Tax News

Stay Up-to-date

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

Tax News – November 16, 2020

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

Whether you’re supporting natural disaster recovery, COVID 19 crisis aid or any “qualified” charity, your donations may be tax-deductible, which...

Other Tax News

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.

Watch out for a gift card scam.

Many college students may qualify for Economic Impact Payments (EIPs), if they haven’t received them yet.

A new COVID-19 relief package in Congress is still up in the air.

The IRS needs better enforcement of the tax rules imposed on those giving up or abandoning their U.S. citizen or resident status, said one report.

Generally, a taxpayer can deduct costs incurred in the course of operating a business if the costs can be proven.

Stay in Touch

AbitOs Newsletters

Tax News

Stay Up-to-date

Tax News – November 16, 2020

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

Other Tax News

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.

Watch out for a gift card scam.

Many college students may qualify for Economic Impact Payments (EIPs), if they haven’t received them yet.

A new COVID-19 relief package in Congress is still up in the air.

The IRS needs better enforcement of the tax rules imposed on those giving up or abandoning their U.S. citizen or resident status, said one report.

Generally, a taxpayer can deduct costs incurred in the course of operating a business if the costs can be proven.

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

CONTACT US 305-774-2945

CONTACT US
305-774-2945