Listen now!. All income is taxable, which is why if its income to all, it should be reported on a 1099-G like the state refunds. Sinemas reluctance to raising tax rates or rolling back certain TCJA provisions coupled with Manchins concern that expanding social programming will further overheat an economy struggling with inflation derailed last years larger Build Back Better proposals. Online version only. forums, across a wide range of topics. If you want your tax audit to be considered for settlement, visit FTB Notice 2020-03. The California Department of Revenue is responsible for publishing the latest California . So give us a minute, and we'll give you news you can use. This new rule applies retroactively to 2020. hb```o,@(q@aIKB!|q5GGCTH1?Xg OLALLL:LRL hSmk0+>Y
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The owner of this site is using Wordfence to manage access to their site. TOLL FREE: (800) 277-2257. You may be held personally liable if you are a partner. Filed in October 21 (2014), the SPIDELL'S FEDERAL TAXLETTER covers Downloadable electronic publications, namely, books and newsletters in the fields of taxes and financial matters; Downloadable electronic special reports and white papers in the fields of taxes and financial matters; Downloadable electronic educational materials, namely, course . As the Taxpayer Advocate, your concerns are important to me. You can also read the documentation to learn about Wordfence's blocking tools, or visit wordfence.com to learn more about Wordfence. The State Boards of Accountancy have final authority on the acceptance of individual courses for CPE credit. Recent articles address important issues: IRS is not taxing Middle Class Tax Refunds (March 2023) ERC refunds are not taxable income for California (March 2023) To search for references to specific bill numbers, code sections, or regulations, enclose the numbers in quotation marks for exact search. For example, Rev. If Democrats maintain control of the House and increase their majority in the Senate, they may pursue remaining policies from the original Build Back Better bill. Your satisfaction is our priority. Finally, long-term capital gains and qualified dividends would be taxed at 25%, up from the current 20%. Speakers and additional topics to be announced. Are your clients forgiven student loans taxable? Analysis and Explanation of California Taxes. 2. What is the disaster that caused the payments to be made? Key individual tax elements expiring in 2025 include the top tax rate for individual taxpayers reverting to 39.6% from 37%, an end to the 20% section 199A qualified business income deduction, removing the $10,000 cap on the state and local tax (SALT) deduction and reinstating the personal and dependent exemption deductions. endstream
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See Rev. The following . This does not constitute an endorsement by these groups. Field of Study: Taxes. As such, 1099-MISC for MCTR payments of $600 or more will be issued. While we have seen some federal tax legislation, the changes have been far more limited than many expected. We will refund 100% of your webinar registration if you cancel by 12 noon PT, seven business days before the webinar. cl-letter1040: 1040 engagement letter This letter is provided for information purposes, only. Proc. }|o_Rhsb.nm*Od#z 1 ]-=?kc0%W*]x&tf#o> Tribune: Court rules this town is, in fact, big enough for the both of us, Tribune: Police deal blow to drug smugglers delivery system, 2023-14: California will conform to October 16 deadline extension, 2023 Post-Tax Season Update and Review (Various Dates), Spidells Analysis & Explanation of California Taxes 2023 Edition (The Big Blue Answer Book), 2023 Post-Tax Season Update and Review Webinar, Your online subscription to the Analysis and Explanation of California Taxes 2023 Edition, Have a course to be completed? General tax preparation knowledge is required. 2022 Spidell Publishing, Inc. P.O. J[F83e2qX`d/RhZ d${H4JeAx@",,CT'RS FOLLOW SPIDELL. We will continue to keep you informed of the latest developments by sending updates to assist you with planning throughout the remainder of the year. 2014-35. Register today, send this client letter, and reach out to your clients who might benefit. *EAs will receive a 2-hour federal tax self-study to ensure up to 8 hours of CPE. Why is California issuing a 1099? HT]o@|W]>R)|T-%"*!RR|o8[*r^g;kIe7S'*8n:]kS2dq8SOZQac.DS4C\m2ppE@w@*JHC((XR]+F`D(GT.Z#pQ 3h.EVzT~>~uP/MM-,AZ28_$g6EH8] ZBu19_|8p8cBD+}k"ifr9Gmf*KC&Os? Regardless as to which regulations are published first, taxpayers can expect more compliance and documentation requirements. The USPTO has given the SPIDELL'S FEDERAL TAXLETTER trademark a serial number of 86429670. Dive into initial marital tax matters such as living together, property rights, premarital agreements, filing status, exemptions, and