Michael Cohn

The outcomes of two elections in Georgia that are scheduled for Jan. 5 are expected to determine the balance of power in the Senate and may also have an impact on the kind of tax planning that accountants should be advising their clients to do.

A group of 25 Democrats in the House wrote to congressional leaders asking them to provide $12.1 billion in funding for the Internal Revenue Service, including $5.2 billion for enforcement, with an eye toward cracking down on high-income tax cheats.

The guidance clears up the tax treatment of expenses when a loan from the Paycheck Protection Program hasn’t been forgiven by the end of the year.

Regardless of who wins the White House, the scope for tax legislation in the near term will be limited.

The legislation would encourage saving earlier by enrolling employees automatically in their company’s 401(k) plan, whenever a new plan is created.

An estimated 9 million people haven't yet received Economic Impact Payments provided under the CARES Act.

The agency announced changes to more than 60 tax provisions.

The agency finalized plans to stop the temporary procedures for Forms 1045 and 1139.

While the contributions aren’t deductible, distributions such as earnings are tax-free to the designated beneficiary if they’re used to pay for qualified disability expenses.

The final regulation includes guidance on the requirements needed for properties to qualify for the deduction.