News

As more tax professionals consider teleworking during COVID-19, the Internal Revenue Service and the Security Summit partners today urged practitioners to secure remote locations by using a virtual private network (VPN) to protect against cyber intruders.

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The Internal Revenue Service issued proposed regulations (PDF) updating various tax accounting regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA).

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With heightened threats during COVID-19, the Internal Revenue Service and Security Summit partners today called on tax professionals to select multi-factor authentication options whenever possible to prevent identity thieves from gaining access to client accounts.

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With cyberthieves active during COVID-19, the Internal Revenue Service and the Security Summit partners today urged tax professionals to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location.

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The Honorable Michael Rodrigues, MA Senate Ways & Means Chair, sponsored legislation in Senate Bill 2842 to exempt forgiven PPP loans from MA tax. Without such a special provision enacted by the legislature before July 31^st, forgiven PPP loans will be regarded as cancellation of debt and taxed to MA unincorporated businesses, (Partnerships, LLC’s, and sole proprietors).

No such provision exists in any House legislation.  MaSEA members are asked to reach out to The Joint Committee on Economic Development and Emerging Technologies Chair Ann-Margaret Ferrante, Ann-Margaret.Ferrante@mahouse.gov and her committee members. A complete roster of House committee members can be found at MALegislature.gov website. Consider contacting your local Beacon Hill delegation.

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The Internal Revenue Service is reminding taxpayers that using the IRS Tax Withholding Estimator to do a Paycheck Checkup can help them have the right amount of tax withheld and avoid surprises when filing next year. Click here to learn more.

A Boston Patch post revealed five things that tax preparers should know as the July 15 deadline approaches. Click here to read what they are and why they are important. 

The latest EA Journal is available. It explores teleworking employees, COVID-19, and the resulting SALT effects; tax complexities brought upon by the pandemic and more. Click here to explore the latest issue of EA Journal.

The IRS reminds taxpayers who took advantage of the People First Initiative tax relief and did not make previously owed tax payments between March 25 to July 15, that they need to restart their payments.

As the IRS continues to reopen its operations across the country, taxpayers who were in payment agreements and skipped any payments from March 25 and July 15 should start paying again to avoid penalties and possible default on their agreements.

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NAEA has been emphasizing that COVID-19 crisis has highlighted the problems at IRS where Congress and the agency need to focus future investments and attention. Now, the Taxpayer Advocate has joined our call to action. In her 2021 Objectives Report to Congress, National Taxpayer Advocate, Erin M. Collins, highlights what the IRS must do to avoid in the future challenges it faced during this crisis. Click here to read more.