WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating UAE-based Parthia Cargo and Delta Parts Supply FZC for their material support of Iranian airline Mahan Air. OFAC is also designating UAE-based Iranian national Amin Mahdavi for owning or controlling Parthia Cargo. Together, these companies have provided key […]
Monthly Archives: August 2020
IRS: Unemployment compensation is taxable; have tax withheld now and avoid a tax-time surprise
IR-2020-185, August 18, 2020 WASHINGTON — With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal income […]
FTC Sends Refund Checks Totaling More Than $700,000 to Small Business Owners Defrauded by Deceptive Robocalls
The Federal Trade Commission is mailing refunds totaling more than $700,000 to small business owners who were deceived by a robocall scheme. According to the FTC, the defendants, operating as Pointbreak Media, Modern Spotlight, National Business Listings, and Modern Source Media, called small business owners, claimed to be acting on Google’s behalf, and threatened that […]
13.9 million Americans to receive IRS tax refund interest; taxable payments to average $18
IR-2020-183, August 18, 2020 WASHINGTON — This week the Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are receiving refunds. The interest payments, averaging about $18, will be made to individual taxpayers who filed a 2019 […]
Working Virtually: make a plan for protecting data and reporting theft; Part 5 of Security Summit tips for tax professionals
IR-2020-184, August 18, 2020 WASHINGTON — The Internal Revenue Service and Security Summit partners today reminded tax professionals that federal law requires them to have a written information security plan. Amid continuing security threats during COVID-19, the IRS, state tax administrators and the nation’s tax industry − working together as the Security Summit − also […]
Bank Accounting Advisory Series Updated
News Release 2020-106 | August 17, 2020 Share This Page: WASHINGTON — The Office of the Comptroller of the Currency (OCC) today released an update to the Bank Accounting Advisory Series (BAAS). The BAAS covers a variety of topics and promotes consistent application of accounting standards among national banks and federal savings associations. This edition of […]
Treasury International Capital Data for June
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for June 2020. The next release, which will report on data for July 2020, is scheduled for September 16, 2020. The sum total in June of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was […]
Last round of ITINs will expire in 2020; IRS encourages early renewal to prevent refund delays
IRS YouTube Videos: Individual Taxpayer Identification Number (ITIN) – English | Spanish IR-2020-181, August 17, 2020 WASHINGTON — More than 1 million Individual Taxpayer Identification Numbers are set to expire at the end of 2020 as the Internal Revenue Service completes the expiration of ITINs assigned prior to 2013. The IRS continues to urge affected […]
Now available: IRS Form 1040-X electronic filing
Major IRS milestone helps taxpayers correct tax returns with fewer errors, speeds processing IR-2020-182, August 17, 2020 WASHINGTON — Marking a major milestone in tax administration, the Internal Revenue Service announced today that taxpayers can now submit Form 1040-X electronically with commercial tax-filing software. As IRS e-filing has grown during the past 30 years, the […]
Treasury Sanctions Four Ugandans for Involvement in False Adoption Scam
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned four Ugandans pursuant to Executive Order (E.O.) 13818, which builds upon and implements the Global Magnitsky Human Rights Accountability Act, for their involvement in an adoption scam that saw many Uganda-born children victimized by the participants in the scheme. […]