Tax relief

Senate Republicans presented a series of bills that would trim unemployment benefits, send $1,200 to most Americans, and shield businesses, schools and other organizations from coronavirus lawsuits.

New regulations to help employers reconcile any advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary, in line with the CARES Act and the Families First Act.

Republicans and the White House are counting on Senate Majority Leader Mitch McConnell reconciling GOP differences with a draft coronavirus relief package that they can take into negotiations with congressional Democrats.

The Tax Cuts and Jobs Act created opportunity zones as an economic development tool to stimulate investments in distressed communities.

IRS Commissioner Chuck Rettig expressed his appreciation to tax professionals Tuesday for their cooperation during the extended tax season that was prolonged by the novel coronavirus pandemic and pledged to deliver any future stimulus payments approved by Congress.

The American Institute of CPAs offered six policy suggestions for the next phase of federal COVID-19 relief legislation under consideration in Congress.

The Internal Revenue Service said Wednesday it has begun to send letters to taxpayers who are seeing delays in the processing of their Form 7200, Advance Payment of Employer Credits Due to COVID-19.

The Internal Revenue Service and the Treasury Department provided guidance to employers requiring them to report the amount of qualified sick and family leave wages they have paid to their employees under the Families First Coronavirus Response Act on Form W-2.

The service reminded taxpayers they will need to resume paying their taxes on July 15, but the AICPA is asking for further relief, as an inspector general report sheds light on the unprecedented filing season.

The Internal Revenue Service is extending timelines for performing some of the actions associated with the low-income housing tax credit and bonds for qualified residential rental projects to give businesses more time during the COVID-19 pandemic.