IR-2020-147, July 9, 2020 WASHINGTON — The Internal Revenue Service issued 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. These final regulations provide guidance on both the computation of the deductions available and the determination of FDII. […]
Category Archives: Internal Revenue Service
IRA contributions made by July 15 count as 2019 tax deduction
IR-2020-146, July 9, 2020 WASHINGTON — The Internal Revenue Service 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. Taxpayers can file their 2019 tax return now and claim the deduction before the contribution […]
IRS.gov has answers about filing, paying and July 15 due date
IR-2020-145, July 9, 2020 WASHINGTON — As the July due date for filing a tax return draws closer, the Internal Revenue Service reminds taxpayers about the many resources available on IRS.gov. Whether on home computers or mobile devices, the number of taxpayers visiting IRS.gov continues to grow year after year. Easy-to-use tools, available 24 hours […]
Treasury, IRS issue guidance on reporting qualified sick and family leave wages paid
IR-2020-144, July 8, 2020 WASHINGTON — The Treasury Department and the Internal Revenue Service today provided guidance in Notice 2020-54 (PDF) 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 (FFCRA) on Form W-2. Employers will be required to […]
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 WASHINGTON — As the tax-filing deadline fast approaches, the Internal Revenue Service 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. “Providing additional materials in more languages […]
Taxpayers need to resume payments by July 15
IR-2020-142, July 8, 2020 WASHINGTON — 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. As the IRS continues to reopen its operations across the country, taxpayers who […]
Reminder to tax-exempt organizations: 990s, other forms due July 15; e-file best way to file
IR-2020-141, July 7, 2020 WASHINGTON — The Internal Revenue Service today reminds tax-exempt organizations that certain forms they file with the IRS are due on July 15, 2020. For organizations that operate on a calendar-year basis, this includes the 2019 Form 990 they would have normally filed on May 15. The upcoming July 15 deadline […]
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 WASHINGTON ― The Internal Revenue Service 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. Most military bases offer free tax preparation and filing assistance during the tax filing season. Some […]
Find a qualified tax professional using IRS website resources
IR-2020-139, July 6, 2020 WASHINGTON — 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. Over 84 million tax returns were prepared by a paid return preparer last year. Though most tax professionals provide honest, high-quality […]
Treasury Department and IRS issue guidance for consolidated groups regarding net operating losses
IR-2020-138, July 2, 2020 WASHINGTON — 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). The Tax Cuts and Jobs Act (TCJA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) amended the rules […]