News

2020-12-11 The December 9, 2020, memorandum extends the approval period to deviate from IDR enforcement procedures and applies to the IDR enforcement process for taxpayers who are unable, due to the COVID-19 pandemic, to respond timely to an IDR. Notwithstanding this deviation, managers retain the discretion to continue with the IDR enforcement process when in their judgment the interests of tax administration warrant, for example cases with short statues or…

2020-12-11 An IRS memorandum dated October 16, 2020, rescinded and replaced Interim Guidance memorandum SBSE 05-1020-0080. Taxpayer Contact - Face-to-face public contact/field activities will only occur in exceptional cases, will not be routine or regularly occurring activities, and will be voluntary on the part of the IRS employee. Revenue Officers (ROs) may conduct face-to- face contacts and other field activities with the taxpayer, the taxpayer’s authorized representative or other members…

2020-12-11 IRS Agenda - Vertical Classic IR-2020-248, Nov. 2, 2020 The RIS announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. Taxpayers who owe always had options to seek help through payment plans and other tools from the IRS, but the new IRS Taxpayer Relief Initiative is expanding on those existing tools even more. Taxpayers who qualify…

2020-12-04 T.D. 9935; IR-2020-262 As of January 1, 2018, the 2017 Tax Cuts and Jobs Act (TCJA) limited like-kind exchange treatment to exchanges of real property, and exchanges of personal or intangible property such as vehicles, artwork, collectibles, patents, and other intellectual property generally do not qualify for nonrecognition of gain as like-kind exchanges. Section 1031 does not provide a definition for the term “real property.” Under the final regulations,…

2020-12-03 IRS Tax Tip 2019-94, July 17, 2019 https://www.irs.gov/newsroom/heres-how-individual-taxpayers-can-view-their-tax-account-info Taxpayers with questions about their federal tax accounts can hop over to IRS.gov for answers. Individual taxpayers can login to the View Your Account Information page to view specific details about their federal tax account information. Taxpayers can view: Their payoff amount, which is updated for the current day.The balance for each tax year for which they owe taxes.Their payment history.Key…

2020-12-03 IR-2020-267, Dec. 3, 2020 New Security Measures Help Protect Against Tax-Related Identity Theft English As part of the Security Summit effort, the Internal Revenue Service announced that starting in January the Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identities. There is no change in the IP PIN program for confirmed victims of tax-related identity theft. Those taxpayers should still file…

2020-11-25 This new process gives tax professionals and taxpayers a safe option to electronically sign and upload critical documents without an in-person meeting. In January, the IRS plans to launch a new IRS.gov secure submission platform and a new page, “Submit Forms 2848 and 8821 Online,” that will allow tax professionals to upload third-party authorization forms electronically. Tax professionals will enter their Secure Access username and password or complete a…

2020-11-25 Be careful in responding to requests for PPP loan information. PPP loan recipients have been receiving requests for information filings that are not coming from their lending bank. The government reports disclosed borrowers names and loan amounts, and it appears that groups are using that information to try to get banking and other information from loan recipients.

2020-11-15 Greene County Collector, Leah Betts, send an email advising that the 2020 annual tax bills that typically go out in early November of each year will be delayed this year. Dear Taxpayer: Have you ever had a bad dream where you are trying to run but you just can't? Well, that's how I feel at the moment. And it possibly involves you if you are getting this email (if…

2020-11-10 Some state and local jurisdictions have enacted or are considering entity-level income tax on partnerships and S corporations, sometimes with a corresponding credit, deduction or exclusion for the owners. It is not certain if the entity’s payment of such taxes must be taken into account in applying an owner’s SALT deduction limit. The IRS intends to issue proposed regulations that clarify that the partnership or S corporation can deduct…