NYC Tax Advocates

My photo
Specializing in IRS and NYS Tax Representation. Workers Compensation Audits, Payroll, Sales and Income Tax representation for Businesses, Individuals, Restaurants and Construction Companies. Civil and Criminal Workers Comp Audit representation includes: NYSIF Examinations, Premium Disputes, Employee Misclassification, Underreporting, Unreported Income, and Failure to Keep Accurate Payroll Records.

Thursday, July 30, 2020

All the [TAX] News Fit to Print


IRS or NYS Offer in Compromise Prepared and Filed within 48 Hours  

Selig & Associates provides New Yorkers with the most aggressive tax representation allowed by law. Successfully defending individuals and businesses before the IRS and the New York State Department of Taxation and Finance since 2006. When you’re in trouble with the IRS, Selig & Associates is your best line of defense. For more information call (212) 974-3435 or contact us Online.

Income, Sales and Payroll Taxes   

We negotiate successful tax settlements, penalty abatements and affordable re-payment plans. Consistently solving the most challenging tax problems, including unpaid income, sales and payroll taxes. To discuss your case in confidence, call us directly.   

Free Legally Privileged Consultation  

We offer same day and emergency appointments in our New York City office (or by telephone). To schedule a Free Legally Privileged Consultation with a licensed Tax Accountant and Attorney call (212) 974-3435 or contact us Online. 

Unfiled Tax Returns Prepared and Filed within 48 Hours 

Selig & Associates helps New Yorkers avoid criminal prosecution by preparing and filing up to 10 years of missing Federal and State tax returns within 48 hours of our being retained. For immediate assistance call or contact us now.  

