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Below please find daily updates pertaining to the latest in financial, business, and tax news:
French Minister of Finance Bruno Le Maire has reportedly said that France intends to collect the country's digital services tax in December 2020. ...Tue, Oct 20, 2020
The OECD has released a new report on countries' tax rules for virtual currencies, alongside an announcement that the Common Reporting Standard will be expanded next year to newly cover virtual currency assets. ...Tue, Sep 22, 2020
Cyprus has announced that a deal for the exchange of country-by-country reports between the territory and the US is expected to become effective and cover reporting years starting on or after January 1, 2020....Mon, Aug 31, 2020
German Finance Minister Olaf Scholz is optimistic that an international agreement on taxing the digital economy will be reached this year. ...Mon, Aug 31, 2020
The UK Government has dismissed speculation that it will repeal its digital services tax in a bid to secure a post-Brexit free trade agreement with the United States. ...Mon, Aug 31, 2020
The US Internal Revenue Service (IRS) has released the text of an arbitration agreement between the US and Switzerland, in Internal Revenue Bulletin 2020-35, published August 24....Fri, Jul 31, 2020
The OECD has released peer review reports reviewing nine territories' progress towards implementing the BEPS Action 14 standard, on improving tax dispute resolution. ...Fri, Jul 24, 2020
The United States Council for International Business has called on US authorities to focus its efforts on working with other countries to arrive at an international tax solution to the digitalized economy, rather than tackling countries' unilateral responses....Fri, Jul 17, 2020
On July 13, 2020, the US Internal Revenue Service (IRS) issued a progress report on the last two years' work of the J5 group of five advanced countries, who are working collaboratively to tackle cross-border tax fraud....Fri, Jul 17, 2020
The Office of the US Trade Representative has announced that the US will impose additional duties of 25 percent on imports of certain French products from next year in response to the country's decision to introduce a digital services tax. ...
Closing your business can be a difficult and challenging task. The Taxpayer Advocate Service (TAS) partnered with IRS to expand its Closing a Business page to help business owners understand the specific actions needed, from a federal tax perspective, for each type of business. However, before you make the decision to close, if it is due to financial reasons related to the coronavirus, please u...Thu, Oct 15, 2020
Unemployment compensation, including special unemployment compensation authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, must generally be included in gross income. If you are receiving unemployment benefits, the benefits are taxable. Do you know you can have tax withheld so you may not owe when you file your tax return next year? How this may affect you If you...Thu, Oct 15, 2020
Taxpayers have the right to appeal an IRS decision in an independent forum. One way taxpayers may exercise this right is by filing a petition with the United States Tax Court. How do I get to the Tax Court? Receiving a Statutory Notice of Deficiency from the IRS is often referred to as your “ticket” to the Tax Court for a redetermination of liability. If you receive a Statuto...Wed, Oct 14, 2020
Starting now, for tax year 2019 only, Form 1040-X, Amended U.S. Individual Income Tax Return can be filed electronically, though commercial tax-filing software. Please be aware that these cannot currently be e-filed directly through IRS systems. Taxpayers will have to check for tax-filing software companies that offer this option via the Internet. Up until now taxpayers had to mail all Forms 10...Fri, Oct 09, 2020
Non-filers now have until November 21 to register for their Economic Impact Payment (EIP). Eligible individuals, with little or no income and who are not normally required to file tax returns, now have more time to claim an Economic Impact Payment (EIP) using the IRS Non-Filers tool. The tool is designed for U.S. citizens, permanent residents and qualifying resident aliens who have a valid Soc...Tue, Sep 29, 2020
I sent a payment to the IRS. Why did I get a bill? If you mailed a payment to the IRS on or before July 15, it may still be unopened in the backlog of mail the IRS is processing due to COVID-19. The IRS will process your payment with the date the IRS received it. Do not cancel your check, and make sure funds are available for when the IRS processes your payment. I haven’t sent a payment,...Wed, Sep 23, 2020
Most individual taxpayers who filed an extension for their 2019 federal income tax return have until Thursday, October 15 to file. Although October 15 is the last day for most people to file, some taxpayers may have more time. They include: Taxpayers serving in or in support of the Armed Forces in an area designated as a combat zone or contingency operation. They typically have at least 180 d...Tue, Sep 22, 2020
Suscríbase al Blog de la NTA y reciba actualizaciones sobre las últimas publicaciones del blog de la Defensora Nacional del Contribuyente Erin M. Collins. Se pueden encontrar blogs adicionales en www.taxpayeradvocate.irs.gov/blog. In English Cada año desde 1963, los Estados Unidos han celebrado la Semana Nacional de la Pequeña Empresa. Este año, quizá...Mon, Sep 21, 2020
Need relief for employment taxes? Here’s a simple way to find out what your options might be under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and/or the Families First Coronavirus Response Act (FFRCA). What Are the Tax Relief Options? Employee Sick and Family Leave Reimbursement: Eligible businesses (including certain self-employed persons) are entitled to recei...Mon, Sep 21, 2020
Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Erin M. Collins. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. en Español Each year since 1963, the United States has celebrated National Small Business Week. This year, perhaps more than any other, I recognize and celebrate the importance of small busine...
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