IRS issues Final Regs Define “Real Property” for Like-Kind Exchanges

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,…

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Here’s how individual taxpayers can view their tax account info

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…

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IRS Spotlights Identity Protection PIN Opt-In Program (IR-2020-267) (Dec. 3, 2020)

2020-12-03 New Security Measures Help Protect Against Tax-Related Identity Theft English 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. There is no change in the IP PIN program for confirmed victims of tax-related identity theft. Those taxpayers should still file a Form 14039…

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IRS Electronic Signature Options Will Simplify Third-Party Authorizations (Form 2848)

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…

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Phishing Requests for Information Filing on PPP Loan Recipients

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.

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Greene County Missouri 2020 tax bills delayed

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…

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Proposed IRS Regulations Will Address State and Local Tax Payments Made by Partnerships and S Corporations (Notice 2020-75; IR-2020-252),(Nov. 10, 2020)

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…

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Reminder to all taxpayers: Gift cards are not used to make tax payments

2020-11-09 Gift cards are a popular and convenient gift for all occasions. They’re also a tool that scammers use to steal money from people. Scammers often target taxpayers by asking them to pay a fake tax bill with gift cards. They may also use a compromised email account to send emails requesting gift card purchases for friends, family or co-workers. The IRS reminds taxpayers gift cards are for gifts, not…

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Security Summit partners warn taxpayers of new COVID-related text scam

IR-2020-249, Nov. 4, 2020 WASHINGTON – 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. ... The scam text message states: “You have received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action is required to accept this…

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IRS makes it easier to set up payment agreements; Offers other relief to taxpayers struggling with tax debts

IR-2020-248, Nov. 2, 2020 WASHINGTON – 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. ... The revised COVID-related collection procedures will be helpful to taxpayers, especially those who have a record of filing their returns and paying their taxes on time. Among the highlights of the Taxpayer Relief Initiative: Taxpayers who…

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