IR-2020-174, July 30, 2020 — The Internal Revenue Service today issued proposed regulations proposed regulations updating various tax accounting regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA).
IR-2020-173, July 30, 2020 — Because of the burdens the COVID-19 pandemic has placed on taxpayers claiming the rehabilitation credit, the Internal Revenue Service today issued Notice 2020-58 that provides additional relief to taxpayers in satisfying the substantial rehabilitation test.
IR-2020-172, July 29, 2020 — The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options.
IR-2020-171, July 28, 2020 — The Internal Revenue Service issued final regulations regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act.
IR-2020-170, July 28, 2020 — With heightened threats during COVID-19, the Internal Revenue Service and Security Summit partners today called on tax professionals to select multi-factor authentication options whenever possible to prevent identity thieves from gaining access to client accounts.
IR-2020-169, July 27, 2020 — The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary.
IR-2020-168, July 22, 2020 — The Internal Revenue Service reminds businesses required to file reports of large cash transactions that e-filing is a fast, easy and secure option for filing their reports.
IR-2020-167, July 21, 2020 — With cyberthieves active during COVID-19, the Internal Revenue Service and the Security Summit partners today urged tax professionals to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location.
IR-2020-166, July 21, 2020 — The Internal Revenue Service announced today the creation of the new Enterprise Digitalization and Case Management office, which will spearhead IRS efforts to empower taxpayers and IRS employees to rapidly resolve issues in a simplified digital environment.
IR-2020-165, July 20, 2020 — The Department of the Treasury and the Internal Revenue Service today issued a final regulation addressing the treatment of income earned by certain foreign corporations that is subject to a high rate of foreign tax.
IR-2020-164, July 20, 2020 — For those who missed the July 15 tax deadline and didn’t request an extension, the Internal Revenue Service reminds taxpayers about some important tips, including filing electronically as soon as possible to reduce potential penalties.
IR-2020-163, July 17, 2020 — The Internal Revenue Service and the Security Summit partners today urged tax professionals this summer to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location.
IR-2020-162, July 17, 2020 — The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year.
IR-2020-161, July 16, 2020 ― With the July 15 tax deadline now past, the Internal Revenue Service reminds all taxpayers that there is no secret way to find out when a refund will be issued.
IR-2020-160, July 16, 2020 — The Internal Revenue Service today announced its annual "Dirty Dozen" list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments.
IR-2020-159, July 15, 2020 — The Internal Revenue Service announced today the annual fee for 2021 that tax return preparers must pay to apply for or renew their Preparer Tax Identification Number (PTIN).
IR-2020-158, July 15, 2020 — The Internal Revenue Service has started sending letters to taxpayers who have experienced a delay in the processing of their Form 7200, Advance Payment of Employer Credits Due To COVID-19.
IR-2020-157, July 15, 2020 — The IRS reminds taxpayers that one of the best ways to check on their refund is the Where’s My Refund? tool on the IRS website and the IRS2Go app.
IR-2020-156, July 14, 2020 — Because of the burdens the COVID-19 pandemic has placed on hospitals, the Internal Revenue Service today provided additional relief to hospital organizations that must meet the Community Health Needs Assessments (CHNA) requirements.
IR-2020-155, July 14, 2020 — The Treasury Department and the IRS today released a proposed redesigned partnership form for tax year 2021 (filing season 2022).
IR-2020-154, July 14, 2020 — The Internal Revenue Service today reminded business taxpayers that their 2019 tax returns and tax payments, as well as their first two 2020 estimated tax payments, are due on Wednesday, July 15.
IR-2020-153, July 14, 2020 — The Internal Revenue Service today reminds taxpayers that they have until the postponed due date of July 15, 2020, to file an extension for their 2019 federal tax return.
IR-2020-152, July 13, 2020 — On July 9, the U.S. Tax Court struck down four more abusive syndicated conservation easement transactions.
IR-2020-151, July 13, 2020 — Leaders from five international tax organizations are marking the two-year anniversary of the formation of the Joint Chiefs of Global Tax Enforcement (J5) this week.
IR-2020-150, July 13, 2020 — The Internal Revenue Service today reminded taxpayers with a filing requirement to file an accurate tax return on time even if a balance due can’t be paid in full.
IR-2020-149, July 10, 2020 — The IRS  is reminding taxpayers that using the IRS Tax Withholding Estimator to do a Paycheck Checkup can help them have the right amount of tax withheld and avoid surprises when filing next year.
IR-2020-148, July 10, 2020 — With the July 15 tax-filing deadline − postponed from April 15 – only a few days away, the IRS is reminding taxpayers who have yet to file their tax returns that IRS.gov has tools and services to help them meet their tax obligations.
IR-2020-147, July 9, 2020 — The IRS issued final regulations final regulations that provide guidance on deductions for foreign-derived intangible income (FDII) and global intangible low-taxed income allowed to domestic corporations under the Internal Revenue Code.
IR-2020-146, July 9, 2020 — The IRS today reminded people that contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return.
IR-2020-145, July 9, 2020 — As the July due date for filing a tax return draws closer, the IRS reminds taxpayers about the many resources available on IRS.gov. Whether on home computers or mobile devices, the number of taxpayers visiting IRS.gov continues to grow year after year.
IR-2020-144, July 8, 2020 — The Treasury Department and the IRS today provided guidance in Notice 2020-54 to employers requiring them to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act on Form W-2.
IR-2020-143, July 8, 2020 — As the tax-filing deadline fast approaches, the IRS reminds taxpayers with limited English proficiency and who have yet to file their 2019 tax returns that there are a variety of ways to get help and information in languages other than English.
IR-2020-142, July 8, 2020 — The IRS today reminds taxpayers who took advantage of the People First Initiative tax relief and did not make previously owed tax payments between March 25 to July 15 that they need to restart their payments.
IR-2020-141, July 7, 2020 — The IRS  today reminds tax-exempt organizations that certain forms they file with the IRS are due on July 15, 2020.
IR-20-140, July 7, 2020 ― The IRS today encouraged members of the military and their families to learn more about the special tax benefits available to them as the July 15 tax filing season deadline approaches.
