Closing a sole proprietorship FS-2020-16, September 2020 — A sole proprietor - someone who owns an unincorporated business by themselves – must take certain actions if they want to close their business. Closing a partnership FS-2020-15, September 2020 — A partnership is a relationship between two or more partners to do a trade or business. Closing a corporation FS-2020-14, September 2020 — A corporation is a separate taxpaying entity with shareholders that exchange money, property or both, for the corporation's capital stock. Opportunity Zones FS-2020-13, August 2020 — Facts about opportunity zones. Employers’ use of payroll service providers FS-2020-12, August 2020 — The IRS wants employers to understand their options when it comes to choosing payroll service providers. Reporting cash transactions helps government combat criminal activities FS-2020-11, July 2020 — The information on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, helps law enforcement combat money laundering, tax evasion, drug dealing, terrorist financing and other criminal activities. IRS payment options FS-2020-10, July 2020 — Taxpayers have a variety of options to consider when paying federal taxes. IRS’ People First Initiative provides compliance relief FS-2020-09, June 2020 — The Internal Revenue Service unveiled the People First Initiative on March 25, 2020. Schedule and electronically pay federal taxes due by July 15 FS-2020-08, May 2020 — The Treasury Department and the Internal Revenue Service recently announced special federal income tax return filing and payment relief in response to the ongoing Coronavirus (COVID-19) emergency. Calculating the Economic Impact Payment FS-2020-07, May 2020 — Eligible individuals who filed a tax return for tax years 2018 or 2019 or who are not required to file a tax return for those years but receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI), or Veterans Affairs benefits will get an Economic Impact Payment (EIP or payment) automatically. New credits fund employers for Coronavirus-related paid leave FS-2020-06, May 2020 — The Families First Coronavirus Response Act provides tax credits to reimburse employers for the costs of providing paid sick leave and paid family and medical leave to employees unable to work because of the coronavirus (COVID-19). New Employee Retention Credit helps employers keep employees on payroll FS-2020-05, May 2020 — The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) encourages businesses to keep employees on their payroll by providing them an Employee Retention Credit. New law helps people save for retirement; other retroactive changes impact many taxpayers FS-2020-4, February 2020 - The Further Consolidated Appropriations Act, 2020, enacted December 20, 2019, includes a number of tax provisions designed to encourage more people to save for retirement. Tax filing tips for military service members and veterans FS-2020-03, February 2020 — The Internal Revenue Service is committed to helping military members, veterans and their families meet their federal income tax filing obligations. IRS increasing focus on taxpayers who have not filed tax return FS-2020-02, February 2020 — The Internal Revenue Service announced it will visit more taxpayers who haven’t filed tax returns for prior years in an effort to increase tax compliance and further enforce the law. How to qualify for the Earned Income Tax Credit FS-2020-01, January 2020 ― The Earned Income Tax Credit (EITC) is a financial boost for families with low- or moderate- incomes. Millions of workers may qualify for the first time this year due to changes in their marital, parental or financial status. News release and fact sheet archive Find previous year news releases and fact sheets from 1997 through last month.
