Treasury, IRS provide relief for those developing renewable energy projects offshore or on federal land

IR-2020-281, December 31, 2020  – The Treasury Department and the Internal Revenue Service today issued guidance providing an extension of the safe harbor for taxpayers developing renewable energy projects offshore or on federal land.

Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans

IR-2020-280, December 29, 2020 – Today, the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year.

IRS issues standard mileage rates for 2021

IR-2020-279, December 22, 2020 — The IRS today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Year-end reminder: Expanded tax benefits help individuals and businesses give to charity during 2020

IR-2020-278, December 18, 2020 — The Internal Revenue Service today explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year. 

Get Ready for Taxes: Stay home and stay safe with IRS online tools

IR-2020-277, December 16, 2020 — The Internal Revenue Service today encouraged taxpayers to take necessary actions now to help file federal tax returns timely and accurately in 2021.

IRS: Volunteers needed for free tax prep help

IR-2020-276, December 11, 2020 — Safety and social distancing, along with virtual options, will be the emphasis now and for the upcoming tax season as the Internal Revenue Service seeks volunteers to provide free tax return preparation through its Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs.

Treasury and IRS issue final regulations on the deduction for qualified transportation fringe and commuting expenses

IR-2020-275, December 9, 2020 — The Treasury Department and Internal Revenue Service issued final regulations on the deduction for qualified transportation fringe and commuting expenses following changes made by the Tax Cuts and Jobs Act (TCJA).

IRS has begun sending letters to taxpayers that may need to take action related to Qualified Opportunity Funds

IR-2020-274, December 9, 2020 — The Internal Revenue Service has started sending letters to taxpayers that may need to take additional actions related to Qualified Opportunity Funds (QOF).

IRS provides guidance on legislation that increases automatic enrollment cap percentage and eases burdens for certain safe harbor plans

IR-2020-273, December 9, 2020 — The Internal Revenue Service today issued Notice 2020-86 addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans.

Get Ready for Taxes: What’s new and what to consider when filing in 2021

IR-2020-272, December 8, 2020 — The Internal Revenue Service today encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021.

National Tax Security Awareness Week, Day 5: Security Summit alerts tax professionals to potential telework scams during COVID-19, urges all practitioners to use multi-factor authentication

IR-2020-271, December 4, 2020 — The IRS, state tax agencies and the tax industry marked the final day of National Tax Security Awareness Week with a warning to all tax professionals that they face additional challenges from cybercriminals seeking to exploit COVID-19 fears.

Interest rates remain the same for the first quarter of 2021

IR-2020-270, December 3, 2020 — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning January 1, 2021.

IRS to employers: Remember February 1, 2021 deadline for Form W-2, other wage statements

IR-2020-269, December 3, 2020 — The Internal Revenue Service today reminded employers that they must file Form W-2 and other wage statements by February 1, 2021, to avoid penalties and help the IRS prevent fraud.

National Tax Security Awareness Week, Day 4: Security Summit urges businesses to tighten security, offers new protections against identity theft

IR-2020-268, December 3, 2020 — The Internal Revenue Service, state tax agencies and the tax industry urged businesses to be on guard as thieves try to use their stolen names and data to file fraudulent tax returns.

National Tax Security Awareness Week, Day 3: IRS expands Identity Protection PIN Opt-In Program to taxpayers nationwide

IR-2020-267, December 2, 2020 — As part of the Security Summit effort, the Internal Revenue Service announced today that starting in January the Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identities.

IRS National Tax Security Awareness Week, Day 2: 2021 online tax preparation products to offer multi-factor authentication for taxpayers, tax pros

IR-2020-266, December 1, 2020 — The Internal Revenue Service, state tax agencies and the tax industry today marked the second day of National Tax Security Awareness Week by announcing an improved feature that will be available on all 2021 online tax preparation products.

National Tax Security Awareness Week opens with warnings to all taxpayers and tax professionals as holidays, 2021 tax season approach

IR-2020-265, November 30, 2020 — The Internal Revenue Service and the Security Summit partners today issued warnings to all taxpayers and tax professionals to beware of scams and identity theft schemes by criminals taking advantage of the combination of holiday shopping, the approaching tax season and coronavirus concerns.

 

Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize

IR-2020-264, November 25, 2020 — The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year.

Get Ready for Taxes: Steps to take now to make tax filing easier in 2021

IR-2020-263, November 24, 2020 — The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help file federal tax returns timely and accurately in 2021.

The Treasury Department and IRS issue final regulations regarding like-kind exchanges of real property

IR-2020-262, November 23, 2020 — Today the Treasury Department and Internal Revenue Service issued final regulations relating to section 1031 like-kind exchanges.

IRS announces procurement research partnership to improve contracting processes

IR-2020-261, November 23, 2020 — The Internal Revenue Service’s Office of the Chief Procurement Officer today announced a research partnership with Data and Analytic Solutions, a small business located in Fairfax, Virginia.

Register by Nov. 21 to get an Economic Impact Payment; same deadline for federal beneficiaries to get missed $500 per child payments

IR-2020-260, November 19, 2020 — The IRS Service today reminded people who don’t normally file tax returns that they have until November 21 at 3 p.m. Eastern time to register for an Economic Impact Payment.

Security Summit partners announce National Tax Security Awareness Week dates; urge increased security measures as fraudsters exploit COVID-19 concerns

IR-2020-259, November 19, 2020 — The IRS, state tax agencies and the nation's tax industry today announced that the 5th Annual National Tax Security Awareness Week will take place between November 30 and December 4.

IRS Advisory Council issues 2020 Annual Report

IR-2020-258, November 18, 2020 — The Internal Revenue Service Advisory Council (IRSAC) today issued its annual report for 2020, including recommendations to the IRS on new and continuing issues in tax administration.

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.

About Elite Tax Professionals & Accounting LLC

Elite Tax Pros is a locally owned and operated business. Our staff have been in the tax preparation business since 2010. 

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