Important IRS Penalty Abatement for Taxpayers affected by COVID expires July 10th, 2026

2026-05-27T16:56:10+00:00

Important IRS Penalty/Interest Refund Opportunity – Action Required Before July 10, 2026 A federal tax case, Kwong v. United States, is drawing national attention because it could allow tens of millions of taxpayers to recover IRS penalties and interest assessed during the COVID-19 pandemic. The court ruled that pandemic-related filing and payment deadlines may have been automatically extended from January 20, 2020 through July 10, 2023 under Internal Revenue Code Section 7508A(d), potentially impacting both individuals and businesses. If the ruling is ultimately upheld, taxpayers may be entitled to refunds or abatements for: • Failure-to-file penalties • Failure-to-pay penalties • Underpayment [...]

Important IRS Penalty Abatement for Taxpayers affected by COVID expires July 10th, 20262026-05-27T16:56:10+00:00

Home Office Deduction post TCJA of 2017

2020-09-15T01:13:38+00:00

https://killingsworthspencerllc.com/blog Right now, at least 1 in 3 Americans find themselves working from home due to the Covid-19 pandemic. The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the Home Office deduction through 2025 for W-2 wage earners. This means if you receive a paycheck from an employer, you cannot deduct an expense for working in a designated part of your home. If you have an office outside the home but are now required to work from home due to the pandemic, the pandemic is NOT considered a hardship reason for a Home Office deduction according to IRS regulations. If [...]

Home Office Deduction post TCJA of 20172020-09-15T01:13:38+00:00
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