IR-2020-26, January 31, 2020 WASHINGTON — The Internal Revenue Service announced today the overwhelming acceptance of a time-limited settlement offer made to certain taxpayers under audit who participated in abusive micro-captive insurance transactions. Nearly 80% of taxpayers who received offer letters elected to accept the settlement terms. In addition, the IRS is establishing 12 new…
Focuses on needs of taxpayers, tax professionals and businesses IR-2020-27, February 3, 2020 WASHINGTON — The Internal Revenue Service today launched Identity Theft Central, designed to improve online access to information on identity theft and data security protection for taxpayers, tax professionals and businesses. Located on IRS.gov, Identity Theft Central is available 24/7 at irs.gov/identitytheft. It is…
IR-2020-25, January 31, 2020 WASHINGTON — As part of an ongoing effort to improve service for the tax-exempt community, the Internal Revenue Service has revised Form 1023 to allow electronic filing for the first time starting later this month. To help charities apply for Section 501(c)(3) tax-exempt status, the IRS has revised Form 1023, Application…
IR-2020-23, January 28, 2020 WASHINGTON – The Internal Revenue Service wants tax-exempt organizations to know about recent tax law changes that might affect them. The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to tax-exempt organizations’ current and previous tax years. Repeal of “parking lot…
IR-2020-20, January 27, 2020 WASHINGTON ― The Internal Revenue Service successfully opened the 2020 tax filing season today as the agency begins accepting and processing federal tax returns for tax year 2019. The deadline to file a 2019 tax return and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual…
IR-2020-17, January 22, 2020 WASHINGTON — With the start of the 2020 tax filing season near, the Internal Revenue Service is reminding taxpayers to avoid unethical “ghost” tax return preparers. According to the IRS, a ghost preparer does not sign a tax return they prepare. Unscrupulous ghost preparers will print the return and tell the…
IR-2020-16, January 17, 2020 WASHINGTON — The IRS announced today that the agency has become aware of limited circumstances in which it may be appropriate to provide relief from double taxation resulting from application of the repatriation tax under section 965, as amended by the Tax Cuts and Jobs Act (TCJA). The IRS has determined…
IR-2020-11, January 15, 2020 WASHINGTON — The Internal Revenue Service and Department of the Treasury issued Revenue Procedure 2020-11 (PDF) that establishes a safe harbor extending relief to additional taxpayers who took out federal or private student loans to finance attendance at a nonprofit or for-profit school. Relief is also extended to any creditor that would…
IR-2020-04, January 9, 2020 WASHINGTON — The Internal Revenue Service this week launched a new Gig Economy Tax Center on IRS.gov to help people in this growing area meet their tax obligations through more streamlined information. “The IRS developed this online center to help taxpayers in this emerging segment of the economy,” said IRS Commissioner Chuck…
IRS helps workers, businesses with new Gig Economy Tax Center | Internal Revenue Service IR-2020-04, January 9, 2020 WASHINGTON — The Internal Revenue Service this week launched a new Gig Economy Tax Center on IRS.gov to help people in this growing area meet their tax obligations through more streamlined information. “The IRS developed this online center…
