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Month: July 2020

IRS issues final regulations and other guidance on business interest expense deduction limitation

July 29, 2020General

IR-2020-171, July 28, 2020 WASHINGTON — The Internal Revenue Service issued final regulations (PDF) regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, […]

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IRS provides guidance on recapturing excess employment tax credits

July 28, 2020General

IR-2020-169, July 27, 2020 WASHINGTON — The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits […]

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Working Virtually: Protect tax data at home and at work with the “Security Six;” Part 1 of Security Summit tips for tax professionals

July 22, 2020General

IR-2020-167, July 21, 2020 WASHINGTON — 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 […]

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

July 20, 2020General

IR-2020-162, July 17, 2020 WASHINGTON — The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement […]

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