Category Archives: Internal Revenue Service

IR-2020-206, September 10, 2020 WASHINGTON — On August 28, the IRS announced that it would temporarily allow the use of digital signatures on certain forms that cannot be filed electronically. Today, the agency added several more forms (PDF) to that list. The IRS made this decision to help protect the health of taxpayers and tax […]

IR-2020-207, September 10, 2020 WASHINGTON — 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. The tax deadline was July 15 this year. Taxpayers who submitted an extension have until October 15 to […]

IR-2020-204, September 9, 2020 WASHINGTON — As part of a larger effort to reach underserved communities, the Internal Revenue Service 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. In addition to being available in […]

IRS YouTube Video: IR-2020-205, September 9, 2020 WASHINGTON — 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. Taxes are paid as income is received during the year through withholding from pay, pension or […]

IR-2020-203, September 8, 2020 WASHINGTON — Later this month, the Internal Revenue Service will start mailing letters to roughly nine 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. The letters will urge recipients to register at IRS.gov by October […]

IR-2020-201, September 3, 2020 WASHINGTON — The Internal Revenue Service announced today that Rachel Leiser Levy is the new Associate Chief Counsel, Employee Benefits, Exempt Organizations and Employment Taxes (EEE). Levy has served as a principal at Groom Law Group in Washington, D.C., since 2015. She has an extensive background on issues including employee benefits, […]

IR-2020-202, September 3, 2020 WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning October 1, 2020. The rates will be:  3% for overpayments (2% in the case of a corporation); 0.5% for the portion of a corporate overpayment exceeding $10,000; 3% percent for underpayments; […]

IR-2020-200, September 1, 2020 WASHINGTON — The Internal Revenue Service issued final regulations (PDF) today providing additional guidance on the base erosion and anti-abuse tax (BEAT). To limit profit-shifting, the Tax Cuts and Jobs Act (TCJA) added a new tax, the BEAT. The BEAT focuses on large U.S. corporations that make deductible payments to related foreign […]

IR-2020-199, September 1, 2020 WASHINGTON- The IRS announces the launch of the Bi-Partisan Budget Act (BBA) Centralized Partnership Audit Regime webpage. The Centralized Partnership Audit Regime replaces the Tax Equity and Fiscal Responsibility Act (TEFRA) and the electing large partnership rules. The centralized partnership audit regime, or BBA, is generally effective for tax years beginning […]

IR-2020-196, August 31, 2020 WASHINGTON — As part of a continuing effort to combat abusive transactions, the Internal Revenue Service announced today the completion of the first settlement under its initiative to resolve certain docketed cases involving syndicated conservation easement transactions. On June 25, 2020, the IRS Office of Chief Counsel announced that it would […]