IRS issues proposed regulations for TCJA’s simplified tax accounting rules for small businesses IR-2020-174, July 30, 2020 — The Internal Revenue Service today issued proposed regulations proposed regulations updating various tax accounting regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA). IRS grants additional relief for rehabilitation credit deadlines IR-2020-173, July 30, 2020 — 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 that provides additional relief to taxpayers in satisfying the substantial rehabilitation test. IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans IR-2020-172, July 29, 2020 — 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. IRS issues final regulations and other guidance on business interest expense deduction limitation IR-2020-171, July 28, 2020 — The Internal Revenue Service issued final regulations 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. Working Virtually: Use multi-factor authentication to protect accounts; Part 2 of Security Summit tips for tax professionals IR-2020-170, July 28, 2020 — 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. IRS provides guidance on recapturing excess employment tax credits IR-2020-169, July 27, 2020 — 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. IRS reminds businesses filing cash transaction reports about e-file option; batch filing now available IR-2020-168, July 22, 2020 — 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. Working Virtually: Protect tax data at home and at work with the "Security Six;" Part 1 of Security Summit tips for tax professionals IR-2020-167, July 21, 2020 — 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. IRS creates new Enterprise Digitalization and Case Management office; Smith, Abold-LaBreche to serve as co-directors IR-2020-166, July 21, 2020 — 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. Treasury, IRS issue final and proposed regulations on income subject to a high rate of foreign tax IR-2020-165, July 20, 2020 — The Department of the Treasury and the Internal Revenue Service today issued a final regulation addressing the treatment of income earned by certain foreign corporations that is subject to a high rate of foreign tax. IRS advice for those who missed the July 15 deadline, file now to avoid bigger bill IR-2020-164, July 20, 2020 — 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. 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 — 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. IRS: Seniors, retirees not required to take distributions from retirement accounts this year under new law IR-2020-162, July 17, 2020 — 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. IRS debunks tax refund myths IR-2020-161, July 16, 2020 ― 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. 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 — 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. IRS announces 2021 PTIN fees for tax return preparers IR-2020-159, July 15, 2020 — 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). IRS is sending letters to those experiencing a delay with advance payment of employer credits IR-2020-158, July 15, 2020 — 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. Where’s My Refund? tool on IRS.gov takes guesswork out of when to expect refunds IR-2020-157, July 15, 2020 — The IRS reminds taxpayers that one of the best ways to check on their refund is the Where’s My Refund? tool on the IRS website and the IRS2Go app. IRS provides additional relief for tax-exempt hospitals: Deadline for completing certain needs assessment requirements moved to Dec. 31 IR-2020-156, July 14, 2020 — Because of the burdens the COVID-19 pandemic has placed on hospitals, the Internal Revenue Service today provided additional relief to hospital organizations that must meet the Community Health Needs Assessments (CHNA) requirements. Treasury and IRS release draft partnership form to provide greater clarity on international tax reporting IR-2020-155, July 14, 2020 — The Treasury Department and the IRS today released a proposed redesigned partnership form for tax year 2021 (filing season 2022). IRS reminder: File and pay 2019 business taxes by July 15; 2020 estimated tax also due IR-2020-154, July 14, 2020 — The Internal Revenue Service today reminded business taxpayers that their 2019 tax returns and tax payments, as well as their first two 2020 estimated tax payments, are due on Wednesday, July 15. IRS reminder: Taxpayers can get an extension to Oct. 15 to file taxes IR-2020-153, July 14, 2020 — The Internal Revenue Service today reminds taxpayers that they have until the postponed due date of July 15, 2020, to file an extension for their 2019 federal tax return. Tax Court strikes down four more abusive syndicated conservation easement transactions; IRS calls on taxpayers to accept settlement offers in syndicated conservation easement cases IR-2020-152, July 13, 2020 — On July 9, the U.S. Tax Court struck down four more abusive syndicated conservation easement transactions. J5 reflects