dependents. https://www.irs.gov/pub/irs-drop/rp-14-35.pdf, https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202120220AB192, https://www.caltax.com/news/podcast/pod x-refunds/, https://www.sfchronicle.com/california/ 625427.php, https://www.irs.gov/pub/irs-drop/n-02-76.pdf, https://www.ftb.ca.gov/about-ftb/newsroom/middle-class-tax-refund/help.html, https://www.irs.gov/pub/irs-drop/n-20-18.pdf, https://www.kcra.com/article/california s/42562278, https://img1.wsimg.com/blobby/go/310b78 4313102340. Serving Tax Professionals For Over 40 Years. Many provisions of the TCJA would be subject to change, such as increasing the corporate tax rate, raising individual tax rates on those earning over $400,000, and subjecting S corporation income to self-employment tax. If you think you have been blocked in error, contact the owner of this site for assistance. That's fine, but one source is more authoritative than the other, and they should alert the class that the instructions are not consistent with the IRC and there might be some thought that needs to be given to the issue. This course has been designed to meet the requirements of the IRS Return Preparer Office; including sections 10.6 and 10.9 of Department of Treasurys Circular No. Free with registration AB 150 client letter: Californias recently passed AB 150 allows owners of qualified S corporations, partnerships, or LLCs to greatly reduce their tax liability. If you go far enough east of the Appalachians you end up in California. Rul. Built in New York, USA. But it is not unusual at all for someone to make a statement that is not completely correct and omit the nuances that could cause a professional to come to a different conclusion. IRS issues guidance on new Clean Vehicle Credit. Finally, the CHIPS-plus Act includes over $52 billion for semiconductor facilities plus a 25% tax credit for semiconductor manufacturing. The IRS will also charge you interest until you pay off the balance. Obviously thats the case. Wordfence is a security plugin installed on over 4 million WordPress sites. While in most cases you will only need a transcript, a copy may be needed for other reasons like filing an amended tax return. Your access to this service has been limited. Live seminar locations are returning in December 2022 and January 2023. The penalty for filing late is 5% of the taxes you owe per month for the first five months - up to 25% of your tax bill. The owner of this site is using Wordfence to manage access to their site. Wordfence is a security plugin installed on over 4 million WordPress sites. OwuHH?.n~cq7SL\u\ 5sC
}CVJ{2|hf=R7>InD3LFtDfh&z]E. In this event, we expect extremely modest tax legislation, if any, before 2025. Generated by Wordfence at Sat, 4 Mar 2023 10:53:19 GMT.Your computer's time: document.write(new Date().toUTCString());. This week were covering some of the basics of incentive stock options and how and when to recognize income. Learn how proposed regulations may limit the benefit of lifetime gifting to preserve large estate tax exclusions, Know how and when to complete Schedules K-2 and K-3, Prepare your clients for new reporting requirements under the Corporate Transparency Act (failure to comply means massive penalties or jail), Maximize tax benefits for research expenditures, Make sure your clients arent missing out on Employee Retention Credits its not too late, Be prepared for the return of excess business loss limitations, Understand the expanded business interest limitation for 2022 and how your clients will be affected, Attend in November or December and use tax planning strategies based on new laws and proposed changes to help your clients, Solve California tax problems with our firsthand info from the FTB, Be ready to provide California tax basis for partnerships/LLCs, See when making another passthrough entity elective election is a good idea, Help your clients avoid Californias mandatory e-pay penalties, See why more businesses are going to owe California tax, Make sure your clients are complying with CalSavers to avoid hefty penalties, Discuss the current status of worker classification and AB 5. Its rare, but even sometimes common sense will prevail with the IRS. I included a couple of items about this in my organizer. Do you have questions about the different versions of our 2022/23 Federal and California Tax Update courses? This site was created as a gathering place for tax and accounting professionals. Your access to this service has been limited. However, unless Democrats retain control of both houses of Congress, we expect little in the way of legislation for the next two years. endstream
