Tax

The U.S. Chamber of Commerce called Monday for a three-month cancellation of all payroll taxes paid by employers to address “a sudden and sharp drop in demand” facing businesses due to the coronavirus pandemic.

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The U.S. Treasury will be able to support smaller businesses impacted by the coronavirus through an economic relief plan that the House passed late Friday, Treasury Secretary Steven Mnuchin said in a statement.

White House officials are discussing temporarily allowing cash-strapped airlines to keep some taxes and fees they collect from passengers as a way to help as travel plummets due to the spread of coronavirus.

The National Society of Accountants, NCCPAP and the AICPA are asking the IRS and Treasury for tax relief during the pandemic.

The partnership comes at a time when anxieties are high over cryptocurrency regulation and taxation, as much of the guidance from the IRS has proven inadequate and confusing.

Practitioners are working on education, prevention and remediation.

The service issued final regs to increase the OIC application fee to $205, while offering another way to waive the fee for low-income taxpayers based on their AGI.

No kidding; Time’s up; jailbird; and other highlights of recent tax cases.

The IRS is pushing deadlines and payment deadlines back to July 15 for some taxpayers.