IRS agrees you can’t both pay your taxes and your basic living expenses, it may place your account in Currently Not Collectible (CNC) status. While your account is in...
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IRS finalizes regulations for 100 percent bonus depreciation

R-2020-216, September 21, 2020 WASHINGTON — The Treasury Department and the Internal Revenue Service today released the last set of final regulations PDF implementing the 100% additional first year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business. The 100% additional...
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IRS provides guidance under the CARES Act to taxpayers with net operating losses

WASHINGTON — The Internal Revenue Service today issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses. Recently the IRS issued tax relief for partnerships filing amended returns. COVID Relief for taxpayers claiming NOLs Revenue Procedure 2020-24 (PDF) provides guidance to taxpayers with net operating losses that are carried back under the...
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