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Call us at (800) 277-2257 or order online! The IRA contains a multitude of energy credits, an excise tax on stock repurchases and a new corporate alternative minimum tax (AMT). For more information on this topic,contact our team. Spidell's Federal Taxletter Free CPE for CPAs, EAs, and CRTPs Caltax.com user guide Authors and Speakers News 2023-14: California will conform to October 16 deadline extension (March 2, 2023) California will conform to October 16 deadline extension (March 2, 2023) Option to receive text messages from the FTB (February 28, 2023) 2023 Spidell Publishing, LLC All rights reserved. Besides the IRA, taxpayers continue to wait on further guidance pertaining to the many other tax provisions enacted over the past five years. If you are a WordPress user with administrative privileges on this site, please enter your email address in the box below and click "Send". It doesnt seem right that we would tax our married couples or single parents but not all of the single individuals that received, be for the promotion of the general welfare (that is, based on need). )Rj]{V;G$:J`#4{Pg?%84ZhuCpTAr4,ch1$:H7soulu?FTAQ$22W78ie7+j~{~N>xuwh/}TNwf{X}o~O9S;r]7GQP0}TVGJTu.| e
Not surprisingly, the bills piled up, and the Wilson's marriage broke down. At any rate, the opinions of tax professionals (including mine) do not constitute substantial authority that may be relied upon for purposes of the accuracy- related penalty .18, whether there is a more-likely-than-not, substantial-authority, or reasonable basis for his conclusion. Dear [CLIENT NAME]: For several months, we have expected the IRS and Treasury to issue additional regulations on the business interest expense deduction, cryptocurrency reporting, deferred compensation and noncompensatory options. Course level: Update I explained that the law is unclear, that professionals do not agree, that there is a general welfare exception that seems to apply that supports not taxing the $$, that we can take a position but if the IRS provides clarity later, they will receive an assessment. 2023 Post-Tax Season Update and Review (Various Dates) 2023 Summer Tax (Various Dates) Spidell's Quarterly Tax Update Spidell's Quarterly Federal Tax Update; Live Upcoming Webinars; On-Demand Webinars; Federal Tax Education and Updates; Self-Study . Still trying to figure out how we are going to deal with this. 139 0 obj
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Atomized Theory, Inc.All rights reserved. It's not a tax refund, so sec. m/8Ne
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Given the competing priorities of the IRS and Treasury, particularly considering the extent of guidance needed to implement the recently passed IRA, it remains to be seen whether any of this pending guidance will be issued in the near future. In 2014, the income limits for all brackets and all filers will be adjusted for inflation and will be as follows (Table 1). Spidell Publishing, a private company that offers tax advice, is the one saying it's taxable for Federal purposes. On Wednesday, March 24, 2004, a trademark application was filed for SPIDELL'S CALIFORNIA TAXLETTER with the United States Patent and Trademark Office. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. To date, 2022 has seen limited federal tax legislation in the Inflation Reduction Act (IRA) and United States Innovation and Competition Act of 2021 (USICA aka CHIPS-plus Act). Field of Study: Taxes. About Us; Contact us; Wordfence is a security plugin installed on over 4 million WordPress sites. Our history of serving the public interest stretches back to 1887. Looks like 19031 is in Chapter 4, not 6, and is about deficiency assessments. Take a look at some frequently asked questions below. Get live tax updates and CPE from the #1 seminar company in California! The need for clarity in the federal oversight and tax treatment of digital assets is rapidly escalating. 1 A.B. FRANCHISE TAX BOARD. Offer valid through December 15, 2021. 139. Additionally, the continuing tight labor market, worries over a possible recession and high inflation are dominating concerns. Level: Update. 17, holds that grants made under the Disaster Relief Act of 1974 to help individuals or families affected by a disaster meet extraordinary disaster-related necessary expenses or serious needs in the categories of medical, dental, housing, personal property, transportation, or funeral expenses (and not in the categories of nonessential, decorative, or luxury items) are excluded from gross income under the general welfare exclusion. Good luck this season everyone. I think that another argument could be made for exclusion. (a) Nontaxable with the chance that we later learn that this was wrong, and they will have to pay up, or (b) pay up now to avoid any future issues. It either needs to be taxable to all and issue a 1099-G so that the $600 limit doesnt apply or it should just be tax free like all of the other stimulus payments. Access from your area has been temporarily limited for security reasons. Online self-study is $89 when purchased separately. Spidell always provides the greatest coverage of tax law changes and how to prepare your practice