IR-2020-131, June 26, 2020 WASHINGTON ― As the 2019 tax filing and payment deadline approaches, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 […]
IRS finalizes guidance for the section 199A deduction for shareholders of Regulated Investment Companies
IR-2020-128, June 24, 2020 WASHINGTON — The Internal Revenue Service today issued final regulations permitting a regulated investment company (RIC) that receives qualified real estate investment trust (REIT) dividends to report dividends […]
IRS issues guidance on the elimination of the deduction of qualified transportation fringe benefit expenses
IR-2020-125, June 19, 2020 WASHINGTON — The Internal Revenue Service today issued proposed regulations that provide guidance for the deduction of qualified transportation fringe and commuting expenses. The Tax Cuts and Jobs […]
IRS alert: Economic Impact Payments belong to recipient, not nursing homes or care facilities
IR-2020-121, June 16, 2020 WASHINGTON — The Internal Revenue Service today alerted nursing home and other care facilities that Economic Impact Payments (EIPs) generally belong to the recipients, not the […]
Treasury, IRS provide tax relief to investors and businesses affected by COVID-19 in new markets tax credit transactions
IR-2020-120, June 12, 2020 WASHINGTON — The Treasury Department and the Internal Revenue Service today provided tax relief for certain taxpayers affected by the COVID-19 pandemic involved in new markets […]
IRS provides answers about Coronavirus related tax relief for Qualified Opportunity Funds and investors
IR-2020-114, June 4, 2020 WASHINGTON — The Internal Revenue Service today provided guidance for Qualified Opportunity Funds (QOFs) and their investors in response to the ongoing Coronavirus Disease 2019 (COVID-19) […]
IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns
IR-2020-107, May 28, 2020 WASHINGTON — The Internal Revenue Service announced today that later this summer taxpayers will for the first time be able to file their Form 1040-X, Amended U.S […]