IR-2020-176, August 4, 2020 — As more tax professionals consider teleworking during COVID-19, the IRS and the Security Summit partners today urged practitioners to secure remote locations by using a virtual private network (VPN) to protect against cyber intruders.
The Irs issued proposed regulations under Sec. 1061, enacted by the law known as the Tax Cuts and Jobs Act, which requires owners of certain partnership interests to hold them for three years to be eligible for capital gain treatment.
IR-2020-175, August 3, 2020 — The IRS announced today that James Lee will become the new chief of IRS Criminal Investigation (CI) on October 1.
Small-business owners said they have exhausted federal and local assistance and see no end in sight after months of sharp revenue drops. Now, many are closing their shops and restaurants for good.
The S.B.A.’s disaster relief program allows for loans of up to $2 million. But now they’re capped at $150,000 — and agency officials are saying little about why.
Millions of dollars of Paycheck Protection Program loans went to China-backed businesses in critical sectors, a study found.
The deed fails to protect conservation purposes in perpetuity, the court finds; a divided opinion holds the extinguishment regulation is valid.
The Tax Court finds the taxpayers' residence and other properties were necessary for the production of income or the health and welfare of the family.
Federal courts continue to clarify the contours of the Sec. 6751(b) managerial approval requirements for certain penalty assessments.
State law applied in lieu of Bob Richards rule ... Amended returns to join the electronic age ... Midyear cafeteria plan changes allowed
Methods for claiming bonus depreciation and 15-year class life for qualified improvement property provide relief but come with a deadline.
Major advertisers on Facebook reduced their spending by millions of dollars in July, but not enough to significantly damage the platform’s revenue.
The IRS issued regulations on the simplified accounting method rules for small business taxpayers enacted in 2017 by the law known as the Tax Cuts and Jobs Act.
The IRS announced that, beginning Friday, in response to the coronavirus pandemic, it is temporarily accepting duplicate copies of Form 3115, Application for Change in Accounting Method, sent by fax instead of mail.
The second-quarter contraction set a grim record, and it would have been worse without government aid that is expiring.
IR-2020-173, July 30, 2020 — Because of the burdens the COVID-19 pandemic has placed on taxpayers claiming the rehabilitation credit, the Internal Revenue Service today issued Notice 2020-58 that provides additional relief to taxpayers in satisfying the substantial rehabilitation test.
IR-2020-174, July 30, 2020 — The Internal Revenue Service today issued proposed regulations proposed regulations updating various tax accounting regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA).
The IRS issued a package of related guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the CARES Act.
IR-2020-172, July 29, 2020 — The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options.
IR-2020-171, July 28, 2020 — The Internal Revenue Service issued final regulations regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act.
In the last of four proposals laying out his vision for economic recovery, Joseph R. Biden Jr. pledged to lift up minority-owned businesses and to award them more federal contracts.
This one, Ever, debuts Tuesday in Chicago with a pricey tasting menu and a world-class chef. But on the road to its opening, lofty visions have met hard reality.
IR-2020-170, July 28, 2020 — With heightened threats during COVID-19, the Internal Revenue Service and Security Summit partners today called on tax professionals to select multi-factor authentication options whenever possible to prevent identity thieves from gaining access to client accounts.
The IRS issued temporary and proposed regulations on how it will recapture excess credits taken by employers under recent coronavirus relief legislation.
The pandemic has wiped out the longstanding anchors of New York neighborhoods.
IR-2020-169, July 27, 2020 — The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary.
Tailors across New York City are expanding waistlines and moving buttons to accommodate the “Quarantine 15.”
Keep baking bread. Small grain companies may suggest a better path for American business.
IR-2020-168, July 22, 2020 — The Internal Revenue Service reminds businesses required to file reports of large cash transactions that e-filing is a fast, easy and secure option for filing their reports.
The IRS issued final regulations under the global intangible low-taxed income (GILTI) rules on the treatment of income subject to a high rate of foreign tax. At the same time, the IRS issued proposed rules conforming the GILTI high-tax exception rules with the Subpart F high-tax exception.
IR-2020-166, July 21, 2020 — The Internal Revenue Service announced today the creation of the new Enterprise Digitalization and Case Management office, which will spearhead IRS efforts to empower taxpayers and IRS employees to rapidly resolve issues in a simplified digital environment.
IR-2020-167, July 21, 2020 — With cyberthieves active during COVID-19, the Internal Revenue Service and the Security Summit partners today urged tax professionals to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location.
IR-2020-165, July 20, 2020 — The Department of the Treasury and the Internal Revenue Service today issued a final regulation addressing the treatment of income earned by certain foreign corporations that is subject to a high rate of foreign tax.
IR-2020-164, July 20, 2020 — For those who missed the July 15 tax deadline and didn’t request an extension, the Internal Revenue Service reminds taxpayers about some important tips, including filing electronically as soon as possible to reduce potential penalties.
The Federal Reserve board announced that it has made changes to the Main Street Lending Program to allow more participation from not-for-profits, including educational institutions, hospitals and social service organizations.
The IRS issued its top 12 “Dirty Dozen” tax scams, warning people to be vigilant to avoid these schemes all year round. New to the list is the “offer in compromise mills.”
IR-2020-162, July 17, 2020 — The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year.
IR-2020-163, July 17, 2020 — The Internal Revenue Service and the Security Summit partners today urged tax professionals this summer to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location.
The IRS said it would once again begin charging fees to issue preparer tax identification numbers (PTINs) to tax return preparers for 2021. The fee was reduced in response to court cases that challenged the IRS’s authority to charge a fee.
IR-2020-161, July 16, 2020 ― With the July 15 tax deadline now past, the Internal Revenue Service reminds all taxpayers that there is no secret way to find out when a refund will be issued.
IR-2020-160, July 16, 2020 — The Internal Revenue Service today announced its annual "Dirty Dozen" list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments.
The IRS proposes modifying the partnership form (Form 1065) to help standardize the format of international tax items.
IR-2020-159, July 15, 2020 — The Internal Revenue Service announced today the annual fee for 2021 that tax return preparers must pay to apply for or renew their Preparer Tax Identification Number (PTIN).
IR-2020-158, July 15, 2020 — The Internal Revenue Service has started sending letters to taxpayers who have experienced a delay in the processing of their Form 7200, Advance Payment of Employer Credits Due To COVID-19.
IR-2020-157, July 15, 2020 — The IRS reminds taxpayers that one of the best ways to check on their refund is the Where’s My Refund? tool on the IRS website and the IRS2Go app.
IR-2020-155, July 14, 2020 — The Treasury Department and the IRS today released a proposed redesigned partnership form for tax year 2021 (filing season 2022).
IR-2020-156, July 14, 2020 — Because of the burdens the COVID-19 pandemic has placed on hospitals, the Internal Revenue Service today provided additional relief to hospital organizations that must meet the Community Health Needs Assessments (CHNA) requirements.
IR-2020-153, July 14, 2020 — The Internal Revenue Service today reminds taxpayers that they have until the postponed due date of July 15, 2020, to file an extension for their 2019 federal tax return.
IR-2020-154, July 14, 2020 — The Internal Revenue Service today reminded business taxpayers that their 2019 tax returns and tax payments, as well as their first two 2020 estimated tax payments, are due on Wednesday, July 15.