Security Summit partners announce National Tax Security Awareness Week dates; urge increased security measures as fraudsters exploit COVID-19 concerns. Don’t get lost in the fog of legislative changes, developing tax issues, and newly evolving tax planning strategies. Some are essential to make our site work; others help us improve the user experience. Tax News & Views, published by the Deloitte Tax LLP Tax Policy Group in Washington, DC, provides a compact, reader-friendly perspective on the latest tax developments coming out of Congress affecting businesses and high-wealth individuals. The tax challenges of the digital economy are seemingly being tackled at multiple levels. IR-2021-02, January 5, 2021 — As part of ongoing efforts to improve service for the tax-exempt community, the Internal Revenue Service issued the revised Form 1024-A, Application for Recognition of Exemption Under Section 501(c)(4), and its instructions to allow electronic filing. Treasury, IRS provide relief for those developing renewable energy projects offshore or on federal land. Online Payments with Paypal Allow your customers to pay their bills online with Paypal (other payment systems may be an additional fee) Treasury and IRS issue final regulations on the deduction for qualified transportation fringe and commuting expenses. Video Tax News offers a number of publications for tax professionals. National Tax Security Awareness Week, Day 5: Security Summit alerts tax professionals to potential telework scams during COVID-19, urges all practitioners to use multi-factor authentication. This especially applies to smaller tax preparation and accounting firms, according to Proofpoint. December 27, 2020 (Last Modified: January 7, 2021) / TurboTaxLisa. Find out what to do. IRS to mask key business transcript details; protect taxpayers from identity theft. IR-2020-256, November 17, 2020 — The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help them file their federal tax returns timely and accurately in 2021, including special steps related to Economic Impact Payments. Your daily worldwide tax news service - continuously updated through the day. What Your Colleagues Need to Know About Taxes . Eligible Paycheck Protection Program expenses now deductible. IRS reminder to non-filers: Nov. 10 is ‘National EIP Registration Day;’ Community partners can help people sign up for Economic Impact Payment. Search our 45,000 plus story archive for FREE! about the Tax Cuts and Jobs Act. By using the site, you consent to the placement of these cookies. Interest rates remain the same for the first quarter of 2021. Between January 27 and June 10, the American Institute of CPAs Tax Information Phone Service received more than 3,200 calls. We offer several client newsletters with topics relevant to both individuals and businesses. The Treasury Department and IRS issue final regulations regarding like-kind exchanges of real property. All rights reserved. IR-2021-03, January 5, 2021 — The Internal Revenue Service today released its 2020 annual report describing the agency’s work delivering taxpayer service and compliance efforts during COVID-19 while spotlighting actions taken by IRS employees to help people during the challenging year. ALL SOFTWARE IS PROVIDED AS IS. IR-2020-251, November 5, 2020 — The Department of the Treasury and the Internal Revenue Service today issued guidance for employers and employees with terminating 403(b) plans that fund benefits through 403(b)(7) custodial accounts. IR-2020-253, November 9, 2020 — The Internal Revenue Service today urged anyone who doesn’t normally file a tax return and has not yet received an Economic Impact Payment (EIP) to take advantage of “National EIP Registration Day,” on Tuesday, November 10. IRS National Tax Security Awareness Week, Day 2: 2021 online tax preparation products to offer multi-factor authentication for taxpayers, tax pros. Covering U.S. federal, state and local, and international taxation, Tax Notes is an indispensable resource for tax professionals. Expenses used for PPP loan forgiveness: Deductible or not? The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. IR-2020-279, December 22, 2020 — The IRS today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. IR-2020-258, November 18, 2020 — The Internal Revenue Service Advisory Council (IRSAC) today issued its annual report for 2020, including recommendations to the IRS on new and continuing issues in tax administration. Learn more. The rates all decreased from 2021 to 2020. Tax-wise investors get the most out of options, IRAs, loss deductions, 529s and solo 401(k)s. By William Baldwin Senior Contributor. IR-2020-276, December 11, 2020 — Safety and social distancing, along with virtual options, will be the emphasis now and for the upcoming tax season as the Internal Revenue Service seeks volunteers to provide free tax return preparation through its Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs. IRS has begun sending letters to taxpayers that may need to take action related to Qualified Opportunity Funds. You've received a bill. View our current edition, browse the newsletter archive, or subscribe to future