News Releases for January 2021

New law increases deduction limit for corporate cash contributions for disaster relief; IRS provides recordkeeping relief

IR-2021-27, January 29, 2021 — The Internal Revenue Service today explained how corporations may qualify for the new 100% limit for disaster relief contributions and offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the increased limit.

IRS updates FAQs on paid sick leave credit and family leave credit

IR-2021-26, January 29, 2021 — The Internal Revenue Service today posted updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA).

EITC Awareness Day: Critical tax credit provides a significant refund boost to millions

IR-2021-25, January 29, 2021 — The Internal Revenue Service and partners across the nation remind taxpayers about the Earned Income Tax Credit today on “EITC Awareness Day” 2021.

IRS offers guidance to taxpayers on identity theft involving unemployment benefits

IR-2021-24, January 28, 2021 — The Internal Revenue Service today urged taxpayers who receive Forms 1099-G for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency for a corrected form.

Important reminders before filing 2020 tax returns

IR-2021-23, January 27, 2021 — Following an unpredictable year with many changes and challenges, the Internal Revenue Service today shared important reminders for taxpayers who are about to file their 2020 federal tax returns.

IRS creates new Chief Taxpayer Experience Officer position; Ken Corbin to lead new focus to improve service to taxpayers

IR-2021-22, January 26, 2021 — As part of a larger effort related to the Taxpayer First Act, the IRS announced today the creation of a new Chief Taxpayer Experience Officer position to help unify and expand efforts across the agency to serve taxpayers.

New law extends COVID tax credit for employers who keep workers on payroll

IR-2021-21, January 26, 2021 — The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll.

New IRS "Submit Forms 2848 and 8821 Online" offers contact-free signature options for tax pros and clients sending authorization forms

IR-2021-20, January 25, 2021 — The Internal Revenue Service today rolled out a new online option that will help tax professionals remotely obtain signatures from individual and business clients and submit authorization forms electronically.

Get a federal tax refund faster with direct deposit

IR-2021-19, January 22, 2021 — The Internal Revenue Service today reminds taxpayers that the fastest way to get their tax refund is by filing electronically and choosing direct deposit.

IRS urges taxpayers to gather tax documents now for smooth filing later

IR-2021-18, January 22, 2021 — The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return.

Employers can withhold, make payments of deferred Social Security taxes from 2020

IR-2021-17, January 19, 2021 — The IRS today released Notice 2021-11 addressing how employers who elected to defer certain employees’ taxes can withhold and pay the deferred taxes throughout 2021 instead of just the first four months of the year.

2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic

IR-2021-16, January 15, 2021 — The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

IRS Free File available today; claim Recovery Rebate Credit and other tax credits

IR-2021-15, January 15, 2021 — IRS Free File – online tax preparation products available at no charge – launched today, giving taxpayers an early opportunity to claim credits like the Recovery Rebate Credit and other deductions, the Internal Revenue Service announced.

Businesses have Feb. 1 deadline to provide Forms 1099-MISC and 1099-NEC to recipients

IR-2021-14, January 14, 2021 — The Internal Revenue Service today reminded businesses and other payors that the revised Form 1099-MISC, Miscellaneous Income, and the new Form 1099-NEC, Nonemployee Compensation, must be furnished to most recipients by February 1, 2021.

IRS reminds taxpayers to make final estimated tax payment for 2020

IR-2021-13, January 14, 2021 — Taxpayers who paid too little tax during 2020 can still avoid a tax-time bill and possible penalties by making a quarterly estimated tax payment now, directly to the Internal Revenue Service.

IRS selects new IRSAC members for 2021

IR-2021-12, January 13, 2021 — The Internal Revenue Service today announced the appointment of 13 new members to the Internal Revenue Service Advisory Council.

National Taxpayer Advocate delivers Annual Report to Congress; focuses on taxpayer impact of COVID-19 and IRS funding needs

IR-2021-11, January 13, 2021 — National Taxpayer Advocate Erin M. Collins today released her 2020 Annual Report to Congress, focusing on the unprecedented challenges taxpayers faced in filing their tax returns and receiving refunds and stimulus payments during a year consumed by the COVID-19 pandemic.

IRS ready for the upcoming tax season; last-minute changes to tax laws included in IRS forms and instructions

IR-2021-10, January 12, 2021 — The Internal Revenue Service today assured taxpayers and tax professionals that updates to key federal tax forms and instructions are complete and will be available when Americans begin filing their tax returns.

All taxpayers now eligible for Identity Protection PINs

IR-2021-09, January 12, 2021 — The Internal Revenue Service today expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities.

IRS seeks applications for the Electronic Tax Administration Advisory Committee through March 1

IR-2021-08, January 11, 2021— The Internal Revenue Service is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee.

IRS sends Taxpayer First Act Report to Congress

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.

Treasury issues millions of second Economic Impact Payments by debit card

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.

Treasury, IRS provide final regulations to help businesses claim credits for carbon capture

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.

Eligible Paycheck Protection Program expenses now deductible

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).

IRS releases 2020 Progress Update; annual report details unprecedented year

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.

IRS revises Form 1024-A, application for Section 501(c)(4) tax-exempt status as part of ongoing efforts to improve service

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.

Economic Impact Payments on their way, visit IRS.gov instead of calling

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.

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