Tax & Current Accounting Topics

Every taxpayer has the right to challenge the IRS’s position and be heard 

https://www.irs.gov/newsroom/every-ta... 

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IRS Tax Tip 2020-171, December 15, 2020  Taxpayers have the right to challenge the IRS's position and be heard. This is part of Taxpayer Bill of Rights, which clearly outlines the fundamental rights every taxpayer has when working with the IRS.

Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions 

https://www.irs.gov/newsroom/most-tax... 

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COVID Tax Tip 2020-170, December 14, 2020  Following tax law changes, cash donations of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when people file their taxes in 2021.

IRS: Volunteers needed for free tax prep help 

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

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IRS YouTube Video: Volunteer Income Tax Assistance Recruitment − English WASHINGTON — 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.

IRS News All tax prep software will offer multi-factor authentication beginning in 2021 

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

https://accountinginstruction.info/

The IRS and its Security Summit partners recently announced that multi-factor authentication will be available on all 2021 online tax preparation products. This security feature is designed to protect both taxpayers and tax professionals.

Treasury and IRS issue final regulations on the deduction for qualified transportation fringe and commuting expenses https://www.irs.gov/newsroom/treasury... 

https://accountinginstruction.info/

WASHINGTON — The Treasury Department and Internal Revenue Service issued final regulations PDF on the deduction for qualified transportation fringe and commuting expenses following changes made by the Tax Cuts and Jobs Act (TCJA).

IRS provides guidance on legislation that increases automatic enrollment cap percentage and eases burdens for certain safe harbor plan https://www.irs.gov/newsroom/irs-prov... 

https://accountinginstruction.info/

The Internal Revenue Service today issued Notice 2020-86 PDF 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.

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

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

https://accountinginstruction.info/

The Internal Revenue Service has started sending letters to taxpayers that may need to take additional actions related to Qualified Opportunity Funds (QOF).

Identity Protection PIN Program will soon be available to taxpayers nationwide 

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

https://accountinginstruction.info/In January, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity.

IRS warns people about a COVID-related text message scam 

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

https://accountinginstruction.info/

COVID Tax Tip 2020-167, December 8, 2020  The IRS and it's Security Summit partners are warning people to be aware of a new text message scam. The thief's goal is to trick people into revealing bank account information under the guise of receiving the $1,200 Economic Impact Payment.

Highlights from the 2020 National Tax Security Awareness Week 

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

https://accountinginstruction.info/

Recently, the IRS and its Security Summit partners hosted the 2020 National Tax Security Awareness Week. The goal of this week is to encourage taxpayers, businesses and tax pros to take steps to protect their tax data and identities.