IR-2020-177, August 10, 2020 WASHINGTON — The Joint Board for the Enrollment of Actuaries today provided enrolled actuaries with notice that it is waiving the physical presence requirement for continuing professional education (CPE) credit for any formal programs conducted from January 1, 2020, through December 31, 2022. The Joint Board made this decision due to […]
Category Archives: Internal Revenue Service
Working Virtually: Use a virtual private network to secure remote locations; Part 3 of Security Summit tips for tax professionals
IR-2020-176, August 4, 2020 WASHINGTON — As more tax professionals consider teleworking during COVID-19, the Internal Revenue Service and the Security Summit partners today urged practitioners to secure remote locations by using a virtual private network (VPN) to protect against cyber intruders. A VPN provides a secure, encrypted tunnel to transmit data between a remote […]
James Lee selected to lead IRS Criminal Investigation
IR-2020-175, August 3, 2020 WASHINGTON — The Internal Revenue Service announced today that James Lee will become the new chief of IRS Criminal Investigation (CI) on October 1. Lee, currently CI’s deputy chief and a 25-year veteran of the organization, will succeed current Chief Don Fort, who announced last month he will retire on September […]
IRS issues proposed regulations for TCJA’s simplified tax accounting rules for small businesses
IR-2020-174, July 30, 2020 WASHINGTON — The Internal Revenue Service today issued proposed regulations (PDF) updating various tax accounting regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA). For tax years beginning in 2019 and 2020, these simplified tax accounting rules apply for taxpayers having […]
IRS grants additional relief for rehabilitation credit deadlines
IR-2020-173, July 30, 2020 WASHINGTON — Because of the burdens the COVID-19 pandemic has placed on taxpayers claiming the rehabilitation credit, the Internal Revenue Service today issued Notice 2020-58 (PDF) that provides additional relief to taxpayers in satisfying the substantial rehabilitation test. Projects must satisfy the “substantial rehabilitation test” within a 24- or 60-month period […]
IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans
IR-2020-172, July 29, 2020 WASHINGTON — The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options. Can I get […]
Working Virtually: Use multi-factor authentication to protect accounts; Part 2 of Security Summit tips for tax professionals
IR-2020-170, July 28, 2020 WASHINGTON — With heightened threats during COVID-19, the Internal Revenue Service and Security Summit partners today called on tax professionals to select multi-factor authentication options whenever possible to prevent identity thieves from gaining access to client accounts. Starting in 2021, all tax software providers will be required to offer multi-factor authentication […]
IRS issues final regulations and other guidance on business interest expense deduction limitation
IR-2020-171, July 28, 2020 WASHINGTON — The Internal Revenue Service issued final regulations (PDF) regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act. For tax years beginning after December 31, 2017, business interest expense deductions are generally […]
IRS provides guidance on recapturing excess employment tax credits
IR-2020-169, July 27, 2020 WASHINGTON — The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary. The regulations authorize the assessment of erroneous refunds of the credits paid under both the Families First Coronavirus Response […]
IRS reminds businesses filing cash transaction reports about e-file option; batch filing now available
IR-2020-168, July 22, 2020 WASHINGTON — The Internal Revenue Service reminds businesses required to file reports of large cash transactions that e-filing is a fast, easy and secure option for filing their reports. Now, businesses can batch file their reports, which is especially helpful to those required to file many forms. Although businesses have the […]