on two-years pursuing global tax cheats IR-2020-151, July 13, 2020 — Leaders from five international tax organizations are marking the two-year anniversary of the formation of the Joint Chiefs of Global Tax Enforcement (J5) this week. IRS gives tips on filing, paying electronically and checking refunds online; 2019 tax returns and payments due July 15 IR-2020-150, July 13, 2020 — The Internal Revenue Service today reminded taxpayers with a filing requirement to file an accurate tax return on time even if a balance due can’t be paid in full. IRS says a Paycheck Checkup helps avoid tax surprises IR-2020-149, July 10, 2020 — The IRS is reminding taxpayers that using the IRS Tax Withholding Estimator to do a Paycheck Checkup can help them have the right amount of tax withheld and avoid surprises when filing next year. IRS provides last-minute tips for last-minute filers IR-2020-148, July 10, 2020 — With the July 15 tax-filing deadline − postponed from April 15 – only a few days away, the IRS is reminding taxpayers who have yet to file their tax returns that IRS.gov has tools and services to help them meet their tax obligations. IRS finalizes guidance on deduction for foreign-derived intangible income and global intangible low-taxed income IR-2020-147, July 9, 2020 — The IRS issued final regulations final regulations that provide guidance on deductions for foreign-derived intangible income (FDII) and global intangible low-taxed income allowed to domestic corporations under the Internal Revenue Code. IRA contributions made by July 15 count as 2019 tax deduction IR-2020-146, July 9, 2020 — The IRS today reminded people that contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return. IRS.gov has answers about filing, paying and July 15 due date IR-2020-145, July 9, 2020 — As the July due date for filing a tax return draws closer, the IRS reminds taxpayers about the many resources available on IRS.gov. Whether on home computers or mobile devices, the number of taxpayers visiting IRS.gov continues to grow year after year. Treasury, IRS issue guidance on reporting qualified sick and family leave wages paid IR-2020-144, July 8, 2020 — The Treasury Department and the IRS today provided guidance in Notice 2020-54 to employers requiring them to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act on Form W-2. IRS resources available in English, Spanish and other languages to help taxpayers still needing to file their 2019 tax returns IR-2020-143, July 8, 2020 — As the tax-filing deadline fast approaches, the IRS reminds taxpayers with limited English proficiency and who have yet to file their 2019 tax returns that there are a variety of ways to get help and information in languages other than English. Taxpayers need to resume payments by July 15 IR-2020-142, July 8, 2020 — The IRS today reminds taxpayers who took advantage of the People First Initiative tax relief and did not make previously owed tax payments between March 25 to July 15 that they need to restart their payments. Reminder to tax-exempt organizations: 990s, other forms due July 15; e-file best way to file IR-2020-141, July 7, 2020 — The IRS today reminds tax-exempt organizations that certain forms they file with the IRS are due on July 15, 2020. IRS reminds members of the U.S. Armed Forces of special tax breaks, helpful resources as the July 15 tax deadline approaches IR-20-140, July 7, 2020 ― The IRS today encouraged members of the military and their families to learn more about the special tax benefits available to them as the July 15 tax filing season deadline approaches. Find a qualified tax professional using IRS website resources IR-2020-139, July 6, 2020 — 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 professional. Treasury Department and IRS issue guidance for consolidated groups regarding net operating losses IR-2020-138, July 2, 2020 — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations and temporary regulations that provide guidance for consolidated groups regarding net operating losses (NOLs). IRS offers additional retail partners that accept cash payments for federal taxes IR-2020-137, July 1, 2020 — The Internal Revenue Service today announced additional retail partners are accepting cash payments for federal taxes. IRS provides tax relief for the low-income housing credit and bonds for qualified residential rental projects IR-2020-136, July 1, 2020 — In response to the ongoing COVID-19 pandemic, the Internal Revenue Service today issued Notice 2020-53 to provide tax relief to issuers, operators, owners, and tenants of qualified low-income housing projects or qualified residential rental projects financed with exempt facility bonds, and state agencies that have jurisdiction over these projects. IRS unclaimed refunds of $1.5 billion waiting for tax year 2016; taxpayers face July 15 deadline IR-2020-135, July 1, 2020 — Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service. News release and fact sheet archive Find previous year news releases and fact sheets from 1997 through last month.
