IR-2020-167, July 21, 2020 WASHINGTON — With cyberthieves active during COVID-19, the Internal Revenue Service and the Security Summit partners today urged tax professionals to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location. Many tax professionals have expanded telework options this year […]
Category Archives: Internal Revenue Service
IRS creates new Enterprise Digitalization and Case Management office; Smith, Abold-LaBreche to serve as co-directors
IR-2020-166, July 21, 2020 WASHINGTON — The Internal Revenue Service announced today the creation of the new Enterprise Digitalization and Case Management office, which will spearhead IRS efforts to empower taxpayers and IRS employees to rapidly resolve issues in a simplified digital environment. The office’s efforts will support overall IRS modernization and implementation of long-term […]
IRS advice for those who missed the July 15 deadline, file now to avoid bigger bill
IR-2020-164, July 20, 2020 WASHINGTON — For those who missed the July 15 tax deadline and didn’t request an extension, the Internal Revenue Service reminds taxpayers about some important tips, including filing electronically as soon as possible to reduce potential penalties. Some taxpayers may have extra time to file and pay any taxes due without […]
Treasury, IRS issue final and proposed regulations on income subject to a high rate of foreign tax
IR-2020-165, July 20, 2020 WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued a final regulation (PDF) addressing the treatment of income earned by certain foreign corporations that is subject to a high rate of foreign tax. The final regulations allow taxpayers to exclude certain high-taxed income of a controlled foreign […]
IRS: Seniors, retirees not required to take distributions from retirement accounts this year under new law
IR-2020-162, July 17, 2020 WASHINGTON — The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives required minimum distributions during 2020 for IRAs and retirement plans, […]
Security Summit focuses on tax pro security during coronavirus; new series on working virtually: protecting tax data at home and at work
IR-2020-163, July 17, 2020 WASHINGTON — The Internal Revenue Service and the Security Summit partners today urged tax professionals this summer to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location. To help tax practitioners, the IRS, state tax agencies and the nation’s […]
IRS debunks tax refund myths
IR-2020-161, July 16, 2020 WASHINGTON ― With the July 15 tax deadline now past, the Internal Revenue Service reminds all taxpayers that there is no secret way to find out when a refund will be issued. Most taxpayers have already filed their federal tax return, and many have already received their refund. Those that have […]
IRS unveils “Dirty Dozen” list of tax scams for 2020; Americans urged to be vigilant to these threats during the pandemic and its aftermath
IR-2020-160, July 16, 2020 WASHINGTON — The Internal Revenue Service today announced its annual “Dirty Dozen” list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. This year, the Dirty Dozen focuses on scams that target taxpayers. The criminals behind these bogus schemes […]
IRS announces 2021 PTIN fees for tax return preparers
IR-2020-159, July 15, 2020 WASHINGTON — The Internal Revenue Service announced today the annual fee for 2021 that tax return preparers must pay to apply for or renew their Preparer Tax Identification Number (PTIN). In final regulations issued today, the IRS set a $21 fee per PTIN application or renewal (plus a $14.95 fee payable […]
IRS is sending letters to those experiencing a delay with advance payment of employer credits
IR-2020-158, July 15, 2020 WASHINGTON — The Internal Revenue Service has started sending letters to taxpayers who have experienced a delay in the processing of their Form 7200, Advance Payment of Employer Credits Due To COVID-19 (PDF). A taxpayer will receive letter 6312 if the IRS either rejected Form 7200 or made a change to the […]