IRS suspends notices to tax-exempt organizations
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The Internal Revenue Service is suspending a number of notices it usually mails to tax-exempt organizations and governmental entities when it’s missing their tax returns, citing the pandemic and the IRS’s own backlog of unprocessed tax returns and correspondence, and more of today’s top stories.?
The announcement by the IRS’s Exempt Organization unit acknowledged that the IRS hasn’t yet processed several million tax returns filed by individuals and entities.
In other news today:
The IRS warned of a fast-approaching deadline for $1.5 billion in unclaimed tax refunds for 2018, which need to be claimed before the mid-April tax deadline.
Overall new client additions – and departures – are up from 2020.
Over three-quarters of the audits conducted by the Internal Revenue Service under its centralized partnership audit regime resulted in no change in taxes, according to a new report.
A report from the PCAOB finds that audit committees are neither bearish nor bullish on technology, reporting great enthusiasm for it, while remaining wary of risks.
The Internal Revenue Service updated its frequently asked questions page on how tax professionals should deal with the third round of Economic Impact Payments for their clients.?
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Senior Tax Manager at Whitley Penn
3 年Emily Landry, CPA