Tax & Current Accounting Topics

October 15 deadline nears for taxpayers who requested tax filing extensions 

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

https://accountinginstruction.info/

The Internal Revenue Service today reminds taxpayers who filed an extension that the Oct. 15 due date to file their 2019 tax return is near. Taxpayers should file their tax returns on or before the Oct. 15 deadline. For those who still owe, pay as soon as possible to reduce any penalties and interest.

An overview of excise tax

https://www.irs.gov/newsroom/an-overv...

https://accountinginstruction.info/

In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.  Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal Excise Tax Return to report the tax to the IRS.

RS extends Economic Impact Payment deadline to Nov. 21 to help non-filers 

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

The Internal Revenue Service announced today that the deadline to register for an Economic Impact Payment (EIP) is now November 21, 2020. This new date will provide an additional five weeks beyond the original deadline.  The IRS urges people who don't typically file a tax return – and haven't received an Economic Impact Payment – to register as quickly as possible using the Non-Filers: Enter Info Here tool on IRS.gov. The tool will not be available after November 21.

IRS Free File marks record increase; available through Oct. 15 

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

https://accountinginstruction.info/

The Internal Revenue Service announced today that Free File, the IRS-private sector partnership that offers free tax preparation products, scored a record percentage increase in new users as taxpayers turned to free name-brand providers in 2020.  IRS Free File online products marked a 50% increase this year as more than 4.1 million taxpayers used one of the free online partner products. Last year, more than 2.7 million taxpayers used Free File.

Business owners should visit IRS.gov for help with tax actions when closing a business 

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

https://accountinginstruction.info/

Closing a business is always a difficult decision regardless of the circumstances. With this in mind, the IRS redesigned the closing a business page of IRS.gov to help business owners navigate the federal tax steps when closing a business.  Small businesses and self-employed taxpayers will find a variety of information on the page including:

People experiencing homelessness may qualify for an Economic Impact Payment 

https://www.irs.gov/newsroom/people-e

https://accountinginstruction.info/

People experiencing homelessness may be eligible for a $1,200 Economic Impact Payment and $500 for each qualifying child under age 17. To get this payment, they must register with the IRS by Saturday, November 21, 2020.  If someone's income is below $12,200, or $24,400 if they're married, they probably don't file a tax return. That means the IRS may not have enough information to issue their payment.

IRS expands enforcement focus on abusive micro-captive insurance schemes; taxpayers urged to consult independent tax advisor before Oct. 15 filing deadline 

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

https://accountinginstruction.info/

With the Oct. 15th filing deadline quickly approaching, the Internal Revenue Service today encouraged taxpayers to consult an independent tax advisor if they participated in a micro-captive insurance transaction.

IRS issues final regulations for Achieving a Better Life Experience accounts 

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

https://accountinginstruction.info/

The Internal Revenue Service posted to IRS.gov final regulations PDF today for Achieving a Better Life Experience (ABLE) accounts.  The regulations issued today finalize two previously issued proposed regulations. The first proposed regulation was published in 2015 after the enactment of the ABLE Act. The second proposed regulation was published in 2019 in response to the Tax Cuts and Jobs Act, which made significant changes to ABLE accounts.

IRS provides details about settlements in syndicated conservation easement transaction initiative 

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

https://accountinginstruction.info/

As the Internal Revenue Service continues combatting abusive syndicated conservation easements, the agency today released additional information to help address questions related to the ongoing settlement initiative.  Today the Internal Revenue Service Chief Counsel released Chief Counsel Notice 2021-001 PDF ("CC Notice"), which contains information regarding Chief Counsel's settlement initiative for certain pending Tax Court cases involving abusive syndicated conservation easement transactions described in IRS Notice 2017-10 PDF ("SCE transactions"). Prior coverage of the settlement initiative can be found in IRS news release IR-2020-196.

Redesigned IRS.gov page helps people closing a business; page features steps to navigate final tax actions https://www.irs.gov/newsroom/redesign... 

https://accountinginstruction.info/

The Internal Revenue Service today launched a redesigned page on IRS.gov to help business owners navigate the federal tax steps when closing a business.  During this difficult and challenging time, the IRS streamlined the "Closing a Business" page into simple steps, so business owners and self-employed individuals can quickly find the information they need.