Tax & Current Accounting Topics

S reminds taxpayers of the home office deduction rules during Small Business Week 

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

https://accountinginstruction.info/

During Small Business Week, September 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return.  The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig economy. However, the Tax Cuts and Jobs Act suspended the business use of home deduction from 2018 through 2025 for employees.

IRS provides tax relief for victims of Oregon wildfires; Oct. 15 deadline, other dates extended to Jan. 15 

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

Victims of the Oregon wildfires and straight-line winds that began on September 7 now have until January 15, 2021 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

IRS finalizes regulations for 100 percent bonus depreciation 

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

https://accountinginstruction.info/

The Treasury Department and the Internal Revenue Service today released the last set of final regulations PDF implementing the 100% additional first year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business.

IRS provides final regulations on deductions for estates and non-grantor trusts, including excess deductions on termination 

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

https://accountinginstruction.info/

The Internal Revenue Service today issued final regulations PDF that provide guidance for decedents' estates and non-grantor trusts clarifying that certain deductions of such estates and non-grantor trusts are not miscellaneous itemized deductions.  The Tax Cuts and Jobs Acts (TCJA) prohibits individuals, estates, and non-grantor trusts from claiming miscellaneous itemized deductions for any taxable year beginning after December 31, 2017, and before January 1, 2026.

IRS highlights online resources during Small Business Week; many resources available in multiple languages 

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

https://accountinginstruction.info/

In support of National Small Business Week – September 22 to 24 – the Internal Revenue Service is emphasizing the many IRS online resources available to help small business owners and self-employed individuals handle the tax aspects of their business.  Resources in multiple languages The IRS has a long history of providing resources in Spanish and commonly provides products in Chinese, Korean, Vietnamese and Russian, such as the Small Business and Self-Employed Tax Center.

The Oct. 15 deadline for extension filers is almost here 

https://www.irs.gov/newsroom/the-oct

https://accountinginstruction.info

The October 15 filing deadline for taxpayers who requested an extension to file their 2019 tax return is quickly approaching. Taxpayers should remember they can file whenever they're ready and don't have to wait until Thursday, Oct 15.  These tools are available at IRS.gov to help people with their taxes: IRS Free File and other electronic filing options. Taxpayers can file their tax return electronically for free through IRS Free File. Other electronic filing options include using a free tax return preparation site, commercial software or an authorized e-file provider.

Free IRS2Go app puts information at taxpayers’ fingertips 

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

https://accountinginstruction.info

Taxpayers can get quick access to popular IRS tools by using IRS2Go on their mobile device. The mobile app is available and free to download on any iOS or Android device. The app is available in both English and Spanish. People can use it to check their refund, make a payment, find free tax filing help and get helpful tax tips:  Refunds. Taxpayers can check the status of their federal tax refund within 24 hours after the IRS receives an e-filed return. It takes about four weeks to check on a refund if the taxpayer mails a paper tax return.

IRS releases state-by-state breakdown of nearly 9 million non-filers who will be mailed letters about Economic Impact Payments 

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

https://accountinginstruction.info

WASHINGTON — The Internal Revenue Service today released a state-by-state breakdown of the roughly nine million people receiving a special mailing this month encouraging them to see if they're eligible to claim an Economic Impact Payment.  The IRS will mail the letters to people who typically aren't required to file federal income tax returns but may qualify for an Economic Impact Payment. The letter urges recipients to visit the special Non-Filers: Enter Payment Info Here tool on IRS.gov before the October 15 deadline to register for an Economic Impact Payment.

What to know about the tax-exempt application process for charities 

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

https://accountinginstruction.info/

Organizations that meet specified requirements under Section 501(c) of the Internal Revenue Code may qualify for tax-exempt status. These include charities, social welfare organizations, civic leagues, social clubs, labor organizations and business leagues.  Most organizations are required to apply for recognition as tax-exempt.  Here are some key things that charities should know about the application process: Application includes a fee The application must be complete. It must also include a user fee.

IRS issues final regulations for the rehabilitation credit 

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

https://accountinginstruction.info/

The Internal Revenue Service today issued final regulations for taxpayers who claim the rehabilitation credit.  The Tax Cuts and Jobs Act (TJCA) amended the rehabilitation credit so that taxpayers now claim the rehabilitation credit over a five-year period. The TCJA amendments generally apply to a taxpayer's qualified rehabilitation expenditures paid or incurred after December 31, 2017.  Taxpayers, however, may claim the credit all in one year under pre-TCJA rules for projects that qualify under a transition rule. The transition rule allows taxpayers to use the prior law if the project meets these conditions: