News Releases for July 2020

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.

國稅局 (IRS) 提醒提交現金交易報告的企業可選擇使用電子申報選項;現提供批次申報

IR-2020-168,2020 年 7 月 22 日 — 國稅局 (IRS) 提醒需要提交大型現金交易報告的企業,電子申報是提交其報告的一種快速、簡單且安全的選項。現在,企業可批次提交報告,這尤其有助於需要申報許多表格的企業。

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.

國稅局 (IRS) 建議錯過 7 月 15 日期限的納稅人立即申報,以避免支付更大的帳單

IR-2020-164,2020 年 7 月 20 日。華盛頓 — 對於錯過 7 月 15 日納稅期限且未申請延期的納稅人,國稅局 (IRS) 給予他們一些重要提示,包括盡快完成電子申報以減少可能的罰款。

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.

國稅局 (IRS) 揭穿退稅謎題

IR-2020-161,2020 年 7 月 16 日 ― 鑑於 7 月 15 日的納稅期限已過,國稅局 (IRS) 提醒所有納稅人,沒有秘密方法可以知道何時發放退稅。

國稅局 (IRS) 發佈 2020 年「骯髒 12 條騙術」(Dirty Dozen)稅務詐騙清單;美國人務必在疫情大爆發期間謹慎防範這些威脅及其後果

IR-2020-160,2020 年 7 月 16 日 — 國稅局 (IRS) 宣佈年度 「骯髒 12 條騙術」(Dirty Dozen)稅務詐騙清單,其中特別強調與新型冠狀病毒稅收寬減相關的積極且持續演進的方案,包括經濟紓困金 (Economic Impact Payment)。

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.

我的退稅在哪裡?IRS.gov 上提供的工具可猜測預期何時退稅

IR-2020-157,2020 年 7 月 15 日 — 國稅局 (IRS) 提醒納稅人,檢查退稅的最快方式是 IRS.gov 網站上的我的退稅在哪裡? 工具及 IRS2Go應用程式。這項實用的工具一天更新一次,通常是一夜之間,一經批准,納稅人就可以預測退稅發放日期。

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.

國稅局 (IRS) 提醒: 納稅人可延期至 10 月 15 日前報稅

IR-2020-153,2020 年 7 月 14 日 — 國稅局 (IRS) 今天提醒納稅人必須在 2020 年 7 月15 日截止之前申請 2019 年聯邦稅申報延期。納稅人可延期至 10 月 15 日前申報,但是欠稅應在 7 月 15 日截止之前付款。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.

國稅局 (IRS) 說明薪資支票檢查有助於避免報稅時出現意外情況

IR-2020-149,2020 年 7 月 10 日 — 國稅局 (IRS) 提醒納稅人使用國稅局 (IRS) 預扣稅金估算進行薪資支票檢查(英文),這會幫助納稅人擁有正確的預扣稅金額,並且避免一下年度報稅時出現意外情況。

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有關於報稅、繳稅和7月15日截止日期的解答

IR-20-145, 2020年7月9 — 由於報稅截止日即將來臨,國稅局提醒納稅人可以在IRS.gov上找到許多線上資源。 無論是在電腦或移動設備,訪問IRS.gov的納稅人逐年增加,因為裡面包含許多訊息。

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.

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