Tax & Current Accounting Topics

New income ranges for IRA eligibility in 2021 

https://www.irs.gov/newsroom/new-inco...

https://accountinginstruction.info/

There are cost‑of‑living adjustments that may affect a taxpayer's pension plan and other retirement-related savings next year. People should familiarize themselves with these adjustments, so they aren't caught off guard.

Tax Pros: The Circular 230 and Publication 947 are now available in Spanish 

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

https://accountinginstruction.info/

As part of an ongoing effort to provide more useful information and better assistance to many communities, the IRS is making two key publications for tax professionals available in Spanish.  A Spanish-language version of Publication 947, Practice Before the IRS and Power of Attorney (in Spanish) is now available. A Spanish version of Circular No. 230, Regulations Governing Practice before the Internal Revenue Service (in Spanish) PDF, is now posted on IRS.gov.

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

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

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 IRS assessed its collection activities to see how it could apply relief for taxpayers who owe but are struggling financially because of the pandemic, expanding taxpayer options for making payments and alternatives to resolve balances owed.

Federal beneficiaries have more time to register for an Economic Impact Payment 

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

https://accountinginstruction.info/

Federal beneficiaries who got their Economic Impact Payment but didn't register to receive a $500 supplemental payment per qualifying child can still register for this additional payment using the Non-Filers: Enter Info Here tool before 3 p.m. Eastern November 21, 2020.  Those eligible to provide this information include people with qualifying children who receive Social Security retirement, survivor or disability benefits, Supplemental Security Income (SSI), Railroad Retirement benefits and Veterans Affairs Compensation and Pension (C&P) benefits and didn't file a tax return in 2018 or 2019.

IRS News - Closing a sole proprietorship 

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

https://accountinginstruction.info/

A sole proprietor - someone who owns an unincorporated business by themselves – must take certain actions if they want to close their business. They must file final forms and schedules whether they've been in business a few months or many years. Here's information on typical final forms and schedules that a sole proprietor needs to file when ceasing operations.

IRS News - Closing a Partnership 

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

https://accountinginstruction.info/

A partnership is a relationship between two or more partners to do a trade or business. Each person contributes money, property, labor or skill and shares in the profits and losses of the business.  Partners who want to close their partnership must take certain actions whether they've been in business a few months or many years.

IRS designates November 10 National EIP Registration Day 

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

https://accountinginstruction.info/

The IRS has designated Tuesday, November 10, National EIP Registration Day. This is part of the agency's final push to encourage everyone who doesn't normally file a tax return to register to receive an Economic Impact Payment.

Here’s what taxpayers need to know about filing an amended tax return 

https://www.irs.gov/newsroom/heres-wh...

https://accountinginstruction.info/

If taxpayers discover a mistake on their tax return, this is not necessarily cause for concern. Most errors can be fixed by filing a Form 1040-X, Amended U.S. Individual Income Tax Return.

IRS: People with foreign accounts reminded of the extension to file 2019 FBAR by Oct. 31, Dec. 31 if impacted by certain natural disasters 

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

2019-fbar-by-oct-31-dec-31-if-impacted-by-certain-natural-disasters The Internal Revenue Service reminds U.S. citizens, entities and resident aliens with a foreign bank or financial account that they have until October 31, 2020, to file their 2019 Report of Foreign Bank and Financial Accounts (FBAR).

2020 IRS Nationwide Tax Forum seminars now available online

 https://www.irs.gov/newsroom/2020-irs...

https://accountinginstruction.info/

Eighteen new seminars from the 2020 Nationwide Tax Forum are now available on IRS Nationwide Tax Forums Online.  These self-study seminars provide information using interactive videos, PowerPoint slides and audio transcripts. These and all other previously recorded sessions from prior IRS Nationwide Tax Forums will be available for $29 per seminar.