Tax Relief

The Internal Revenue Service has announced that Hurricane Fiona victims in all 78 Puerto Rican municipalities now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments.

Victims of Hurricane Ida in six states now have until Feb. 15, 2022, extended from Jan. 3, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced.

Victims of this spring’s storms and tornadoes in Tennessee will have until Aug. 2, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced.

Victims of Hurricane Laura that began Aug. 22 now have until Dec. 31, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service has announced.

McConnell said he’s “pretty sure” that a bill will come together in the next couple of weeks. He said it will be crafted in his office with consultation from the administration and then negotiated with Democrats, who endorsed a $3.5 trillion package ...

April 17... It doesn't quite have the same ring to it as April 15, but this year, the 17th is tax day. (Because the 15th was on a Sunday, and a holiday in Washington D.C. delayed things.)

The IRS has announced that it will officially begin accepting returns for the 2017 tax year on January 29, 2018 (IR-2018-01, 1/4/18). This is a little later than usual to give the nation’s tax collection agency enough time to ensure security and ...

On the Friday before Christmas, President Trump signed the new tax reform bill into law. The Tax Cuts and Jobs Act will take effect January 1, 2018, but when will most taxpayers see the effects? When will they see more money in their wallets?

The tax relief postpones various tax filing and payment deadlines that occurred starting on Dec. 23, 2015. As a result, affected individuals and businesses will have until May 16, 2016 to file their returns and pay any taxes due.

The one-year extension of the replacement period announced today generally applies to capital gains realized by eligible farmers and ranchers on sales of livestock held for draft, dairy or breeding purposes due to drought.

BNA’s Tax Planner is available as either a desktop product or as web-based software, which is hosted by Bloomberg BNA. BNA’s user interface has a menu bar at the top of the screen that offers access to various program functions.

Effective midway through this year -- July 1, 2015, to be exact – certain employers that pay the health insurance premiums of its employees will be assessed hefty fines for their generosity.

Concerned about the impact of IRS service reductions on taxpayers and tax practitioners, the AICPA Council on May 17 adopted a resolution urging policy makers to create a bi-partisan forum to “make recommendations that enable the IRS to achieve its ...

The American Institute of CPAs is urging top tax lawmakers in the U.S. Congress and Senate to give the IRS the authority to grant relief in appropriate situations when taxpayers miss a statutory deadline or make an error in making an election.

Congress should pass legislation that would give victims of natural disasters access to permanent and timely tax relief, according to Troy K. Lewis, CPA, CGMA, the current chair of the Tax Executive Committee of the American Institute of CPAs.

After Monday’s devastating tornado in Moore and Oklahoma City, the Internal Revenue Service today provided tax relief to individuals and businesses affected by this and other severe storms occurring in parts of Oklahoma.