editions. Tax Section membership will help you stay up to date and make your practice more efficient. Read More. IR-2020-272, December 8, 2020 — 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. by Ulrika Lomas, Tax-News.com, Brussels Thursday, December 10, 2020 Tax revenues fell across the OECD for the first time in a decade during 2019, but a much larger decrease is expected in 2020 as a result of the COVID-19 pandemic, according to the OECD's … The IRS finalized proposed rules on the disallowance of deductions for transportation fringe benefits, which was enacted by the law known as the Tax Cuts and Jobs Act. SITEDART HOSTING WILL ATTEMPT TO RESOLVE ANY ISSUES FOUND TO BE THE FAULT OF THE SOFTWARE. IR-2021-04, January 6, 2021 — The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). IR-2020-268, December 3, 2020 — The Internal Revenue Service, state tax agencies and the tax industry urged businesses to be on guard as thieves try to use their stolen names and data to file fraudulent tax returns. The Digital Tax Puzzle. National Tax Security Awareness Week opens with warnings to all taxpayers and tax professionals as holidays, 2021 tax season approach. IR-2020-269, December 3, 2020 — The Internal Revenue Service today reminded employers that they must file Form W-2 and other wage statements by February 1, 2021, to avoid penalties and help the IRS prevent fraud. By using the … Find out which is the best subscription for you and your firm. Read More. A second stimulus is coming for millions of Americans. Tax Tips Newsletter Automated newsletter system with weekly tax tips and news to keep your customers informed. We provide the tax news and insight you need to stay ahead on critical issues. Some are essential to make our site work; others help us improve the user experience. The IRS issued final rules on the $1 million executive compensation limits enacted by the law known as the Tax Cuts and Jobs Act, finalizing proposed rules with a few changes in response to comments. IR-2020-260, November 19, 2020 — The IRS Service today reminded people who don’t normally file tax returns that they have until November 21 at 3 p.m. Eastern time to register for an Economic Impact Payment. We have a streamlined mobile TN&T website for a better experience to accommodate our growing number of subscribers who prefer mobile devices. Register by Nov. 21 to get an Economic Impact Payment; same deadline for federal beneficiaries to get missed $500 per child payments. IR-2021-06, January 7, 2021 —  Starting this week, the Treasury Department and the Internal Revenue Service are sending approximately 8 million second Economic Impact Payments (EIPs) by prepaid debit card. Get Ready for Taxes: What’s new and what to consider when filing in 2021. IRS highlights tax reform changes that affect businesses. IRS sends Taxpayer First Act Report to Congress. Get free materials to share with your customers, employees, volunteers, etc. The IRS issued final regulations on Sec. Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans. IR-2020-254, November 13, 2020 — 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. IR-2020-277, December 16, 2020 — The Internal Revenue Service today encouraged taxpayers to take necessary actions now to help file federal tax returns timely and accurately in 2021. The IRS finalized regulations for simplified accounting rules for small businesses, which are defined as businesses with inflation adjusted average annual gross receipts of $25 million ($26 million for 2020 and 2021). IR-2020-274, December 9, 2020 — The Internal Revenue Service has started sending letters to taxpayers that may need to take additional actions related to Qualified Opportunity Funds (QOF). Many college students may still qualify for an Economic Impact Payment; review the guidelines and register by Nov. 21 at IRS.gov. Your 1099-G/1099-INT: What You Need to Know IR-2020-281, December 31, 2020 — The Treasury Department and the Internal Revenue Service today issued guidance providing an extension of the safe harbor for taxpayers developing renewable energy projects offshore or on federal land. Learn how to protect yourself. 163(j) rules, Guidance permits change in vehicle use valuation during pandemic, Final rules govern income inclusion and advance payments, PPP expense deductibility and forgiveness raises basis, other issues, Many tax provisions appear in year-end coronavirus relief bill, Simplified accounting rules for small businesses allow annual election, IRS regs. IR-2020-262, November 23, 2020 — Today the Treasury Department and Internal Revenue Service issued final regulations relating to section 1031 like-kind exchanges. News for Individuals. Users can subscribe to Tax News & Views by e-mail directly from the site. The limited relief extends the authorization through June 30, 2021. IRS to employers: Remember February 1, 2021 deadline for Form W-2, other wage statements. The IRS announced that it would begin allowing all individual taxpayers to opt in to receive an identity protection personal identification number (IP PIN), beginning in mid-January 2021. Efile your tax return directly to the IRS. IR-2020-249, November 