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| Issue Number: 2020-14Inside This Issue
1. Pending Check Payments and Payment Notices If a taxpayer mailed a check with or without a tax return, it may be unopened in the backlog of mail the IRS is processing due to COVID-19. Any payments will be posted as the date the IRS received them rather than the date the agency processed them. To avoid penalties and interest, taxpayers should not cancel their checks and should ensure funds continue to be available so the IRS can process them. To provide fair and equitable treatment, the IRS is providing relief from bad check penalties for dishonored checks the agency received between March 1 and July 15 due to delays in this IRS processing. However, interest and penalties may still apply. See www.irs.gov/payments for options to make payments other than by mail. 2. IRS issues proposed regulations for TCJA's simplified tax accounting rules for small businesses The Internal Revenue Service today issued proposed regulations that adopt simplified tax accounting rules for small businesses. For tax years beginning in 2019 and 2020, these simplified tax accounting rules apply for taxpayers having inflation-adjusted average annual gross receipts of $26 million or less. More information about this and other TCJA provisions is at IRS.gov/taxreform. 3. IRS grants additional relief for rehabilitation credit deadlines The Internal Revenue Service issued Notice 2020-58 (PDF) that provides additional relief to taxpayers who claim the rehabilitation credit. Rehabilitation projects must satisfy the "substantial rehabilitation test" within a 24- or 60-month period for determining whether the rehabilitation work is sufficient to qualify a building for the rehabilitation credit. Notice 2020-58 allows taxpayers that have a measuring period under the substantial rehabilitation test to have until March 31, 2021 to satisfy the test. Additional tax relief related to the COVID-19 pandemic is on IRS.gov. 4. Reminder: Work opportunity tax credit extended With many businesses reopening, there is a general business credit that may help. The Work Opportunity Tax Credit is a valuable tax credit available to employers who hire long-term unemployment recipients and others certified by their state workforce agency if the individual began or begins work for the employer after Dec. 31, 2014 and before Jan. 1, 2021. Businesses can find out more on IRS.gov/wotc 5. Updated FAQs: Deferral of employment tax deposits and payments through Dec. 31 The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer's share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes. These FAQs address specific issues related to the deferral of deposit and payment of these employment taxes. 6. First Small Business/Self Employed Annual Report Released The IRS Small Business/Self Employed division released a new annual report covering FY 2019. The new annual report focuses on program highlights, priorities and accomplishments of the SB/SE organization and its employees. The report provides a 28-page overview of one of the largest IRS organizations, which services about 57 million taxpayers, and highlights enforcement priorities including virtual currency and other topics.
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