to incorporate them. Federal Tax Education and Updates; Webinars . Author: Arturo Ramudo, CPA, CISA (retired) Electronic version only This course is approved by the California Board of Accountancy and meets its regula Get a working knowledge of the types of compensation necessary to structure a compensation package minimizing tax liabilities and cost. If you are a WordPress user with administrative privileges on this site, please enter your email address in the box below and click "Send". Consult with legal counsel. CRA7E); the California State Board of Accountancy; the California Bar Association; the Certiifed Financial Planner Board of Standards; and the California Tax Education Council. I think way too many tax preparers treat anything that they write as authoritative, and it most certainly is not. 157. You will then receive an email that helps you regain access. Income Tax Brackets and Rates. Dear Ms. Nice article. (d) The payment authorized by this section shall not be a refund of an overpayment of income taxes . You will then receive an email that helps you regain access. Why wouldnt CA issue a 1099-G instead of a 1099-Misc? Looking for emails or status updates from your e-filing website or software. 122 0 obj
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If you are not completely satisfied with this course in any way,we will provide you with a full refund, hassle-free. The easiest way to get a copy of an EIN verification letter is to call the IRS. Register for a live webinar or order the on-demand webinar instead. This letter provides. The reply was along the lines of "we are following the IRS's position as indicated in the form instructions." While we have seen some federal tax legislation, the changes have been far more limited than many expected. House Republicans have offered a broadly stated policy proposal if they control the House in January. Governmental payments to help individuals and families meet disaster-related expenses are based on need. Should Republicans gain control of both the House and the Senate, the Biden administration indicated any tax-related legislation passed would likely be vetoed. As always, you may switch from one webinar date to another, to the on-demand webinar version, or to the self-study version FOR FREE. It's box 3 other income. Register now to lock in your early bird price. This not only raises business borrowing costs, but also the correlating interest expense tax deduction, which is more likely to be reduced due to the limitations enacted in the 2017 Tax Cuts and Jobs Act (TCJA). Planning and strategy for your most valuable clients Spidell's Federal Taxletter is a monthly newsletter plus a searchable online archive of back issues that keeps you at the leading edge of the issues that will impact your clients, from healthcare to trusts and from LLCs to virtual currencies. Wordfence is a security plugin installed on over 4 million WordPress sites. Cpajournal.com. Level: Update. *Please allow 2 business days for e-mail delivery of your Tax Planning Client Letter and Checklist and Tips to Prepare Yourself and Your Office for Tax Season. The PHE has been in place since January 27, 2020, and renewed throughout the pandemic. Both of these enjoy strong support on both sides of the aisle. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (800) 277-2257. "Use tax letters being sent to individuals" Latest episode of our free podcast, Spidell's California Minute. *Discount valid through November 14, 2022. You can also read the documentation to learn about Wordfence's blocking tools, or visit wordfence.com to learn more about Wordfence. This week were covering the advantages and disadvantages of the married filing separate filing status. Federal Taxletter Tax Guides. With this in mind, look for potential legislation to include a continuation of fully expensing R&D expenses with certain retirement provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act rolled in. 2022 year-end tax letter Oct 26, 2022 It has been a challenging year both economically speaking and in terms of tax planning. Absent the inclusion of a work requirement, it is doubtful Manchin or congressional Republicans will support expanding the credit. Technical topics regarding tax preparation. This week were covering a few of the SECURE 2.0 Act provisions that go into effect in 2023. (HTTP response code 503). That way all of our clients would receive a tax form that we as the preparer can rely on for accuracy. Access SpidellCPE here. Enjoy! The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments. Many of us did the same for the 1099s people received for being paid for tearing out their yards and putting in drought resistant landscaping. 0
While some may push for far-reaching provisions, being able to use reconciliation in the Senate and bypass the filibuster rules will still require the sign off of Sens. RtK=oeic[k_9BPSs0u~{NLxI(/Z^l|F|`,? sZ{V
