ABITOS TAX

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The AbitOs team regularly collects, analyzes, and shares domestic and international tax news that we believe could interest – and impact – our clients.

ABITOS TAX – November 18, 2020

The Congressional Budget Office (CBO) has reported a fiscal year 2020 federal budget deficit of $3.1 trillion.

This is more than triple the shortfall recorded in FY 2019. “Much of that amount was the result of the...

Other Tax News

The IRS has added two questions and an answer to its website regarding receipt of an Economic Impact Payment (EIP) by a deceased individual…

Has the IRS contacted you to discuss an outstanding tax issue?

If you have a traditional IRA and take a distribution before age 59 ½, the amount is subject to income tax and you’ll generally owe an additional 10% early withdrawal penalty tax.

Business tax transcripts (summaries of tax returns) are a handy tool for taxpayers, their tax professionals and lenders.

Can you help your tax situation if you donate to charity by Dec. 31?

The statute of limitations doesn’t affect an excessive refund claim penalty, according to IRS guidance.

Business taxpayers may offset gross receipts with the amount of refunds, returns and allowances that they pay and can substantiate.

A review of the IRS Cybersecurity Program gets mixed results.

A taxpayer with a foreign account worth more than $10,000 in the preceding year must report the account and file a “Report of Foreign Bank and Financial Accounts (FBAR).

The IRS will issue SALT deduction regs for pass-through entities.

The Treasury Inspector General for Tax Administration (TIGTA) has issued an audit that assesses the IRS’s work to prevent business identity theft.

Stay in Touch

AbitOs Newsletters

ABITOS TAX

Stay Up-to-date

ABITOS TAX – November 18, 2020

The Congressional Budget Office (CBO) has reported a fiscal year 2020 federal budget deficit of $3.1 trillion.

Other Tax News

The IRS has added two questions and an answer to its website regarding receipt of an Economic Impact Payment (EIP) by a deceased individual…

Has the IRS contacted you to discuss an outstanding tax issue?

If you have a traditional IRA and take a distribution before age 59 ½, the amount is subject to income tax and you’ll generally owe an additional 10% early withdrawal penalty tax.

Business tax transcripts (summaries of tax returns) are a handy tool for taxpayers, their tax professionals and lenders.

Can you help your tax situation if you donate to charity by Dec. 31?

The statute of limitations doesn’t affect an excessive refund claim penalty, according to IRS guidance.

Business taxpayers may offset gross receipts with the amount of refunds, returns and allowances that they pay and can substantiate.

A review of the IRS Cybersecurity Program gets mixed results.

A taxpayer with a foreign account worth more than $10,000 in the preceding year must report the account and file a “Report of Foreign Bank and Financial Accounts (FBAR).

The IRS will issue SALT deduction regs for pass-through entities.

The Treasury Inspector General for Tax Administration (TIGTA) has issued an audit that assesses the IRS’s work to prevent business identity theft.

Stay in Touch

AbitOs Newsletters

Selling a Property? Here’s What You Need to Know About FIRPTA

District court: FBAR non-willful penalty applies per report, not per account

Have you done business in a foreign country because of COVID-19?

FATCA deadlines extended because of COVID-19

COVID-19 relief available to some nonresident aliens, foreign corporations

2020 FBAR penalties (adjusted for inflation)

Final regs: Transfers to partnerships with related foreign partners

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