Tax forms

The Internal Revenue Service has posted instructions for both employers and employees about how to handle the Form W-2 reporting for the payroll tax deferral under President Trump’s executive action.

The Internal Revenue Service said Friday it would restart issuing its 500 series of balance-due notices to taxpayers later this month after they were paused on May 9 due to the COVID-19 pandemic.

The Internal Revenue Service is now allowing tax advisors and taxpayers to fax the Form 8918, Material Advisor Disclosure Statement, as part of its response to the novel coronavirus pandemic.

The Internal Revenue Service released an early draft of the instructions with revised directions for how partnerships should report capital accounts and tax basis capital for partners on Schedule K-1.

The Internal Revenue Service is giving taxpayers until the end of the year before it stops its temporary procedures for faxing in Forms 1045 and 1139 for claiming tentative tax refunds.

The technology is aimed at helping taxpayers navigate the agency’s website.

The Internal Revenue Service is temporarily allowing taxpayers who engage in so-called “reportable transactions,” typically tax shelters, to fax the Form 8886 for initially disclosing them to the IRS instead of mailing in the form.

While transcripts are notorious for being complex, they can be incredibly helpful in the hands of tax professionals who know how to use them.

Regs on retirement-payment withholding updated

The Internal Revenue Service said Tuesday that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act should not file information returns or furnish payee statements to report the forgiveness.