Tax & Current Accounting Topics

IRS reminds businesses filing cash transaction reports about e-file option; batch filing now available 

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

https://accountinginstruction.info

The Internal Revenue Service reminds businesses required to file reports of large cash transactions that e-filing is a fast, easy and secure option for filing their reports. Now, businesses can batch file their reports, which is especially helpful to those required to file many forms.  Although businesses have the option of filing Form 8300, Report of Cash Payments Over $10,000, on paper, many have already found the free and secure e-filing system is a more convenient and cost-effective way to meet the reporting deadline. The form is due 15 days after a transaction and there's no charge for the e-file option.

Working Virtually: Protect tax data at home and at work with the "Security Six;" Part 1 of Security Summit tips for tax professionals https://www.irs.gov/newsroom/working

https://accountinginstruction.info

With cyberthieves active during COVID-19, the Internal Revenue Service and the Security Summit partners today urged tax professionals to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location.  Many tax professionals have expanded telework options this year as firms, like other businesses, work to keep personnel safe, practice recommended safety guidelines and use technology to virtually serve their clients.

IRS debunks tax refund myths 

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

https://accountinginstruction.info

With the July 15 tax deadline now past, the Internal Revenue Service reminds all taxpayers that there is no secret way to find out when a refund will be issued.  Most taxpayers have already filed their federal tax return, and many have already received their refund. Those that have not are understandably eager for details about when their refund will arrive. When it comes to tax refunds, a few common myths keep circulating and misinforming taxpayers.

IRS: Seniors, retirees not required to take distributions from retirement accounts this year under new law

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

https://accountinginstruction.info

The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year.  The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives required minimum distributions during 2020 for IRAs and retirement plans, including beneficiaries with inherited accounts. This waiver includes RMDs for individuals who turned age 70 ½ in 2019 and took their first RMD in 2020. Roth IRAs do not require withdrawals until after the death of the owner.

Security Summit focuses on tax pro security during coronavirus; new series on working virtually: protecting tax data at home and at work https://www.irs.gov/newsroom/security

https://accountinginstruction.info

The Internal Revenue Service and the Security Summit partners today urged tax professionals this summer to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location.  To help tax practitioners, the IRS, state tax agencies and the nation's tax industry next week will begin a five-part summer awareness initiative called Working Virtually: Protecting Tax Data at Home and at Work. The initiative highlights security actions key to protecting tax professionals as they respond to COVID-19 while working remotely from their office and clients. Taxpayers can also benefit from some of the security tips.

IRS announces 2021 PTIN fees for tax return preparers 

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

https://accountinginstruction.info

The Internal Revenue Service today announced its annual "Dirty Dozen" list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments.  This year, the Dirty Dozen focuses on scams that target taxpayers. The criminals behind these bogus schemes view everyone as potentially easy prey. The IRS urges everyone to be on guard all the time and look out for others in their lives.

IRS unveils "Dirty Dozen" list of tax scams for 2020; Americans urged to be vigilant to these threats during the pandemic and its aftermath 

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

https://accountinginstruction.info

WASHINGTON — The Internal Revenue Service today announced its annual "Dirty Dozen" list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments.  This year, the Dirty Dozen focuses on scams that target taxpayers. The criminals behind these bogus schemes view everyone as potentially easy prey. The IRS urges everyone to be on guard all the time and look out for others in their lives.

IRS gives tips on filing, paying electronically and checking refunds online; 2019 tax returns and payments due July 15

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

https://accountinginstruction.info

The Internal Revenue Service today reminded taxpayers with a filing requirement to file an accurate tax return on time even if a balance due can't be paid in full. The deadline to submit 2019 tax returns is July 15, 2020, for most people. Members of the military serving overseas may have more time.  File electronically to avoid most common errors Filing electronically and choosing direct deposit remains the fastest and safest way to file an accurate income tax return and receive a refund. Filing electronically reduces tax return errors as the tax software does the calculations, flags common errors and prompts taxpayers for missing information.

Tax Court strikes down four more abusive syndicated conservation easement transactions; IRS calls on taxpayers to accept settlement offers in syndicated conservation easement cases 

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

https://accountinginstruction.info

WASHINGTON — On July 9, the U.S. Tax Court struck down four more abusive syndicated conservation easement transactions. The Internal Revenue Service calls on any taxpayer involved in syndicated conservation easement transactions who receives a settlement offer from the agency to accept it soon.  These time-limited settlement offers, announced June 25, are only being made to certain taxpayers with pending docketed Tax Court cases involving this type of abusive transaction.

Where’s My Refund? tool on IRS.gov takes guesswork out of when to expect refunds 

https://www.irs.gov/newsroom/wheres-m...

WASHINGTON — The IRS reminds taxpayers that one of the best ways to check on their refund is the Where's My Refund? tool on the IRS website and the IRS2Go app. Updated once a day, usually overnight, this useful tool gives taxpayers a projected refund issuance date as soon as it is approved.  The IRS issues nine out of 10 refunds in less than 21 days, and the fastest way to get a refund is to use IRS e-file and direct deposit. Taxpayers should also know they can have their refunds divided into up to three separate accounts.