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 […]

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 […]

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 releases state-by-state breakdown of nearly 9 million non-filers who will be mailed letters about Economic Impact Payments

IR-2020-214, September 17, 2020 WASHINGTON — The Internal Revenue Service today released a state-by-state breakdown of the roughly nine million people receiving a special mailing this month encouraging them to see if they’re eligible to claim an Economic Impact Payment. The IRS will mail the letters to people who typically aren’t required to file federal […]

IRS provides tax relief for victims of Oregon wildfires; Oct. 15 deadline, other dates extended to Jan. 15

IR-2020-215, September 17, 2020 WASHINGTON — Victims of the Oregon wildfires and straight-line winds that began on September 7 now have until January 15, 2021 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any area designated by the […]

IRS reminds taxpayers who filed an extension that the Oct. 15 due date approaches

File and pay electronically, request direct deposit for refunds IR-2020-213, September 16, 2020 WASHINGTON – The Internal Revenue Service today reminds taxpayers who filed an extension that the October 15 due date to file 2019 tax returns is approaching. Taxpayers should complete their tax returns and file on or before the October 15 deadline. Convenient […]

IRS reminds taxpayers and practitioners of expedited letter ruling procedures

IR-2020-212, September 16, 2020 WASHINGTON — The Internal Revenue Service continues to look for ways to assist taxpayers affected by the COVID-19 pandemic. As part of that effort, the IRS reminds taxpayers and tax practitioners of the procedures for requesting expedited handling of requests for letter rulings under Rev. Proc. 2020-1, 2020-1 I.R.B. 1 (January […]