IR-2020-40, February 24, 2020 WASHINGTON — The Internal Revenue Service has released its newly-revised tax guide, designed to help members of the military understand the many special tax benefits available to them under the law. Publication 3, Armed Forces’ Tax Guide, now posted on IRS.gov, is packed with useful filing tips for any member of […]
Category Archives: Internal Revenue Service
IRS updates guidance on business expense deductions for meals and entertainment
IR-2020-39, February 24, 2020 WASHINGTON — The Internal Revenue Service issued proposed regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. It also limited the […]
O’Dell to serve as IRS Promoter Investigations Coordinator
IR-2020-41, February 24, 2020 WASHINGTON – The Internal Revenue Service announced today that Brendan O’Dell will serve as the agency’s new promoter investigations coordinator. O’Dell, currently a senior advisor in the IRS Large Business & International (LB&I) Division, will coordinate promoter activity across the agency and will serve as the point person for Commissioner Chuck […]
Newly-revised IRS publication explains tax benefits for members of the millitary
IR-2020-40, February 24, 2020 WASHINGTON — The Internal Revenue Service has released its newly-revised tax guide, designed to help members of the military understand the many special tax benefits available to them under the law. Publication 3, Armed Forces’ Tax Guide, now posted on IRS.gov, is packed with useful filing tips for any member of […]
Treasury, IRS issue guidance to farmers on uniform capitalization rules
IR-2020-38, February 21, 2020 WASHINGTON – The Treasury Department and Internal Revenue Service today issued Revenue Procedure 2020-13 (PDF) providing procedures for farmers who have elected out of certain capitalization rules and want to apply the small business taxpayer exemption in the same taxable year. The Tax Cuts and Jobs Act (TCJA) added a provision […]
Many farmers, fishermen face March 2 tax deadline; IRS encourages convenience of IRS Direct Pay
IR-2020-37, February 20, 2020 WASHINGTON — The Internal Revenue Service reminds farmers and fishermen who chose to forgo making quarterly estimated tax payments that they must file their 2019 Form 1040 along with a payment for all taxes owed by Monday, March 2, 2020. This special rule normally applies to taxpayers whose farming or fishing […]
IRS increases visits to high-income taxpayers who haven’t filed tax returns
IR-2020-34, February 19, 2020 WASHINGTON — As part of a larger effort to ensure compliance and fairness, the Internal Revenue Service today announced that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax returns. Following the recent and ongoing hiring […]
J5 tax chiefs closing the net on global tax evasion
IR-2020-33, February 19, 2020 WASHINGTON — Leaders from five international tax organizations came together in Sydney, Australia, this week to review the J5’s progress in their fight against transnational tax crime and set priorities for the year ahead. The Joint Chiefs of Global Tax Enforcement (J5) was formed in 2018 after a call to arms […]
IRS seeks volunteers to be the voice of the Taxpayer on the Taxpayer Advocacy Panel
IR-2020-36, February 19, 2020 WASHINGTON — The Internal Revenue Service today announced it is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP). The TAP is a federal advisory committee that listens to taxpayers, identifies major taxpayer concerns, and makes recommendations for improving IRS service and customer satisfaction. Taxpayers interested in serving on […]
IRS provides answers and a safe harbor on carbon capture credits
IR-2020-35, February 19, 2020 WASHINGTON — The Internal Revenue Service today issued guidance to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits. Today’s guidance addresses the definition of “beginning of construction” and provides a safe harbor for partnership allocations of the credit. After the enactment of the Bipartisan […]