IR-2020-228, October 1, 2020 WASHINGTON — As the Internal Revenue Service continues combatting abusive syndicated conservation easements, the agency today released additional information to help address questions related to the ongoing settlement initiative. Today the Internal Revenue Service Chief Counsel released Chief Counsel Notice 2021-001 PDF (“CC Notice”), which contains information regarding Chief Counsel’s settlement initiative for […]
Category Archives: Internal Revenue Service
IRS issues final regulations for Achieving a Better Life Experience accounts
IR-2020-227, October 1, 2020 WASHINGTON — The Internal Revenue Service posted to IRS.gov final regulations PDF today for Achieving a Better Life Experience (ABLE) accounts. The regulations issued today finalize two previously issued proposed regulations. The first proposed regulation was published in 2015 after the enactment of the ABLE Act. The second proposed regulation was published […]
IRS expands enforcement focus on abusive micro-captive insurance schemes; taxpayers urged to consult independent tax advisor before Oct. 15 filing deadline
IR-2020-226, October 1, 2020 WASHINGTON – With the Oct. 15th filing deadline quickly approaching, the Internal Revenue Service today encouraged taxpayers to consult an independent tax advisor if they participated in a micro-captive insurance transaction. The IRS encourages any taxpayer who has continued to engage in an abusive micro-captive insurance transaction to not anticipate being […]
IRS issues final regulations on the deduction for meals and entertainment
IR-2020-225, September 30, 2020 WASHINGTON — The Internal Revenue Service issued final regulations PDF on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. However, taxpayers may […]
Redesigned IRS.gov page helps people closing a business; page features steps to navigate final tax actions
IR-2020-224, September 30, 2020 WASHINGTON – The Internal Revenue Service today launched a redesigned page on IRS.gov to help business owners navigate the federal tax steps when closing a business. During this difficult and challenging time, the IRS streamlined the “Closing a Business” page into simple steps, so business owners and self-employed individuals can quickly […]
IRS provides final regulations on income tax withholding on certain periodic retirement and annuity payments
IR-2020-223, September 28, 2020 WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations PDF updating the federal income tax withholding rules for certain periodic retirement and annuity payments made after Dec. 31, 2020. Prior to the Tax Cuts and Jobs Act (TCJA), if no withholding certificate was in […]
IRS highlights employer credits for businesses during Small Business Week
IR-2020-221, September 24, 2020 WASHINGTON — During Small Business Week, the Internal Revenue Service reminds business owners and self-employed individuals of the employer credits available to them during COVID-19. These credits were specially created to help small business owners during this unprecedented time. During Small Business Week, the IRS wants to ensure all eligible people […]
IRS reminds taxpayers of the home office deduction rules during Small Business Week
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 […]
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 […]
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 […]