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Month: June 2020

IRS: July 15 tax payment deadline approaching; plan on scheduling multiple payments now

June 29, 2020General

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 […]

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IRS finalizes guidance for the section 199A deduction for shareholders of Regulated Investment Companies

June 24, 2020General

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 […]

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IRS issues guidance on the elimination of the deduction of qualified transportation fringe benefit expenses

June 22, 2020General

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 […]

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IRS alert: Economic Impact Payments belong to recipient, not nursing homes or care facilities

June 18, 2020General

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 […]

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Treasury, IRS provide tax relief to investors and businesses affected by COVID-19 in new markets tax credit transactions

June 15, 2020General

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 […]

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IRS provides answers about Coronavirus related tax relief for Qualified Opportunity Funds and investors

June 8, 2020General

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) […]

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IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns

June 1, 2020General

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 […]

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