Author: Frank Carnahan

2020-12-03 IR-2020-267, Dec. 3, 2020 New Security Measures Help Protect Against Tax-Related Identity Theft English As part of the Security Summit effort, the Internal Revenue Service announced that starting in January the Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identities. There is no change in the IP PIN program for confirmed victims of tax-related identity theft. Those taxpayers should still file…

2020-11-25 This new process gives tax professionals and taxpayers a safe option to electronically sign and upload critical documents without an in-person meeting. In January, the IRS plans to launch a new IRS.gov secure submission platform and a new page, “Submit Forms 2848 and 8821 Online,” that will allow tax professionals to upload third-party authorization forms electronically. Tax professionals will enter their Secure Access username and password or complete a…

2020-11-25 Be careful in responding to requests for PPP loan information. PPP loan recipients have been receiving requests for information filings that are not coming from their lending bank. The government reports disclosed borrowers names and loan amounts, and it appears that groups are using that information to try to get banking and other information from loan recipients.

2020-11-15 Greene County Collector, Leah Betts, send an email advising that the 2020 annual tax bills that typically go out in early November of each year will be delayed this year. Dear Taxpayer: Have you ever had a bad dream where you are trying to run but you just can't? Well, that's how I feel at the moment. And it possibly involves you if you are getting this email (if…

2020-11-10 Some state and local jurisdictions have enacted or are considering entity-level income tax on partnerships and S corporations, sometimes with a corresponding credit, deduction or exclusion for the owners. It is not certain if the entity’s payment of such taxes must be taken into account in applying an owner’s SALT deduction limit. The IRS intends to issue proposed regulations that clarify that the partnership or S corporation can deduct…

2020-11-09 Gift cards are a popular and convenient gift for all occasions. They’re also a tool that scammers use to steal money from people. Scammers often target taxpayers by asking them to pay a fake tax bill with gift cards. They may also use a compromised email account to send emails requesting gift card purchases for friends, family or co-workers. The IRS reminds taxpayers gift cards are for gifts, not…

IR-2020-249, Nov. 4, 2020 WASHINGTON – The Internal Revenue Service, state tax agencies and the tax industry today warned of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment. ... The scam text message states: “You have received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action is required to accept this…

IR-2020-248, Nov. 2, 2020 WASHINGTON – The Internal Revenue Service today announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. ... The revised COVID-related collection procedures will be helpful to taxpayers, especially those who have a record of filing their returns and paying their taxes on time. Among the highlights of the Taxpayer Relief Initiative: Taxpayers who…

2020-10-07 IRS Issues Final Regulations on Wage Withholding, Redesigned W-4, T.D. 9924, filed with the Federal Register on October xx, 2020. The final regulations do not require all employees with a 2019 or earlier Form W-4 in effect to furnish a redesigned Form W-4. The regulations adopt optional computational bridge entries that will allow employers to continue in effect 2019 or earlier Forms W-4 as if the employees had furnished…

2020-10-06 The SBA issued guidance on October 2, 2020, for when an Original Borrower has received a Paycheck Protection Program (“PPP”) Loan and, prior to loan forgiveness, wishes to transfer ownership to a new purchaser.  Under the SBA Procedural Notice: Paycheck Protection Program Loans and Changes of Ownership For purposes of the PPP, a “change of ownership” will be considered to have occurred when: (1) at least 20 percent of…