News Releases for September 2020

IRS issues final regulations on the deduction for meals and entertainment

IR-2020-225, September 30, 2020 — The Internal Revenue Service issued final regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA).

Redesigned IRS.gov page helps people closing a business; page features steps to navigate final tax actions

IR-2020-224, September 30, 2020 — 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.

IRS provides final regulations on income tax withholding on certain periodic retirement and annuity payments

IR-2020-223, September 28, 2020 — The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations updating the federal income tax withholding rules for certain periodic retirement and annuity payments made after December 31, 2020.

IRS provides tax relief for victims of Hurricane Sally; Oct. 15 deadline, other dates extended to Jan. 15

IR-2020-222, September 24, 2020 — 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.

IRS highlights employer credits for businesses during Small Business Week

IR-2020-221, September 24, 2020 — During Small Business Week, the Internal Revenue Service reminds business owners and self-employed individuals of the employer credits available to them during COVID-19.

IRS reminds taxpayers of the home office deduction rules during Small Business Week

IR-2020-220, September 23, 2020 — During Small Business Week, September 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify.

IRS: Drought-stricken farmers, ranchers have more time to replace livestock

IR-2020-219, September 22, 2020 — Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service.

IRS highlights online resources during Small Business Week; many resources available in multiple languages

IR-2020-218, September 22, 2020 — In support of National Small Business Week – September 22 to 24 – the Internal Revenue Service is emphasizing the many IRS online resources available to help small business owners and self-employed individuals handle the tax aspects of their business.

IRS provides final regulations on deductions for estates and non-grantor trusts, including excess deductions on termination

IR-2020-217, September 21, 2020 — The Internal Revenue Service today issued final regulations that provide guidance for decedents’ estates and non-grantor trusts clarifying that certain deductions of such estates and non-grantor trusts are not miscellaneous itemized deductions.

IRS finalizes regulations for 100 percent bonus depreciation

IR-2020-216, September 21, 2020 — The Treasury Department and the Internal Revenue Service today released the last set of final regulations implementing the 100% additional first year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business.

IRS provides tax relief for victims of Oregon wildfires; Oct. 15 deadline, other dates extended to Jan. 15

IR-2020-215, September 17, 2020 — Victims of the Oregon wildfires and straight-line winds that began on September 7 now have until January 15, 2021 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

IRS releases state-by-state breakdown of nearly 9 million non-filers who will be mailed letters about Economic Impact Payments

IR-2020-214, September 17, 2020 — The Internal Revenue Service today released a state-by-state breakdown of the roughly nine million people receiving a special mailing this month encouraging them to see if they’re eligible to claim an Economic Impact Payment.

IRS reminds taxpayers who filed an extension that the Oct. 15 due date approaches

IR-2020-213, September 16, 2020 — The Internal Revenue Service today reminds taxpayers who filed an extension that the October 15 due date to file 2019 tax returns is approaching.

IRS reminds taxpayers and practitioners of expedited letter ruling procedures

IR-2020-212, September 16, 2020 — The Internal Revenue Service continues to look for ways to assist taxpayers affected by the COVID-19 pandemic.

IRS updates LB&I examination directive on credit for increasing research activities

IR-2020-211, September 15, 2020 — The IRS has revised guidance for examiners in the Large Business & International division (LB&I) reviewing the amounts claimed for the tax credit for increasing research activities.

IRS issues final regulations for the rehabilitation credit

IR-2020-210, September 15, 2020 — The Internal Revenue Service today issued final regulations for taxpayers who claim the rehabilitation credit.

Final regulations on business interest expense deduction limitation published in the Federal Register

IR-2020-209, September 14, 2020 — The final regulations for the business interest expense deduction limitation published in the Federal Register today.

IRS selects 10 new members for Electronic Tax Administration Advisory Committee

IR-2020-208, September 11, 2020 — The Internal Revenue Service has selected 10 new members for the Electronic Tax Administration Advisory Committee (ETAAC).

IRS highlights higher penalties for some tax returns filed after Sept. 14

IR-2020-207, September 10, 2020 — The Internal Revenue Service today urged individuals who owe taxes but have not yet filed for 2019 to act now to avoid larger penalties that, by law, start after September 14.

IRS adds six more forms to list that can be signed digitally; 16 now available

IR-2020-206, September 10, 2020 — On August 28, the IRS announced that it would temporarily allow the use of digital signatures on certain forms that cannot be filed electronically.

Third quarter estimated tax payments due Sept. 15

IR-2020-205, September 9, 2020 — The Internal Revenue Service today reminded the self-employed, investors, retirees and others with income not subject to withholding that third quarter estimated tax payments for 2020 are due September 15.

IRS expands tax help into more languages; Form 1040 offered in Spanish and more services, information available in multiple languages

IR-2020-204, September 9, 2020 — As part of a larger effort to reach underserved communities, the IRS is taking a number of aggressive steps to expand information and assistance available to taxpayers in additional languages, including providing the Form 1040 in Spanish for the first time.

IRS to mail special letter to estimated 9 million non-filers, urging them to claim Economic Impact Payment by Oct. 15 at IRS.gov

IR-2020-203, September 8, 2020 — Later this month, the Internal Revenue Service will start mailing letters to roughly 9 million Americans who typically don’t file federal income tax returns who may be eligible for, but have not registered to claim, an Economic Impact Payment.

Interest rates remain the same for the fourth quarter of 2020

IR-2020-202, September 3, 2020 — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning October 1, 2020.

Rachel Leiser Levy selected as new Associate Chief Counsel Employee Benefits, Exempt Organizations and Employment Taxes

IR-2020-201, September 3, 2020 — The Internal Revenue Service announced today that Rachel Leiser Levy is the new Associate Chief Counsel, Employee Benefits, Exempt Organizations and Employment Taxes (EEE).

IRS provides additional guidance on base erosion and anti-abuse tax

IR-2020-200, September 1, 2020 — The IRS issued final regulations today providing additional guidance on the base erosion and anti-abuse tax (BEAT).

IRS launches BBA centralized partnership audit webpage

IR-2020-199, September 1, 2020 — The IRS announces the launch of the Bi-Partisan Budget Act (BBA) Centralized Partnership Audit Regime website.

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