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IRS provides guidance under the CARES Act to taxpayers with net operating losses

WASHINGTON — The Internal Revenue Service today issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses. Recently the IRS issued tax relief for partnerships filing amended returns. COVID Relief for taxpayers claiming NOLs Revenue Procedure 2020-24 (PDF) provides guidance to taxpayers with net operating losses that are carried back under the...
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IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program

From the IRS Newsroom IR-2020-59, March 25, 2020 WASHINGTON — To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. “The IRS is taking extraordinary...
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How Can I get an IRS Levy Released?

Taxpayers frequently ask their tax attorney what to do if they have received a notice that the IRS may levy their property. You should immediately take steps to resolve your tax liability and request a levy release. The IRS can also release a levy if it determines that the levy is causing an immediate economic...
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Tax Court Upholds IRS Settlement Officer’s Rejection of offer in compromise

If you have considered submitting an offer in compromise, consult with a tax attorney to make sure that your offer in compromise is submitted correctly. Reviewing your offer in compromise with a tax attorney will ensure that you have the greatest chances of success in settling your tax liability with the IRS. https://tax.thomsonreuters.com/news/tax-court-upholds-rejection-of-offer-in-compromise-denial-of-abatement-request/ If you...
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