IR-2020-139, July 6, 2020 — With the federal income tax deadline just around the corner, the Internal Revenue Service wants to remind taxpayers that IRS.gov offers tips on finding a qualified tax professional.
IR-2020-138, July 2, 2020 — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations and temporary regulations that provide guidance for consolidated groups regarding net operating losses (NOLs).
IR-2020-137, July 1, 2020 — The Internal Revenue Service today announced additional retail partners are accepting cash payments for federal taxes.
IR-2020-136, July 1, 2020 — In response to the ongoing COVID-19 pandemic, the Internal Revenue Service today issued Notice 2020-53 to provide tax relief to issuers, operators, owners, and tenants of qualified low-income housing projects or qualified residential rental projects financed with exempt facility bonds, and state agencies that have jurisdiction over these projects.
IR-2020-135, July 1, 2020 — Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service.
IR-2020-134, June 29, 2020 ― The Department of the Treasury and IRS today announced the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15.
IR-2020-133, June 29, 2020 — The Internal Revenue Service today unveiled the 2019 IRS Data Book, featuring a redesigned format that provides a different and expanded look at IRS accomplishments during the past year.
IR-2020-132, June 29, 2020 ― National Taxpayer Advocate Erin M. Collins today released her first report to Congress, identifying taxpayer challenges arising from the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and the IRS’s implementation of the Taxpayer First Act as priority issues the Taxpayer Advocate Service (TAS) plans to focus on in the coming year.
IR-2020-131, June 26, 2020 ― As the 2019 tax filing and payment deadline approaches, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments are due July 15, 2020.
IR-2020-130, June 25, 2020 — The Internal Revenue Service Office of Chief Counsel announced today a time-limited settlement offer to certain taxpayers with pending docketed Tax Court cases involving syndicated conservation easement transactions.
IR-2020-129, June 24, 2020 — The Electronic Tax Administration Advisory Committee (ETAAC) today released its annual report to Congress, featuring recommendations that focus on the prevention of identity theft and refund fraud.
IR-2020-128, June 24, 2020 — The Internal Revenue Service today issued final regulations permitting a regulated investment company (RIC) that receives qualified real estate investment trust (REIT) dividends to report dividends the RIC pays to its shareholders as section 199A dividends.
IR-2020-127, June 23, 2020 — The Internal Revenue Service today announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.
IR-2020-126, June 23, 2020 — Victims of the April tornadoes, severe storms and flooding that took place in parts of Mississippi, Tennessee and South Carolina will have until October 15, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
IR-2020-125, June 19, 2020 — The Internal Revenue Service today issued proposed regulations that provide guidance for the deduction of qualified transportation fringe and commuting expenses.
IR-2020-124, June 19, 2020 — The Internal Revenue Service today released Notice 2020-50 to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans. 
IR-2020-123, June 18, 2020 — The Internal Revenue Service today released the seminar schedule for the 2020 IRS Nationwide Tax Forums and reminded interested tax professionals that registration information is available.
IR-2020-122, June 17, 2020 — The Internal Revenue Service has advised that new rules under the CARES Act provide flexibility for health care spending that may be helpful in the current environment where more people may need at-home services due to measures to fight the coronavirus.
IR-2020-121, June 16, 2020 — The Internal Revenue Service today alerted nursing home and other care facilities that Economic Impact Payments (EIPs) generally belong to the recipients, not the organizations providing the care.
IR-2020-120, June 12, 2020 — The Treasury Department and the Internal Revenue Service today provided tax relief for certain taxpayers affected by the COVID-19 pandemic involved in new markets tax credit transactions.
IR-2020-119, June 11, 2020 — The Internal Revenue Service today provided guidance for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic.
IR-2020-118, June 11, 2020 — As the July 15 tax-filing deadline − postponed from April 15 − draws near, the IRS is reminding all taxpayers who have yet to file their 2019 federal tax return to file electronically now, choose direct deposit for their refund, or pay any tax owed electronically.
IR-2020-117, June 9, 2020 — The Internal Revenue Service reminds taxpayers that estimated tax payments for tax year 2020, originally due April 15 and June 15, are now due July 15.
IR-2020-116, June 8, 2020 — The Internal Revenue Service today released proposed regulations addressing the treatment of certain medical care arrangements under section 213 of the Internal Revenue Code.
IR-2020-115, June 8, 2020 — The Internal Revenue Service today reminded taxpayers to guard against tax fraud and other related financial scams related to COVID-19.
IR-2020-114, June 4, 2020 — The IRS today provided guidance for Qualified Opportunity Funds (QOFs) and their investors in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic.
IR-2020-113, June 4, 2020 — The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning July 1, 2020.
IR-2020-112, June 4, 2020 — The Internal Revenue Service Office of Chief Counsel is expanding its Virtual Settlement Days program after the tremendous success achieved by three offices that took Settlement Days events virtual in May 2020.
IR-2020-111, June 3, 2020 — With 159 million Economic Impact Payments processed, the Internal Revenue Service reminds many low-income Americans who don’t usually file tax returns to register for a payment by October 15.
IR-2020-110, June 3, 2020 — The Internal Revenue Service today provided temporary administrative relief to help certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures.
IR-2020-109, June 2, 2020 — The Internal Revenue Service today reminded people who live and work abroad that they have until Wednesday, July 15, 2020, to file their 2019 federal income tax return and pay any tax due. The usual deadline is June 15.
IR-2020-108, May 28, 2020 –The Treasury Department and the Internal Revenue Service today issued proposed regulations to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits.
IR-2020-107, May 28, 2020 — The Internal Revenue Service  announced today that later this summer taxpayers will for the first time be able to file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products.
IR-2020-106, May 27, 2020 — The Treasury Department and the Internal Revenue Service today provided tax relief for taxpayers that develop renewable energy projects that produce electricity from sources such as wind, biomass, geothermal, landfill gas, trash, and hydropower, and use technologies such as solar panels, fuel cells, microturbines, and combined heat and power systems.
 