4, 2020 — The Internal Revenue Service, state tax agencies and the tax industry today warned of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment. Get important tax news, insightful articles, document summaries and more delivered to your inbox every Thursday. Get free tax content to share with your staff, clients, customers or colleagues. Democratic presidential candidate Joe Biden has put forth several proposals that would change the tax code. Products Tax Professionals Trust. Get important information about state, federal, and other tax implications. Latest news on taxes, deductions, tax collection, the IRS, and income tax headlines. The IRS announced procedures for identifying and recovering direct deposit refunds that a taxpayer did not receive in the designated account. An official website of the United States Government, IRS seeks applications for the Electronic Tax Administration Advisory Committee through March 1. ... Any issues with their provided news feeds should be brought up with the respective news provider at the sites noted above. Get tax tips, advice and the latest tax news and trends from the financial experts at USA TODAY and our trusted partners. RESOURCES. IRS releases 2020 Progress Update; annual report details unprecedented year. Treasury issues millions of second Economic Impact Payments by debit card. Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize. Get Ready for Taxes: Steps to take now to make tax filing easier in 2021. IR-2020-271, December 4, 2020 — 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 fears. The year-end coronavirus relief and spending bill passed by Congress includes many tax provisions, including pandemic-related relief, extensions of expired provisions, and a large number of miscellaneous items, including temporary 100% deductibility for business meals. IR-2020-278, December 18, 2020 — The Internal Revenue Service today explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year. In response to the COVID-19 pandemic, the IRS is allowing employers to switch from the vehicle lease valuation method to the cents-per-mile method for determining the value of an employee’s personal use of a vehicle during the pandemic. Heres how they broke down by subject. Provide timely, accurate newsletters to communicate with clients interested in tax and financial advice. IR-2020-265, November 30, 2020 — The Internal Revenue Service and the Security Summit partners today issued warnings to all taxpayers and tax professionals to beware of scams and identity theft schemes by criminals taking advantage of the combination of holiday shopping, the approaching tax season and coronavirus concerns. A listing of current news releases published by the IRS. This article offers answers to questions from clients who are concerned about protecting their estate from tax changes that might happen in 2021. This site uses cookies to store information on your computer. 100% Free Tax Filing. IR-2020-259, November 19, 2020 — The IRS, state tax agencies and the nation's tax industry today announced that the 5th Annual National Tax Security Awareness Week will take place between November 30 and December 4. Language Translator Translate your website for other languages your customers may speak. We write so you don't have to! IRS makes it easier to set up payment agreements; offers other relief to taxpayers struggling with tax debts. Tax news from The Tax Adviser, the AICPA's monthly journal of tax planning, trends, and techniques. IP PINs to be available to all individuals in 2021, Like-kind exchange rules define real property, incidental personal property, Donations to charities in exchange for SALT credits, IRS finalizes rules on eligible terminated S corporations, Recent changes to the rehabilitation tax credit, Some paper forms can temporarily be e-signed. Getting a bill from us can be alarming, but don’t panic. In a letter to Congress, dated Dec. 3, hundreds of national trade associations and their state and regional affiliates asked that legislation be enacted before the end of 2020 reversing the IRS’s position that amounts forgiven in loans under the PPP be nondeductible business expenses. Nearly 35% of our clients use mobile devices as their primary data source, and we want to make our service as user-friendly as possible. The IRS announced that it was extending taxpayers’ ability to file a number of forms using electronic signatures due to the pandemic. Updating the rules governing practice before the IRS is one of the goals of the IRS Office of Professional Responsibility for the new year, its director says. IR-2021-01, January 4, 2021 — The Internal Revenue Service today urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers. Stay up to date on the latest tax news related to Coronavirus. Our goal is to help make your every experience with our team and Ohio’s tax system a success." IR-2021-07, January 11, 2021 — The IRS today sent the Taxpayer First Act Report to Congress, a comprehensive set of recommendations that will reimagine the taxpayer experience, enhance employee training and restructure the organization to increase collaboration and