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November 2020


November 19: Sale of Partnership Interest

Check Webinars for Tax Practitioners or Webinars for Small Businesses for updates.


Topic:   Section 199A, Qualified Business Income Deduction (QBID) –                  

Over-Threshold Taxpayers

Aired:   Thursday, September 17, 2020

View:    IRS Video Portal

The full transcript is provided as closed captioning and the PowerPoint is posted for downloading under the “Slides PDF” link.


IRS launches A Closer Look webpage on IRS.gov; new article focuses on audits

  • The IRS unveiled a new online publication called “A Closer Look” to provide a more detailed look at some of the major issues facing IRS and tax administration.

IRS to restart sending 500 series balance due notices

  • The IRS will resume issuing the 500 series balance due notices to taxpayers later this month. These notices were paused on May 9 due to COVID-19.
  • Although the IRS continued to issue most agency notices, the 500 series were suspended temporarily because of a backlog of mail at the IRS due to COVID-19. The mail backlog is now caught up enough to account for the timely mailed payments. In late October or early November some taxpayers will begin seeing the updated 500 series notices with current issuance and payment dates.


IRS extends Economic Impact Payment deadline to Nov. 21 to help non-filers

  • The deadline to register for an Economic Impact Payment (EIP) is now November 21, 2020.
  • The IRS urges people who don't typically file a tax return – and haven't received an Economic Impact Payment – to register as quickly as possible using the Non-Filers: Enter Info Here tool on IRS.gov. The tool will not be available after November 21.

To help non-filers, IRS sets Nov. 10 as ‘National EIP Registration Day;’ Register at IRS.gov for Economic Impact Payment

  • The IRS has set November 10 as "National EIP Registration Day," as the agency and partners across the country launch a final push to encourage everyone who doesn't normally file a tax return to register to receive an Economic Impact Payment.


Here’s what taxpayers need to know about filing an amended tax return

  • Here are some common reasons people may need to file an amended return:
    • Entering income incorrectly
    • Not claiming credits for which they're eligible
    • Claiming deductions incorrectly

Taxpayers who need last year’s tax return have several options

  • Help is available for taxpayers who need tax information for prior years, but who didn't keep copies of their returns. There are options for helping taxpayers get the information they need.

Tips to help taxpayers avoid post-disaster scams

  • The IRS reminds taxpayers that criminals and scammers often try to take advantage of generous taxpayers who want to help disaster victims. Everyone should be vigilant. These scams often pop up after a hurricane, wildfire or other disaster.

IRS provides tax inflation adjustments for tax year 2021

  • The IRS announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 provides details about these annual adjustments.

Income ranges for determining IRA eligibility change for 2021

  • The IRS announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79, posted today on IRS.gov.

Helpful information for taxpayers on backup withholding

  • Taxpayers who receive certain types of income may have backup withholding deducted from these payments. Backup withholding can apply to most payments reported on certain Forms 1099 and W-2G. Here are some facts to help taxpayers understand backup withholding.

IRS issues final regulations for Achieving a Better Life Experience accounts

  • The regulations issued today finalize two previously issued proposed regulations. The first proposed regulation was published in 2015 after the enactment of the ABLE Act. The second proposed regulation was published in 2019 in response to the Tax Cuts and Jobs Act, which made significant changes to ABLE accounts.


Circular 230, Publication 947 available in Spanish for tax pros for the first time

  • As part of an ongoing initiative to provide information and assistance to underserved communities more effectively, the IRS announced that it is making two key publications designed for tax professionals available in Spanish.


Reviewing these disaster resources now can help taxpayers be more prepared later

  • No one can fully prepare for a disaster, but knowing what resources are available beforehand can make the recovery a little easier. Here's a list of resources that taxpayers might find helpful before and after a disaster.

What happens after a disaster that leads to taxpayer relief

  • No matter how devastating a disaster is, before the IRS can authorize any tax relief, FEMA must issue a major disaster declaration and identify areas qualifying for their Individual Assistance program. Here's a list of tax-related things that usually happen after a major disaster strikes.


IRS reminds businesses to e-file payroll tax returns

  • The IRS urges business owners to use the speed and convenience of filing the returns electronically.
  • IRS Forms 940, 941, 943, 944 or 945 are used to report employment tax information. The IRS recommends electronic filing, or e-filing, of these returns for many reasons.

An overview of excise tax

  • In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

Business owners should visit IRS.gov for help with tax actions when closing a business

  • Closing a business is always a difficult decision regardless of the circumstances. With this in mind, the IRS redesigned the closing a business page of IRS.gov to help business owners navigate the federal tax steps when closing a business.

IRS releases draft Form 1065 instructions on partner tax basis capital reporting

  • The IRS released an early draft of the instructions to Form 1065, U.S. Return of Partnership Income PDF, for tax year 2020 (filing season 2021) that include revised instructions for partnerships required to report capital accounts to partners on Schedule K-1 (Form 1065).


IRS fights fraud aimed at charities, joins international awareness week

  • The IRS is combating fraud by once again joining organizations around the world to highlight the third annual International Charity Fraud Awareness Week, October 19-23.
  • All charities are susceptible to fraud and can be targeted. Those providing services and supporting local communities may be especially vulnerable to fraudsters attempting to exploit the current pandemic or weather-related disasters. More than ever, charities need to be fraud aware and take steps to protect their money, people and assets from harm.



Updates on PPP loans:

Lenders should not issue Form 1099-C for forgiven PPP loans.

  • Announcement 2020-12 explains that lenders should not file information returns or furnish payee statements to report the amount of qualifying PPP loan forgiveness.

Updated FAQs

SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less

  • The U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.


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