IRS Postpones Tax Deadline to July 15 for Select Taxpayers The IRS reminded individuals who live and work abroad that they have until July 15, 2020, to file their 2019 federal income tax return and pay any tax due. The usual deadline is June 15. The...
IRS Extends Estimated Tax Payments Deadline to July 15 The IRS has extended the estimated tax payments deadline from April 15 and June 15, to July 15 for tax year 2020 due to the COVID-19 outbreak. Therefore, any individual or corporation that has a quart...
Electronic Filing of Form 1040-X Coming The IRS has announced that later this summer taxpayers will for the first time be able to electronically file their Form 1040-X, Amended U.S. Individual Income Tax Return, using available tax sof...
EIPs Belong to Recipients, Not Care Facility Providers The IRS has warned nursing homes and other care facilities that Economic Impact Payments (EIPs) generally belong to the recipients, not the organizations providing the care, even if a nursing home or ...
Empowerment Zone Designations Automatically Extended Through 2020 The termination date for an empowerment zone designation is generally deemed to extend until December 31, 2020. However, the state or local government that nominated the zone may decline the deemed ex...
IRS Enhances Get My Payment Tool The IRS has announced significant enhancements to the "Get My Payment" tool to deliver an improved and smoother experience for Americans eligible to receive Economic Impact Payments (EIPs). ...
IRS’s Website Holds Answers to Common EIP Questions The IRS reminded taxpayers that IRS.gov included answers to many common questions. This included the two recently launched Economic Impact Payment (EIP) tools, Get My Payment&...
EIP Amounts Could Vary The IRS is reminding taxpayers that the Economic Impact Payment (EIP) amounts could be different than anticipated. Some Americans could have received a payment amount different than what they expected...
IRS Adds Phone Operators for Economic Impact Payment Queries The IRS will be adding 3,500 telephone representatives to answer queries about Economic Impact Payments. IRS Telephone Assistance and other services will remain limited, but answers for most common qu...
2021 Health Savings Account Inflation Adjustments The IRS has released the 2021 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2021, the annual limitation on deductions for an individual with self-o...
SSI Recipients to Get Automatic Economic Impact Payments The IRS, the Treasury Department, and the Social Security Administration, announced that recipients of Supplemental Security Income (SSI) would automatically receive Economic Impact Payments (EIPs). S...
IRS Reports Rise in Free File Use The IRS reported a record increase in the use of Free File products for entering and filing federal income taxes. A total of 2.9 million tax returns was recorded through the Free File program since Ja...
VA Benefits Recipients Will Automatically Receive EIPs The IRS has announced that recipients of benefits from the Department of Veterans Affairs (VA benefits) will automatically receive Economic Impact Payments (EIPs). Veterans and their beneficiaries who...
Taxpayers Warned Against Coronavirus Scams The IRS has warned taxpayers against tax scams and identity thefts related to the coronavirus (COVID-19). Taxpayers are expected to watch out for calls, emails, text messages, websites and social medi...
IRS to Audit More High-Income Taxpayers, Mnuchin Tells Lawmakers The IRS is planning to audit more high-income taxpayers, Treasury Secretary Steven Mnuchin told House lawmakers. The plan comes on the heels of recent reports that the IRS has conducted more audits of...
IRS Highlights Tax Tips and Benefits for Service Members The IRS highlighted tax tips and benefits for military members, veterans and their families to assist in meeting federal income tax filing obligations. This includes active duty or reserve members of ...
IRS Increases User Fee for Offers in Compromise The IRS has released final regulations that increase the user fee for processing an offer in compromise from $186 to $205, effective for offers in compromise submitted on or after April 27, 2020.The f...
IRS Encourages Taxpayers to Save for Retirement Highlighting the tax provisions of the newly enacted Further Consolidated Appropriations Act, 2020 (the Act), the IRS has encouraged taxpayers to save for retirement. The Act includes a number of tax ...
IRS to Increase Visits to High-Income Nonfilers The IRS has announced that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax returns. With the recent and ongoing hiring of ...
Reporting Relief for 2020 IRA Required Minimum Distributions The IRS has provided guidance to financial institutions on reporting required minimum distributions (RMDs) for 2020. The concern is that financial institutions might mistakenly treat IRA owners who tu...
