Hey Compliance Warriors!
What’s the IRS been up to this month? Read on…
Nov. 21 deadline nears to register online for Economic Impact Payment; Some people can claim special credit next tax filing season
IR-2020-257, November 17, 2020 — The IRS today reminded anyone who doesn’t normally file a tax return that they have until 3 p.m. EST this Saturday, November 21, to register with the IRS for an Economic Impact Payment.
Get Ready for Taxes: Get ready now to file 2020 federal income tax returns
IR-2020-256, November 17, 2020 — The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help them file their federal tax returns timely and accurately in 2021, including special steps related to Economic Impact Payments.
IRS Criminal Investigation releases Fiscal Year 2020 Annual Report; identifies $2.3 billion in tax fraud
IR-2020-255, November 16, 2020 — The IRS today released the Criminal Investigation Division’s annual report, highlighting the agency’s successes and criminal enforcement actions taken in fiscal year 2020, the majority of which occurred during COVID-19.
IRS to mask key business transcript details; protect taxpayers from identity theft
IR-2020-254, November 13, 2020 — Moving to protect business taxpayers from identity theft, the Internal Revenue Service today announced that starting December 13 it will begin masking sensitive data on business tax transcripts.
IRS reminder to non-filers: Nov. 10 is ‘National EIP Registration Day;’ Community partners can help people sign up for Economic Impact Payment
IR-2020-253, November 9, 2020 — The Internal Revenue Service today urged anyone who doesn’t normally file a tax return and has not yet received an Economic Impact Payment (EIP) to take advantage of “National EIP Registration Day,” on Tuesday, November 10.
IRS provides certainty regarding the deductibility of payments by partnerships and S corporations for State and local income taxes
IR-2020-252, November 9, 2020 — The Internal Revenue Service (IRS) today issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations.
IRS provides guidance on certain distributions from terminating 403(b) plans
IR-2020-251, November 5, 2020 — The Department of the Treasury and the Internal Revenue Service today issued guidance for employers and employees with terminating 403(b) plans that fund benefits through 403(b)(7) custodial accounts.
Many college students may still qualify for an Economic Impact Payment; review the guidelines and register by Nov. 21 at IRS.gov
IR-2020-250, November 5, 2020 — The Internal Revenue Service today urged any eligible self-supporting college student who doesn’t need to file a tax return to register by November 21 so they can receive an Economic Impact Payment before the end of the year.
Security Summit partners warn taxpayers of new COVID-related text scam
IR-2020-249, November 4, 2020 — The Internal Revenue Service, state tax agencies and the tax industry today warned of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment.
IRS makes it easier to set up payment agreements; offers other relief to taxpayers struggling with tax debts
IR-2020-248, November 2, 2020 — The Internal Revenue Service today announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS.
Until Next Time,
Be Audit-Secure™
Lisa Smith, SPHR
About LISA SMITH, SPHR
Lisa Smith is CEO of Andere Corporation and Chief Content Developer at navajowhite-viper-971139.hostingersite.com. Follow her on Twitter, connect with her on LinkedIn, listen to her Small Business Spoonfuls Podcast, and find more in her Compliance Warriors Facebook Group.