Rightfully so, the Internal Revenue Service announced late today that it will allow an extension to victims of recent North Carolina storms whose towns or businesses fall in areas designated as Federal Disaster regions. The IRS is moving the tax deadline to June 30 for those affected.
Any thoughts about this recent IRS decision? Share your comments below.
On Thursday, President Barack Obama signed legislation repealing the expanded 1099 reporting requirements that were enacted last year. The bill was overwhelmingly approved by the House and Senate. The AICPA had advocated strongly for repeal and AICPA President and CEO Barry Melancon has described the repeal as “a victory for taxpayers.” The increased information-reporting penalties enacted last year were not repealed.
For more information, please refer to the article published in the JournalofAccountancy.com.
