Final Regs Issued for Transportation, Commuting Expense; Some QOF Filers to Get Letters from IRS
Final regulations have been issued on the deduction for qualified transportation fringe and commuting expense.…
What’s New, What to Consider When Filing in 2021
The tax-filing season will be upon us before we know it, so the Internal Revenue Service is urging taxpayers to take actions now to help ensure they can file timely and accurate returns in 2021.…
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Interest Rates the Same for 2021’s First Quarter
While it seems our world is on the edge of big changes for the coming year, the IRS is keeping some things status-quo for now. The Internal Revenue Service says interest rates will be the same for the calendar quarter that starts Jan. 1, 2021.…
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2021 Deadline for W-2s Closer Than You Think
The Internal Revenue Service is giving employers a friendly nudge to remind them that their Forms W-2 and other wage statements have to be filed by Feb. 1, 2021, to avoid penalties.…
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Security Summit Warns of Telework, COVID-19-Related Scams
The Internal Revenue Service and its Security Summit partners are warning tax professionals that cybercriminals are targeting them with new ways to get taxpayer information.…
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Security Summit Urges Businesses to Tighten Defenses
Businesses should be on high alert as thieves try to use their stolen names and data to file fraudulent income tax returns. The warning comes from the Internal Revenue Service, state tax agencies and tax industry partners who make up the Security Summit partnership.…
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Security Summit Says IP PINs Can Protect Taxpayer Information
Taxpayers who want to make it harder for identity thieves to successfully file a fraudulent tax return using their information will soon be able to sign up for an IP PIN. Starting in January 2021, the Internal Revenue Service says it will allow any taxpayer to sign up for the Identity Protection PIN Opt-In Program—provided they can “properly verify their identities.”…
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Multi-factor Authentication Spotlighted for National Tax Security Awareness Week
Day two of National Tax Security Awareness Week is all about multi-factor authentication. Following opening day warnings about the increased number of phishing scams that taxpayers will face over the holidays, during tax season, and throughout 2021, it makes sense that the second day emphasizes a security measure that the Internal Revenue Service says “will be available on all 2021 online tax preparation products.”…
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National Tax Security Awareness Week Opens with a Warning
A warning has been issued to all taxpayers and tax professionals alike: Beware of scams and identity theft schemes by criminals taking advantage of the holiday shopping period, the approaching tax…
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Final Regulations Clarify Section 1031 Like-Kind Exchanges
The Internal Revenue Service and the Treasury Department have issued their final regulations on section 1031 like-kind exchanges. The regulations clarify the definition of real property under section 1031, while providing a rule governing the receipt of personal property incidental to real property in a like-kind exchange.…
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