IR-2020-202, September 3, 2020 WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning October 1, 2020. The rates will be: 3% for overpayments (2% in the case of a corporation); 0.5% for the portion of a corporate overpayment exceeding
IR-2020-203, September 8, 2020 WASHINGTON — Later this month, the Internal Revenue Service will start mailing letters to roughly nine million Americans who typically don’t file federal income tax returns who may be eligible for, but have not registered to claim, an Economic Impact Payment. The letters will urge recipients to
IR-2020-204, September 9, 2020 WASHINGTON — As part of a larger effort to reach underserved communities, the Internal Revenue Service is taking a number of aggressive steps to expand information and assistance available to taxpayers in additional languages, including providing the Form 1040 in Spanish for the first time. In
IRS YouTube Video: Estimated Tax Payments – English IR-2020-205, September 9, 2020 WASHINGTON — The Internal Revenue Service today reminded the self-employed, investors, retirees and others with income not subject to withholding that third quarter estimated tax payments for 2020 are due September 15. Taxes are paid as income is received during the
IR-2020-206, September 10, 2020 WASHINGTON — On August 28, the IRS announced that it would temporarily allow the use of digital signatures on certain forms that cannot be filed electronically. Today, the agency added several more forms (PDF) to that list. The IRS made this decision to help protect the health of taxpayers and
IR-2020-207, September 10, 2020 WASHINGTON — The Internal Revenue Service today urged individuals who owe taxes but have not yet filed for 2019 to act now to avoid larger penalties that, by law, start after September 14. The tax deadline was July 15 this year. Taxpayers who submitted an extension
IR-2020-208, September 11, 2020 WASHINGTON — The Internal Revenue Service has selected 10 new members for the Electronic Tax Administration Advisory Committee (ETAAC). Established in 1998, the ETAAC is a public forum for the discussion of issues in electronic tax administration. Its aim is to prevent identity theft and refund fraud in
IR-2020-209, September 14, 2020 WASHINGTON — The final regulations (PDF) for the business interest expense deduction limitation published in the Federal Register today. The final regulations vary slightly from the document released on IRS.gov on July 28, 2020. The Treasury Department and the IRS released a version of the final regulations on the business interest
True confession: every time a client calls or emails me with those faithful words “I’m being audited!” I cringe a little. Not because I’m afraid of the IRS, or even because I worry about the return they filed, but simply because. It’s like seeing a police car behind you suddenly
Being a business owner is a truly complicated proposition. Not only are dreaming up a new idea, but you’re also building it, refining it, and testing it – all at once, usually while you’re taking care of customers. The biggest challenge, then, isn’t so much “what to do” – it’s