Lemme know what you think on that. A challenging economy, ever-changing tax rules and rising interest rates make tax and business planning more critical than ever. Option 1: Go ahead and submit your taxes with the information on file so your tax refund isn't delayed and then file an amended return once your IRS account shows the correct amount owed to you . Message Board. Generated by Wordfence at Sat, 4 Mar 2023 10:53:22 GMT.Your computer's time: document.write(new Date().toUTCString());. Then I ask what tax position they want to take. I don't think "income" is defined in Code or Regs., but maybe in cases, etc. =)YyJ The Infrastructure Investment and Jobs Act, a bipartisan bill passed in late 2021, made changes to reporting requirements for digital assets, including cryptocurrencies. If you are a WordPress user with administrative privileges on this site, please enter your email address in the box below and click "Send". Spidell Publishing, LLC assumes no responsibility for its use. On July 1, 2019, California's Governor signed Assembly Bill 91 (A.B. 230 (Provider No. A listing of additional requirements to renew tax preparer registration may be obtained by contacting CTEC at P.O. CA 95741-0157. The California pass-through entity tax ("CA PTET"), also known as the Small Business Relief Act, is effective for taxable years beginning on or after January 1, 2021 and will sunset on December 31, 2025 (or January 1 of the tax year after any repeal of Internal Revenue Code Section 164 (b) (6)). It seems to meet all of the requirements of the general welfare exclusion. The latest HHS extension for the PHE is effective through January 11, 2023. Freer, EA, Thank you for attending and presenting your issues at the December 2021 Taxpayers' Bill of Rights Hearing. To view articles in Research, you must be logged in. Instead, What about all the people that received less than $600? Serving Tax Professionals For Over 40 Years. S Corporations and entities taxed as partnerships are "pass-throughs" for federal income tax purposes. Check out our new and improved webinar experience. The MCTR payments may be considered federal income. I have read and agreed to the Privacy Policy. The payer box reads CA FTB - MCTR. Welcome to Spidells Federal Tax Minute, a weekly podcast that focuses on federal tax news snippets to keep you up-to-date on the issues that affect your clients and your practice, in an audio format that you can access at your office or on your phone. In a turbulent political year, we cannot predict the midterm election results. This webinar is designed to meet the requirements for the specified number of hours of continuing education for the California Board of Accountancy. Follow the below process to obtain a tax ID verification letter from the IRS: Call the IRS support at 800-829-4933. to low-income and middle-income Californians in order to provide financial relief for economic disruptions resulting from the COVID-19 emergency, such as the financial burdens of inflation and increasing costs for gas, groceries, and other necessities. endstream
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The USPTO has given the SPIDELL'S CALIFORNIA TAXLETTER trademark a serial number of 78390234. Generated by Wordfence at Sat, 4 Mar 2023 10:53:06 GMT.Your computer's time: document.write(new Date().toUTCString());. 2023 Spidell Publishing, LLC All rights reserved. I assume when it's received. In the absence of a disaster, however, governmental payments made without regard to financial status, health, educational background, or employment status are not based on need and, thus, do not qualify under the general welfare exclusion. If you are an owner in a qualified passthrough entity (S-corporation or Partnership) and incur a personal state tax liability in excess of $10,000 each year, then this bill may allow you to indirectly increase your annual state tax deduction on your personal income tax return, in excess of the $10,000 individual limitation, and as a result, The federal status of this trademark filing is REGISTERED as of Tuesday, August 23, 2016. SumwunLost wrote: What is the disaster that caused the payments to be made? Absent a definition, it's what the word commonly means. It seems to meet all of the requirements of the general welfare exclusion, which are that the payments must (1) be made from a governmental fund, (2) be for the promotion of general welfare (i.e., generally based on individual or family needs such as housing, education, and basic sustenance expenses), and (3) not represent compensation for services. Viewing your IRS account information. What about all the people that received less than $600? In this vein, the Federal Reserve increased the benchmark interest rate by 300 basis points to date in 2022. All income or loss recognized by the entity is passed through to the owners and taxed directly on the income tax returns of the owners.
