IR-2020-198, August 31, 2020 WASHINGTON — The Internal Revenue Service is holding a free webinar designed to give an overview of Opportunity Zones and to discuss related tax benefits for investors. Opportunity Zones are an economic development tool that allows people to invest in distressed areas in the United States. This free 75-minute webinar will […]
Category Archives: Internal Revenue Service
IRS provides tax relief for victims of Hurricane Laura; Oct. 15 deadline, other dates extended to Dec. 31
IR-2020-197, August 31, 2020 WASHINGTON — Victims of Hurricane Laura that began August 22 now have until December 31, 2020, 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 Federal Emergency Management Agency (FEMA) […]
IRS approves temporary use of e-signatures for certain forms
IR-2020-194, Aug. 28, 2020 WASHINGTON – To protect the health of taxpayers and tax professionals, the Internal Revenue Service today announced it will temporarily allow the use of digital signatures on certain forms that cannot be filed electronically. The change will help to reduce in-person contact and lessen the risk to taxpayers and tax professionals […]
Guidance issued to implement Presidential Memorandum deferring certain employee Social Security tax withholding
IR-2020-195, August 28, 2020 WASHINGTON — The Department of Treasury and Internal Revenue Service today issued guidance implementing the Presidential Memorandum issued on Aug. 8, 2020, allowing employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount. Notice 2020-65, posted today […]
IRS accepting applicants for the Compliance Assurance Process for 2021
IR-2020-193, Aug. 27, 2020 WASHINGTON — The Internal Revenue Service announced today the opening of the application period for the 2021 Compliance Assurance Process program. The application period runs Sept. 1 to Nov. 13, 2020. The IRS will inform applicants if they’re accepted into the program in February 2021. Launched in 2005, CAP employs real-time […]
IRS: 50,000 spouses to get catch-up Economic Impact Payments
IR-2020-192, August 25, 2020 WASHINGTON — The Internal Revenue Service will soon send catch-up Economic Impact Payment checks to about 50,000 individuals whose portion of the EIP was diverted to pay their spouse’s past-due child support. These catch-up payments are due to be issued in early-to-mid-September. They will be mailed as checks to any eligible […]
As peak hurricane season nears, IRS reminds people to prepare for natural disasters
IR-2020-189, August 24, 2020 WASHINGTON —The Internal Revenue Service reminds people to create or maintain an emergency preparedness plan. A well-thought-out plan is a critical component for surviving natural disasters. Taxpayers, whether individuals, organizations or businesses, should take time now to create or update their emergency plans. A solid plan includes securing and duplicating essential […]
IRS updates procedures for designating taxpayer disputes for litigation, implementing provisions of Taxpayer First Act
IR-2020-188, August 24, 2020 WASHINGTON — The Internal Revenue Service today issued a memorandum (PDF) that provides interim guidance to the agency’s compliance staff on requests to designate issues for litigation. Designation of issues for litigation, a decision that is made with the Office of Chief Counsel, limits a taxpayer’s opportunity to administratively resolve their case […]
IRS: Deadline to return distributions to retirement accounts is Aug. 31
IR-2020-187, August 24, 2020 WASHINGTON — The Internal Revenue Service today reminds IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until August 31 to rollover or repay the distribution to avoid paying taxes. The Coronavirus Aid, Relief, and Economic Security Act, or CARES […]
IRS provides tax relief for victims of California wildfires; Oct. 15 deadline, other dates extended to Dec. 15
IR-2020-191, August 24, 2020 WASHINGTON — Victims of the California wildfires that began Aug. 14 now have until Dec. 15, 2020 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 Federal Emergency Management Agency […]