IRS Launches New “Identity Theft Central” Online Resource The IRS has announced the launch of the "Identity Theft Central," a resource designed to improve online access to information on identity theft and data security protection for taxpayers, ta...
Professionals, Taxpayers Urged to Use Multi-Factor Authentication The IRS has urged tax professionals and taxpayers to use the multi-factor authentication feature offered on tax preparation software products for preventing data thefts. Multi-factor authentication re...
2020 Foreign Housing Expense Limitations Released The IRS has provided the adjustments to the limitation on foreign housing expenses for specific locations for tax year 2020. Generally, a qualified individual whose entire tax year is within the appli...
2020 Standard Mileage Rates Released The IRS has released the optional standard mileage rates for 2020. Most taxpayers may use these rates to compute deductible costs of operating vehicles for business, medical, and charitable purposes.2...
Closed School Student Loan Relief Extended The IRS has established a safe harbor that extends relief to certain taxpayers who took out federal or private student loans to finance attendance at certain nonprofit or for-profit schools. Under the...
IRS Launches Assistant to Help Small Businesses Withhold Tax The IRS has launched a new online assistant designed to help employers, especially small businesses, easily determine the right amount of federal income tax to withhold from their workers’ pay. ...
IRS Launches Gig Economy Tax Center The IRS has announced the launch of the new Gig Economy Tax Center on its website, to help individuals in this growing area meet their tax obligations through more streamlined information. I...
IRS Provides Procedures to Claim Fuel Credits The IRS has provided a process for eligible taxpayers to make a one-time claim for the credits and payments allowed under Code Secs. 6426(c), 6426(d) and 6427(e) for biodiesel...
IRS to Return Sequestered Funds Affected by OMB Determination The IRS will return sequestered funds to businesses that were affected by a recent Office of Management and Budget (OMB) determination regarding the Balanced Budget and Emergency Deficit Control Act o...
IRS to Consider Repatriation Double Taxation Relief The IRS has announced that it has become aware of limited circumstances in which it may be appropriate to provide relief from double taxation resulting from the application of the repatriation tax und...
2019 Required Amendments List for Employee Plans The IRS has issued its 2019 Required Amendments List (2019 RA List) for individually designed employee retirement plans. Beginning with the 2019 list, all RA Lists will apply to both Code Sec. 401(a) ...
Date Extended for Applying Foreign Branch Rules A one-year extension has been granted for applying the Code Sec. 987 final regulations, and certain related final and temporary regulations covering foreign branch transactions of U.S. corporations. T...
Guidance Updated for Making Adequate Disclosure The IRS has updated its guidance that identifies circumstances under which a disclosure on a taxpayer’s income tax return with respect to an item or position is "adequate" for reducing the under...
IRS Releases 2020 Inflation-Adjusted Tax Tables, Other Amounts The IRS has released the annual inflation adjustments for 2020 for over 60 tax provisions, including the income tax rate tables. The IRS issues these cost-of-living adjustments (COLAs) each year to re...
2020 Inflation Adjustments for Pension Plans, Retirement Accounts The IRS has released the 2020 cost-of-living adjustments (COLAs) for pension plan dollar limitations, and other retirement-related provisions.Highlights of 2020 ChangesThe contribution limit for emplo...
IRS Updates Guidance on Computing Deductions for Operating a Vehicle The IRS has released guidance that updates Rev. Proc. 2010-51, I.R.B. 2010-51, 883 to reflect changes made to Code Secs. 67 and 217 by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). Rev. Proc. 2010-...
Accounting Method Change Procedures Updated The IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and sup...
Proposed Updated RMD Tables Issued The IRS has proposed updated life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The proposed tables reflect the general increase in life expectancy, an...
Joint Directive on Work Opportunity Tax Credit Issued The IRS Large Business and International Division (LB&I) and Small Business/Self-Employed Division (SBSE) have issued a joint directive to provide instructions to LB&I and SBSE examiners on th...
New LB&I Campaign on Deferred Foreign Income The IRS Large Business and International (LB&I) has added a new active campaign to the IRS website called "IRC 965." The campaign’s goal is to promote compliance with Code Sec. 965, Treatmen...
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