IR-2020-105, May 27, 2020 — As Economic Impact Payments continue to be successfully delivered, the Internal Revenue Service today reminds taxpayers that some payments are being sent by prepaid debit card.
IR-2020-104, May 27, 2020 — The U.S. Department of the Treasury and the Internal Revenue Service today issued a proposed regulation updating the federal income tax withholding rules for periodic retirement and annuity payments made after December 31, 2020.
IR-2020-103, May 26, 2020 — The Department of the Treasury and the Internal Revenue Service today issued final regulations clarifying the reporting requirements generally applicable to tax-exempt organizations.
IR-2020-102, May 26, 2020 — The Internal Revenue Service has named attorney Carolyn Schenck as the National Fraud Counsel serving the agency’s new Fraud Enforcement Program.
IR-2020-101, May 22, 2020 — The Treasury Department and the IRS today released updated state-by-state figures for Economic Impact Payments reflecting the opening weeks of the program.
IR-2020-100, May 21, 2020 — The IRS today announced the 2020 IRS Nationwide Tax Forums will be held virtually in 2020 with a series of live-streamed webinars beginning this July.
IR-2020-99, May 21, 2020 — The IRS reminds taxpayers today about several online tools available to help them get the tax information they need as the IRS has limited operations due to the coronavirus.
IR-2020-98, May 20, 2020 — The Internal Revenue Service announced today that Andy Keyso has been selected to serve as the Chief of the IRS Independent Office of Appeals.
IR-2020-97, May 18, 2020 — Today, the Internal Revenue Service is starting to add 3,500 telephone representatives to answer some of the most common questions about Economic Impact Payments.
IR-2020-96, May 15, 2020 — The Internal Revenue Service announced today the availability of additional material for partner groups sharing information related to Economic Impact Payments, including a new toolkit in Spanish and a variety of other print and visual items available.
IR-2020-95, May 12, 2020 — The Internal Revenue Service today released guidance to allow temporary changes to section 125 cafeteria plans.
IR-2020-94, May 12, 2020 — The Internal Revenue Service today issued proposed regulations under the Tax Cuts and Jobs Act (TCJA) that provide guidance to taxpayers and governments with respect to fines, penalties and certain other amounts.
IR-2020-93, May 11, 2020 — The IRS and Treasury have successfully delivered nearly 130 million Economic Impact Payments to Americans in less than a month, and more are on the way.
IR-2020-92, May 8, 2020 — With a variety of steps underway to speed Economic Impact Payments, the Treasury Department and the Internal Revenue Service urged people to use Get My Payment by noon Wednesday, May 13, for a chance to get a quicker delivery.
IR-2020-91, May 8, 2020 — The Treasury Department and the Internal Revenue Service today released updated state-by-state figures for Economic Impact Payments, with approximately 130 million individuals receiving payments worth more than $200 billion in the program’s first four weeks.
IR-2020-90, May 7, 2020 — The Internal Revenue Service today issued proposed regulations that provide guidance for estates and trusts clarifying that certain deductions of estates and non-grantor trusts are not miscellaneous itemized deductions.
IR-2020-89, May 7, 2020 — The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them.
IR-2020-88, May 6, 2020 — The IRS is accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs, which will allow some organizations to apply for annual funding for up to three years.
IR-2020-87, May 5, 2020 — The Internal Revenue Service Office of Chief Counsel today announced the Settlement Days program will continue remotely enabling unrepresented taxpayers to work towards resolving their pending United States Tax Court case despite "stay-at-home" orders in many jurisdictions.
IR-2020-86, May 1, 2020 — The Internal Revenue Service today reminded Supplemental Security Income and Department of Veterans Affairs beneficiaries to act by Tuesday, May 5 if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.

No comments:

Post a Comment

The IRS’s Heavy Hand Just Got Heavier

The Internal Revenue Service announced that James Lee will become the new chief of IRS Criminal Investigation (CI) on October 1 2020. Lee, c...