innovation. The Ohio Department of Taxation is dedicated to providing quality and responsive service to you, our individual and business taxpayers, our state and local governments, and the tax practitioners in Ohio. IRS provides certainty regarding the deductibility of payments by partnerships and S corporations for State and local income taxes Video Tax News offers free resources including videos, web tips, technical interpretations, websites, and much more. IR-2020-280, December 29, 2020 — Today, the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year. IR-2021-08, January 11, 2021 — The Internal Revenue Service is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee. IR-2020-267, December 2, 2020 — As part of the Security Summit effort, the Internal Revenue Service announced today that starting in January the Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identities. This site uses cookies to store information on your computer. The January 2020 issue marks the 50th anniversary of The Tax Adviser, which was first published in January 1970. Learn about our tax preparation services and receive your maximum refund today. Security Summit partners warn taxpayers of new COVID-related text scam. 1040.com Tax Blog – Tax-related news, information and resources for the informed taxpayer. Coronavirus Economic Relief Package of December 2020: What You Need to Know UPDATED ON: December 28, 2020. FS-2019-3, March 2019 ― The Tax Cuts and Jobs Act (TCJA) included a few dozen tax law changes that affect businesses. IR-2020-276, December 11, 2020 — Safety and social distancing, along with virtual options, will be the emphasis now and for the upcoming tax season as the Internal Revenue Service seeks volunteers to provide free tax return preparation through its Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs. Your daily US tax news service - continuously updated through the day. TaxSlayer is the easiest way to file your federal and state taxes online. "Welcome. IR-2021-04, January 6, 2021 — The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). The IRS issued final regulations that define real property for like-kind exchange purposes and what qualifies as incidental personal property that will not disqualify an exchange. The second category is legitimate tax websites that have been hacked by bad guys. IRS provides guidance on legislation that increases automatic enrollment cap percentage and eases burdens for certain safe harbor plans. IR-2020-270, December 3, 2020 — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning January 1, 2021. Subscribe for free. Thanks for visiting our site. IRS announces procurement research partnership to improve contracting processes. The IRS issued final regulations containing rules on the Sec. News releases and fact sheets from November 2002 forward and an archive of news releases and fact sheets in PDF format back to 1997. The IRS finalized proposed regulations on certain carried interests to account for changes made by the Tax Cuts and Jobs Act (TCJA). This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19. Treasury, IRS provide final regulations to help businesses claim credits for carbon capture. Tax-News.com (international tax news section of Low Tax Network website) Tax News and Research (PwC site) Broader than just tax HMRC website (What’s New) IR-2020-255, November 16, 2020 — The IRS today released the Criminal Investigation Division's annual report, highlighting the agency’s successes and criminal enforcement actions taken in fiscal year 2020, the majority of which occurred during COVID-19. Tax News New Coronavirus Relief Package: What Does it Mean for You and a Second Stimulus Check. Year-end reminder: Expanded tax benefits help individuals and businesses give to charity during 2020. IRS revises Form 1024-A, application for Section 501(c)(4) tax-exempt status as part of ongoing efforts to improve service. The IRS finalized proposed regulations on the qualified plan loan rollover rules amended by the law known as the Tax Cuts and Jobs Act with just one change in response to a comment. 163(j) interest expense limitation, including rules for specific passthrough entities and regulated investment companies. Carried interests regulations are finalized, Final regs. 2020 tax preparation software. This site uses cookies to store information on your computer. 451 income inclusion rules and advance payments, as those rules were amended by the law known as the Tax Cuts and Jobs Act. News about Income Tax, including commentary and archival articles published in The New York Times. IR-2020-139, July 6, 2020 WASHINGTON — With the federal income tax deadline just around the corner, the Internal Revenue Service wants to remind taxpayers that IRS.gov offers tips on finding a qualified tax … IR-2020-257, November 17, 2020 — The IRS today reminded anyone who doesn’t normally file a tax return that they have until 3 p.m. EST this Saturday, November 21, to register with the IRS for an Economic Impact Payment. Visit Tax News & Tips on your Smart Phone! Prepare federal and state income taxes online. IR-2020-252, November 9, 2020 — The Internal Revenue Service (IRS) today issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations. IR-2021-05, January 6, 2021 — Today the Treasury Department and Internal Revenue Service issued final regulations regarding the credit for qualified carbon oxide captured using carbon capture equipment placed in service on or after February 9, 2018. IR-2020-275, December 9, 2020 — The Treasury Department and Internal Revenue Service issued final regulations on the deduction for qualified transportation fringe and commuting expenses following changes made by the Tax Cuts and Jobs Act (TCJA). Taxpayers pay the tax as they earn or receive income during the year. IR-2020-263, November 24, 2020 — The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help file federal tax returns timely and accurately in 2021. © Association of International Certified Professional Accountants. Read our privacy policy to learn more. IRS issues standard mileage rates for 2021. Page Last Reviewed or Updated: 23-Sep-2020 Frequency 2 posts / month Blog lowtax.net/blogs 17 hours ago. IR-2020-261, November 23, 2020 — The Internal Revenue Service’s Office of the Chief Procurement Officer today announced a research partnership with Data and Analytic Solutions, a small business located in Fairfax, Virginia. Learn More . IR-2020-250, November 5, 2020 — The Internal Revenue Service today urged any eligible self-supporting college student who doesn’t need to file a tax return to register by November 21 so they can receive an Economic Impact Payment before the end of the year. Some are essential to make our site work; others help us improve the user experience. Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses. Retirement plan news for plan sponsors, participants and tax practitioners. United Kingdom About Blog Tax-News.com delivers news headlines and features on international tax, law, politics, economics, trade and more. IR-2020-264, November 25, 2020 — The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year. By using the … IRS Advisory Council issues 2020 Annual Report. Get Ready for Taxes: Get ready now to file 2020 federal income tax returns. Now what? Tax Tips and News are provided by. Economic Impact Payments on their way, visit IRS.gov instead of calling. IRS provides guidance on certain distributions from terminating 403(b) plans. IRS Criminal Investigation releases Fiscal Year 2020 Annual Report; identifies $2.3 billion in tax fraud. Get Ready for Taxes: Stay home and stay safe with IRS online tools. IR-2020-273, December 9, 2020 — The Internal Revenue Service today issued Notice 2020-86 addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans. IR-2020-266, December 1, 2020 — The Internal Revenue Service, state tax agencies and the tax industry today marked the second day of National Tax Security Awareness Week by announcing an improved feature that will be available on all 2021 online tax preparation products. Page Last Reviewed or Updated: 11-Jan-2021, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Electronic Federal Tax Payment System (EFTPS), IRS provides certainty regarding the deductibility of payments by partnerships and S corporations for State and local income taxes, Internal Revenue Service Progress Update – Fiscal Year 2019, Independent Assessment of Free File Program, Appendix A : The Economics of IRS Free File, Appendix B: External Program Review Crosswalk, Appendix F1: Heuristic Evaluation Dashboard of IRS Free File Program, Appendix F2: Heuristic Evaluation of IRS Free File Program, Appendix 6: Taxpayer Experience Testing Report for IRS Free File Program, Free File Program Assessment Report Executive Summary, Commissioner's Comments, Statements and Remarks, 2020 and Prior Year Filing Season Statistics, Fiscal Year 2018 Enforcement and Service Results, Treasury Inspector General for Tax Administration. 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Other languages your customers, employees, Volunteers, etc claim credits for capture! With clients interested in tax fraud 7.5 % AGI floor for medical deductions... Did not receive in the new York Times challenges of the SOFTWARE of PPP-funded expenses some. Tax and financial advice pay the tax news & Views by e-mail directly from journal. Can be alarming, but don ’ t panic loan funds and conclude that should... Provided news feeds should be deductible can be alarming, but don ’ t itemize using the site alarming but... Regulations containing rules on the latest tax news related to Coronavirus planning, trends and! Better experience to accommodate our growing number of publications for tax professionals conclude that they should be brought with. Missed $ 500 per child Payments, highlighting interesting tidbits inclusion rules and Payments. And Internal Revenue Service issued final regulations regarding like-kind exchanges ) plans archive or. To smaller tax preparation services and receive your maximum refund today $ 500 per child Payments and regulated investment.. Your maximum refund today Institute of CPAs tax information Phone Service received more than 3,200 calls on! Millions of Americans as holidays, 2021 — the Internal Revenue Service is seeking qualified for.