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Weekly IRS Roundup September 7 – September 11, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 7, 2020 – September 11, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. September 4, 2020: The IRS published Competent Authority Arrangements between the United States and the Republic of Serbia and the United States and the Commonwealth of the Bahamas. Each country previously signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). The new arrangements establish procedures for IGA-related automatic exchange obligations and for the exchange of information. September 9, 2020: The IRS publishing news release reminding self-employed individuals, investors, retirees and others with income not subject to withholding that third-quarter estimated tax payments for 2020 are due September 15. September 9, 2020: The IRS...

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Weekly IRS Roundup January 6 – January 10, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 6 – January 10, 2020. January 6, 2020: The IRS issued a News Release confirming that the 2019 tax filing season will be open for individual filers—and that the IRS will begin accepting and processing 2019 tax year returns—on January 27, 2020. The IRS explained that though taxpayers may prepare returns through the IRS’ Free File program before that date, the IRS will begin processing these returns when their systems open on January 27. The IRS also noted that the deadline to file 2019 tax returns and to pay any tax owed is April 15, 2020. January 8, 2020: The Acting National Taxpayer Advocate released her 2019 Annual Report to Congress, highlighting challenges such as the implementation of the Taxpayer First Act, inadequate taxpayer service and limited funding of the agency. Also released was the third edition of the National...

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