Tax & Current Accounting Topics

Businesses have Feb. 1 deadline to provide Forms 1099-MISC and 1099-NEC to recipients 

https://www.irs.gov/newsroom/business...

https://accountinginstruction.info/

WASHINGTON — The Internal Revenue Service today reminded businesses and other payors that the revised Form 1099-MISC, Miscellaneous Income PDF, and the new Form 1099-NEC, Nonemployee Compensation PDF, must be furnished to most recipients by February 1, 2021.

IRS ready for the upcoming tax season; last-minute changes to tax laws included in IRS forms and instructions

 https://www.irs.gov/newsroom/irs-read...

WASHINGTON – The Internal Revenue Service today assured taxpayers and tax professionals that updates to key federal tax forms and instructions are complete and will be available when Americans begin filing their tax returns.

National Taxpayer Advocate delivers Annual Report to Congress; focuses on taxpayer impact of COVID-19 and IRS funding needs https://www.irs.gov/newsroom/national...

https://accountinginstruction.info/

WASHINGTON — National Taxpayer Advocate Erin M. Collins today released her 2020 Annual Report to Congress, focusing on the unprecedented challenges taxpayers faced in filing their tax returns and receiving refunds and stimulus payments during a year consumed by the COVID-19 pandemic.

All taxpayers now eligible for Identity Protection PINs 

https://www.irs.gov/newsroom/all-taxp...

https://accountinginstruction.info/

WASHINGTON — The Internal Revenue Service today expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities.

IRS sends Taxpayer First Act Report to Congress 

https://www.irs.gov/newsroom/irs-send...

https://accountinginstruction.info/

Recommendations aimed at providing greater ease, convenience to taxpayers and the tax community IR-2021-07, January 11, 2021  WASHINGTON — The IRS today sent the Taxpayer First Act Report PDF to Congress, a comprehensive set of recommendations that will reimagine the taxpayer experience, enhance employee training and restructure the organization to increase collaboration and innovation.

Treasury issues millions of second Economic Impact Payments by debit card

 https://www.irs.gov/newsroom/treasury...

https://accountinginstruction.info/

WASHINGTON — Starting this week, the Treasury Department and the Internal Revenue Service are sending approximately 8 million second Economic Impact Payments (EIPs) by prepaid debit card.

Treasury, IRS provide final regulations to help businesses claim credits for carbon capture 

https://www.irs.gov/newsroom/treasury...

WASHINGTON – Today the Treasury Department and Internal Revenue Service issued final regulations PDF regarding the credit for qualified carbon oxide captured using carbon capture equipment placed in service on or after February 9, 2018.

Eligible Paycheck Protection Program expenses now deductible

 https://www.irs.gov/newsroom/eligible...

https://accountinginstruction.info/

WASHINGTON — The Treasury Department and the Internal Revenue Service issued guidance PDF today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP).

IRS revises Form 1024-A, application for Section 501(c)(4) tax-exempt status as part of ongoing efforts to improve service https://www.irs.gov/newsroom/irs-revi... 

https://accountinginstruction.info/

WASHINGTON — As part of ongoing efforts to improve service for the tax-exempt community, the Internal Revenue Service issued the revised Form 1024-A, Application for Recognition of Exemption Under Section 501(c)(4), and its instructions to allow electronic filing.

IRS releases 2020 Progress Update; annual report details unprecedented year 

https://www.irs.gov/newsroom/irs-rele...

https://accountinginstruction.info/

WASHINGTON — The Internal Revenue Service today released its 2020 annual report describing the agency's work delivering taxpayer service and compliance efforts during COVID-19 while spotlighting actions taken by IRS employees to help people during the challenging year.