Tax season will begin on February 12 and will allow the IRS time to complete testing of internal systems following tax law changes that provided a second round of Economic Impact Payments and other benefits.
The Internal Revenue Service has issued a ruling that borrowers expecting Paycheck Protection Program loan forgiveness application approval must disallow a deduction for qualified 2020 expenses in 2020 tax returns.
The IRS has been working actively to identify, audit, and litigate some syndicated conservation easement deals as part of its “vigorous and relentless effort to combat abusive transactions.”
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