296.021 Anaheim, CA 29803-6144. 76-144, 1976-1 C.B. California's Middle Class Tax Refund is a federal income? SECURE 2.0 Act provisions going into effect in 2023. Delivery method: Self-Study. 02.01. The owner of this site is using Wordfence to manage access to their site. I typed in a comment, pointing out flush language in 163 that said opposite of what they were saying. On Tuesday, October 21, 2014, a trademark application was filed for SPIDELL'S FEDERAL TAXLETTER with the United States Patent and Trademark Office. We are the American Institute of CPAs, the world's largest member association representing the accounting profession. 2 These changes impact both California's Personal Income Tax Laws (PIT Laws) and Corporation Tax Laws (CT Laws). 91 selectively conforms California's tax laws to certain changes made under the Tax Cuts and Jobs Act of 2017 (TCJA). As always, we encourage you to contact your Baker Tilly advisor or visit bakertilly.com/contact to discuss how these issues impact your tax position. %PDF-1.7
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%[.yOJ)SfFI?;u ^. Your personal data will be used to support your experience throughout this website, to manage access to your account, and for other purposes described in our privacy policy. We expect any legislation in the lame-duck session to be centered around items with bipartisan support. 91) into law. To assist you in this endeavor, our year-end tax letter also includes articles on the evolving world of digital assets, happenings at the IRS, information reporting, new international tax issues and reporting as well as the latest in state and local taxation. This week were discussing solar tax incentives that were expanded under the inflation Reduction Act. Spidell's Federal Tax Minute Spidell (HTTP response code 503). For more information regarding administrative policies such as complaints or refunds, contact Spidell Publishing at 800-277-2257. Following the midterm elections, any tax legislation is largely dependent upon the composition of the next Congress. You can file an appeal with the Office of Tax Appeals - you must do this within 30 days of the date printed on your NOA. If you think you have been blocked in error, contact the owner of this site for assistance. So for the CA taxpayers who filed and paid CA tax, or who filed and paid no CA tax but used the standard deduction, would they not get to use 111's exclusion for the new tax "refund". 76-131, 1976-1 C.B. In my opinion, a good argument could be made that the payment under the Act is excludable from gross income based on the general welfare exclusion. 3. Things could get more interesting if Democrats attempt to continue the expanded child tax credit. Spidell seminars have always been a step above. It should not be presumed that because a taxpayer did not get a 1099-MISC, their payment is not subject to federal tax. One could cite the lack of IRS guidance and then the 139 and general welfare arguments. Copyright 2023 Apple Inc. All rights reserved. Or it seems like they want to conclude on something too quickly, and they get it completely wrong. Rul. Your access to this service has been limited. Guaranteed. In the intervening 12 months, several digital asset bills have been introduced, most with bipartisan sponsorship. the Wilsons to amend their 1997 and 1998 tax returns so as to properly report the offshore trust income. Provide the name of your business and other verification details like address and phone number to the support executive. In this context, because need is not defined in terms of financial need, the general welfare exclusion applies equally to all residents of an affected area regardless of their income levels. . I was once watching a webcast and they made a firm statement about limitations on the deduction of interest expense on real estate held for investment. This week were covering a Notice and some FAQs the IRS released regarding the new Clean Vehicle Credit. Ask or answer questions in our 2022/23 Federal and California Tax Update Online Version $244 Print Version $259 Number of Registrants: Add to Cart Add to Wish List Categories: Self-Study, Taxation Individuals can refer to IRS Publication 525. in order to provide financial relief for economic disruptions resulting from the COVID-19 emergency. Our history of serving the public interest stretches back to 1887.