Tax & Current Accounting Topics

IRS Nationwide Tax Forums go virtual in 2020 

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Tax pros can choose from up to 30 webinars beginning in July IR-2020-100, May 21, 2020  WASHINGTON — The Internal Revenue Service today announced the 2020 IRS Nationwide Tax Forums will be held virtually in 2020 with a series of live-streamed webinars beginning this July.  "Given restrictions on large gatherings and difficulties with travel, we've made the decision to present the IRS Nationwide Tax Forums in a virtual format this year," IRS Commissioner Chuck Rettig said. "While we're unable to meet in person, tax professionals will still be able to choose from a wide variety of virtual seminars on tax law.Many will be able to fully satisfy their annual continuing education requirements by registering and attending."

Here’s why some people’s Economic Impact Payment is different than expected 

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COVID Tax Tip 2020-59, May 20, 2020  As people across the country receive their Economic Impact Payments, some might receive a different amount than they expected.  Eligible individuals receive a payment for $1,200. Two eligible individuals filing a joint return receive $2,400. And, eligible individuals receive up to an additional $500 for each qualifying child who meets the conditions outlined on the Qualifying Child Requirements page.

IRS adds phone operators to answer Economic Impact Payment questions 

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IR-2020-97, May 18, 2020  WASHINGTON — Today, the Internal Revenue Service is starting to add 3,500 telephone representatives to answer some of the most common questions about Economic Impact Payments.  IRS telephone assistance and other services will remain limited, and answers for most of the common questions related to Economic Impact Payments are available on IRS.gov. The IRS anticipates bringing back additional assistors as state and local advisories permit.

IRS expands partner materials for Economic Impact Payments; continues sweeping effort to share details in multiple languages 

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IR-2020-96, May 15, 2020  WASHINGTON — The Internal Revenue Service announced today the availability of additional material for partner groups sharing information related to Economic Impact Payments, including a new toolkit in Spanish and a variety of other print and visual items available.

IRS People First Initiative provides relief to taxpayers 

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Tax Tip 2020-57, May 14, 2020  Due to COVID-19, the IRS is providing relief on a variety of issues as part of the People First Initiative. The IRS is modifying certain activities through the filing and payment deadline, Wednesday, July 15, 2020. Here's what people need to know about relief related to IRS exams or audits  Field, office and correspondence audits – Generally, the IRS won't start new field, office and correspondence audits. The agency will continue to work refund claims, where possible, without in-person contact.

IRS People First Initiative provides relief to taxpayers

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

Tax Tip 2020-57, May 14, 2020  Due to COVID-19, the IRS is providing relief on a variety of issues as part of the People First Initiative. The IRS is modifying certain activities through the filing and payment deadline, Wednesday, July 15, 2020. Here's what people need to know about relief related to IRS exams or audits  Field, office and correspondence audits – Generally, the IRS won't start new field, office and correspondence audits. The agency will continue to work refund claims, where possible, without in-person contact.

IRS News IRS People First Initiative provides relief to taxpayers facing COVID-19 issues 

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

Tax Tip 2020-56, May 13, 2020  Due to COVID-19, the IRS' People First Initiative provides relief to taxpayers on a variety of issues from easing payment guidelines to delaying compliance actions. This relief is effective through the filing and payment deadline, Wednesday, July 15, 2020.  Existing Installment Agreements –Under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are delayed. Those currently unable to meet the terms of an Installment Payment Agreement or Direct Deposit Installment Agreement may cancel payments during this period with no default. By law, interest will continue to accumulate on any unpaid balances.

IRS provides guidance on the deductibility and reporting of certain amounts paid to, or at the direction of, governments https://www.irs.gov/newsroom/irs-prov...

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IR-2020-94, May 12, 2020  WASHINGTON — The Internal Revenue Service today issued proposed regulations under the Tax Cuts and Jobs Act (TCJA) that provide guidance to taxpayers and governments with respect to fines, penalties and certain other amounts.

IRS provides tax relief through increased flexibility for taxpayers in section 125 cafeteria plans

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IR-2020-95, May 12, 2020  WASHINGTON — The Internal Revenue Service today released guidance to allow temporary changes to section 125 cafeteria plans. These changes extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs and allow taxpayers to make mid-year changes.

IRS News Why the Economic Impact Payment amount could be different than anticipated 

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WASHINGTON — The IRS and Treasury have successfully delivered nearly 130 million Economic Impact Payments to Americans in less than a month, and more are on the way. Some Americans may have received a payment amount different than what they expected. Payment amounts vary based on income, filing status and family size.  See below for some common scenarios that may explain why you received a different payment amount than expected: