IR-2020-145, July 9, 2020 WASHINGTON — As the July due date for filing a tax return draws closer, the Internal Revenue Service reminds taxpayers about the many resources available on IRS.gov. Whether on home computers or mobile devices, the number of taxpayers visiting IRS.gov continues to grow year after year. Easy-to-use tools, available 24 hours […]
Monthly Archives: July 2020
IRA contributions made by July 15 count as 2019 tax deduction
IR-2020-146, July 9, 2020 WASHINGTON — The Internal Revenue Service today reminded people that contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return. Taxpayers can file their 2019 tax return now and claim the deduction before the contribution […]
IRS finalizes guidance on deduction for foreign-derived intangible income and global intangible low-taxed income
IR-2020-147, July 9, 2020 WASHINGTON — The Internal Revenue Service issued final regulations that provide guidance on deductions for foreign-derived intangible income (FDII) and global intangible low-taxed income allowed to domestic corporations under the Internal Revenue Code. These final regulations provide guidance on both the computation of the deductions available and the determination of FDII. […]
Statement of FTC General Counsel Alden F. Abbott regarding Supreme Court Orders Granting Review of Two FTC Matters
Federal Trade CommissionHeadquarters:600 Pennsylvania Avenue, NWWashington, DC 20580Contact Us Related posts: Phony OSHA Scam Banned from Conning Small Businesses FTC Approves Final Orders In PaymentsMD Privacy Case FTC Puts Conditions on Sun Pharmaceutical’s Proposed Acquisition of Ranbaxy Court Halts Bogus Prepaid Calling Card Claims; FTC Alleges Cards Failed to Deliver the Advertised Minutes
Treasury Sanctions Chinese Entity and Officials Pursuant to Global Magnitsky Human Rights Accountability Act
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned one Chinese government entity and four current or former government officials in connection with serious rights abuses against ethnic minorities in the Xinjiang Uyghur Autonomous Region (XUAR). These designations include Chen Quanguo, the Communist Party Secretary of XUAR, and […]
FTC Sends More than $1 Million in Refunds to Victims of Student Loan Debt Relief Scam
The Federal Trade Commission is mailing checks totaling more than $1 million to individuals who lost money to a student loan debt relief scam. American Student Loan Consolidators and BBND Marketing, which did business under other names including United Processing Center, settled FTC allegations that the companies’ operators pretended to be affiliated with the U.S. […]
Taxpayers need to resume payments by July 15
IR-2020-142, July 8, 2020 WASHINGTON — The IRS today reminds taxpayers who took advantage of the People First Initiative tax relief and did not make previously owed tax payments between March 25 to July 15 that they need to restart their payments. As the IRS continues to reopen its operations across the country, taxpayers who […]
IRS resources available in English, Spanish and other languages to help taxpayers still needing to file their 2019 tax returns
IR-2020-143, July 8, 2020 WASHINGTON — As the tax-filing deadline fast approaches, the Internal Revenue Service reminds taxpayers with limited English proficiency and who have yet to file their 2019 tax returns that there are a variety of ways to get help and information in languages other than English. “Providing additional materials in more languages […]
Treasury, IRS issue guidance on reporting qualified sick and family leave wages paid
IR-2020-144, July 8, 2020 WASHINGTON — The Treasury Department and the Internal Revenue Service today provided guidance in Notice 2020-54 (PDF) to employers requiring them to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act (FFCRA) on Form W-2. Employers will be required to […]
FTC Takes Action against Marketer That Falsely Promised Consumers Next Day Shipping of Facemasks and Other Personal Protective Equipment
The Federal Trade Commission charged an online marketer with falsely promising consumers next-day shipping of facemasks and other personal protective equipment (PPE) to deal with the coronavirus pandemic. In a federal court complaint against SuperGoodDeals.com, Inc. and its owner, Kevin J. Lipsitz, the FTC alleged the company sought to capitalize on the soaring demand for […]