IR-2020-217, September 21, 2020 WASHINGTON — The Internal Revenue Service today issued final regulations PDF 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. The Tax Cuts and Jobs Acts (TCJA) prohibits individuals, estates, and non-grantor trusts from claiming miscellaneous itemized […]
Category Archives: Internal Revenue Service
IRS finalizes regulations for 100 percent bonus depreciation
IR-2020-216, September 21, 2020 WASHINGTON — The Treasury Department and the Internal Revenue Service today released the last set of final regulations PDF 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. The […]
IRS provides tax relief for victims of Oregon wildfires; Oct. 15 deadline, other dates extended to Jan. 15
IR-2020-215, September 17, 2020 WASHINGTON — 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. The IRS is offering this relief to any area designated by the […]
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 WASHINGTON — 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. The IRS will mail the letters to people who typically aren’t required to file federal […]
IRS reminds taxpayers and practitioners of expedited letter ruling procedures
IR-2020-212, September 16, 2020 WASHINGTON — The Internal Revenue Service continues to look for ways to assist taxpayers affected by the COVID-19 pandemic. As part of that effort, the IRS reminds taxpayers and tax practitioners of the procedures for requesting expedited handling of requests for letter rulings under Rev. Proc. 2020-1, 2020-1 I.R.B. 1 (January […]
IRS reminds taxpayers who filed an extension that the Oct. 15 due date approaches
File and pay electronically, request direct deposit for refunds IR-2020-213, September 16, 2020 WASHINGTON – The Internal Revenue Service today reminds taxpayers who filed an extension that the October 15 due date to file 2019 tax returns is approaching. Taxpayers should complete their tax returns and file on or before the October 15 deadline. Convenient […]
IRS updates LB&I examination directive on credit for increasing research activities
IR-2020-211, September 15, 2020 WASHINGTON — 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. The guidance to auditors issued today modifies a directive issued in 2017. The credit for increasing research activities (Internal Revenue Code § […]
IRS issues final regulations for the rehabilitation credit
IR-2020-210, September 15, 2020 WASHINGTON — The Internal Revenue Service today issued final regulations (PDF) for taxpayers who claim the rehabilitation credit. The Tax Cuts and Jobs Act (TJCA) amended the rehabilitation credit so that taxpayers now claim the rehabilitation credit over a five-year period. The TCJA amendments generally apply to a taxpayer’s qualified rehabilitation […]
Final regulations on business interest expense deduction limitation published in the Federal Register
IR-2020-209, Sept 14, 2020 WASHINGTON — The final regulations for the business interest expense deduction limitation published in the Federal Register today. The final regulations vary slightly from the document released on IRS.gov on July 28, 2020. The Treasury Department and the IRS released a version of the final regulations on the business interest expense […]
IRS selects 10 new members for Electronic Tax Administration Advisory Committee
IR-2020-208, September 11, 2020 WASHINGTON — The Internal Revenue Service has selected 10 new members for the Electronic Tax Administration Advisory Committee (ETAAC). Established in 1998, the ETAAC is a public forum for the discussion of issues in electronic tax administration. Its aim is to prevent identity theft and refund fraud in support of paperless […]