IRS Won’t Extend Tax Filing Deadline of July 15

The Internal Revenue Service (IRS) will not further extend the tax filing and payment deadline past July 15, despite some calls to do so, the agency said this week. The IRS had previously extended the April 15 filing deadline to give taxpayers and small business owners more time during the COVID-19 pandemic. The agency said… Read more »

Category: IRS

IRS Limits Scope of Nonprofit Executive Compensation Tax

The IRS has issued proposed regulations on the 21 percent excise tax on nonprofit executive compensation over $1 million and excess parachute payments paid by tax-exempt organizations to top executives. The excise tax was created as part of the Tax Cuts and Jobs Act enacted by Congress in 2017. The proposed regulations address concerns in… Read more »

IRS Finalizes Nonprofit Donor Disclosure Rollback

The IRS issued final rules this week rolling back donor disclosure requirements for certain tax-exempt organizations. The final rules mostly adopt the proposed changes issued last fall. The rules remove the requirement that trade associations and other tax-exempt groups provide the names and addresses of donors who contribute $5,000 or more on Schedule B of… Read more »

IRS Expects New Taxpayer Advocate in April

The IRS expects to have a permanent leader for the Taxpayer Advocate Service in place by early April, according to Bloomberg Tax. The Taxpayer Advocate Service is an independent office within the IRS that serves as the internal watchdog for the agency and makes recommendations to Congress about how the IRS could better serve taxpayers…. Read more »

Category: IRS

IRS Proposes Rules for Deducting Business Meals

The IRS last Friday released proposed rules for businesses to follow when deducting business meals and entertainment expenses following the 2017 tax overhaul. Prior to changes in the tax law, the deduction was limited to 50% of the cost of meal and entertainment expenses. The 2017 Tax Cuts and Jobs Act repealed the deduction for… Read more »