IR-2020-272, December 8, 2020 WASHINGTON — The Internal Revenue Service today encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021. This is the third in a series of reminders to help taxpayers get ready for the upcoming tax filing season….
IR-2020-271, December 4, 2020 IRS YouTube Video: New Security Measures Help Protect Against Tax-Related Identity Theft English WASHINGTON — The IRS, state tax agencies and the tax industry marked the final day of National Tax Security Awareness Week with a warning to all tax professionals that they face additional challenges from cybercriminals seeking to exploit COVID-19…
IR-2020-254, November 13, 2020 WASHINGTON — Moving to protect business taxpayers from identity theft, the Internal Revenue Service today announced that starting December 13 it will begin masking sensitive data on business tax transcripts. The announcement provides 30 days for stakeholders to make any adjustments. The IRS began informing tax professionals of this change during…
IR-2020-243, October 26, 2020 WASHINGTON — The next quarterly payroll tax return due date is October 31, and the Internal Revenue Service urges business owners to use the speed and convenience of filing the returns electronically. IRS Forms 940, 941, 943, 944 or 945 are used to report employment tax information. The IRS recommends electronic filing, or e-filing,…
IR-2020-240, October 22, 2020 WASHINGTON — The IRS released today an early draft of the instructions to Form 1065, U.S. Return of Partnership Income PDF, for tax year 2020 (filing season 2021) that include revised instructions for partnerships required to report capital accounts to partners on Schedule K-1 (Form 1065). The revised instructions are part of a larger effort by…
IR-2020-232, October 9, 2020 WASHINGTON — The Internal Revenue Service today reminded taxpayers that now is the perfect time to review their tax withholding and payments to avoid a surprise when filing next year. An adjustment or two made now may boost take home pay or allow taxpayers to pay more in the last quarter of 2020…
IR-2020-228, October 1, 2020 WASHINGTON — As the Internal Revenue Service continues combatting abusive syndicated conservation easements, the agency today released additional information to help address questions related to the ongoing settlement initiative. Today the Internal Revenue Service Chief Counsel released Chief Counsel Notice 2021-001 PDF (“CC Notice”), which contains information regarding Chief Counsel’s settlement initiative for certain…
IR-2020-224, September 30, 2020 WASHINGTON – The Internal Revenue Service today launched a redesigned page on IRS.gov to help business owners navigate the federal tax steps when closing a business. During this difficult and challenging time, the IRS streamlined the “Closing a Business” page into simple steps, so business owners and self-employed individuals can quickly find…
WASHINGTON — Victims of Hurricane Sally that began on September 14 now have until January 15, 2021 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) as qualifying for individual assistance….
IR-2020-220, September 23, 2020 WASHINGTON — During Small Business Week, September 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. The home office deduction is available to qualifying self-employed taxpayers, independent contractors…
