IR-2020-220, September 23, 2020 WASHINGTON — During Small Business Week, September 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. The home office deduction is available to qualifying self-employed taxpayers, independent […]
Monthly Archives: September 2020
Statement of Secretary Steven T. Mnuchin Before the Financial Services Committee on September 22, 2020
Chairwoman Waters, Ranking Member McHenry, and members of the Committee, I am pleased to join you today to update you on how the Department of the Treasury and the Federal Reserve have been partnering over the last six months to provide relief for American workers and liquidity to credit markets, businesses, non-profit organizations, state and […]
Treasury Continues Pressure on Illegitimate Regime Officials Undermining Democracy in Venezuela
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated five key figures that have facilitated the illegitimate Maduro regime’s efforts to undermine democracy in Venezuela. These individuals, including Maduro-supporting members of the Venezuelan National Assembly (Asamblea Nacional or AN), have acted as part of a broader scheme to […]
IRS highlights online resources during Small Business Week; many resources available in multiple languages
IR-2020-218, September 22, 2020 WASHINGTON — In support of National Small Business Week – September 22 to 24 – the Internal Revenue Service is emphasizing the many IRS online resources available to help small business owners and self-employed individuals handle the tax aspects of their business. Resources in multiple languages The IRS has a long […]
IRS: Drought-stricken farmers, ranchers have more time to replace livestock
IR-2020-219, September 22, 2020 WASHINGTON — Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service. To qualify for relief, the farm or ranch must be in an […]
Federally Chartered Banks and Thrifts May Engage in Certain Stablecoin Activities
News Release 2020-125 | September 21, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to hold “reserves” on behalf of customers who issue certain stablecoins. Stablecoins refer to cryptocurrency backed by an asset such as a fiat currency, including […]
OCC Announces Settlements With Three Former Senior Wells Fargo Bank Executives
News Release 2020-124 | September 21, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced settlements with three former senior executives of Wells Fargo Bank, N.A., Sioux Falls, South Dakota, for their roles in the bank’s systemic sales practices misconduct. The settlements include: (1) a prohibition order and $925,000 civil […]
Acting Comptroller of the Currency Statement on Federal Reserve Board’s Action to Modernize the Community Reinvestment Act
News Release 2020-123 | September 21, 2020 Share This Page: WASHINGTON—Acting Comptroller of the Currency Brian P. Brooks today released the following statement in appreciation of the Federal Reserve Board’s Advance Notice of Proposed Rulemaking (ANPR), which solicits stakeholder comment on how to improve Community Reinvestment Act (CRA) regulations for state-chartered banks that are members of […]
IRS finalizes regulations for 100 percent bonus depreciation
IR-2020-216, September 21, 2020 WASHINGTON — The Treasury Department and the Internal Revenue Service today released the last set of final regulations PDF implementing the 100% additional first year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business. The […]
IRS provides final regulations on deductions for estates and non-grantor trusts, including excess deductions on termination
IR-2020-217, September 21, 2020 WASHINGTON — The Internal Revenue Service today issued final regulations PDF that provide guidance for decedents’ estates and non-grantor trusts clarifying that certain deductions of such estates and non-grantor trusts are not miscellaneous itemized deductions. The Tax Cuts and Jobs Acts (TCJA) prohibits individuals, estates, and non-grantor trusts from claiming miscellaneous itemized […]