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IRS Watch

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October 28, 2020

Election 2020: What preparers and clients say about candidates’ tax plans

By Jeff Stimpson 4 min read

Many taxpayers want to pay less themselves — but want others to pay more.

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IRS to resume sending balance-due notices despite pandemic

By Michael Cohn 3 min read

The Internal Revenue Service said Friday it would restart issuing its 500 series of balance-due notices to taxpayers later this month after they were paused on May 9 due to the COVID-19 pandemic.

Lawmakers question IRS readiness for next tax season amid backlogs from coronavirus

By Michael Cohn 2 min read

The leaders of Congress’s main tax-writing committee are wondering if the Internal Revenue Service will be ready to handle next tax season as it’s still processing millions of pieces of correspondence that went unopened for months during the COVID-19 pandemic.

IRS tightens settlement terms for micro-captive schemes

By Michael Cohn 3 min read

The Internal Revenue Service is offering less generous settlement terms to participants in micro-captive insurance schemes as part of its clampdown on the transactions.

IRS adjusts tax item amounts for 2021 due to inflation

By Michael Cohn 3 min read

The Internal Revenue Service issued its annual inflation adjustments Monday for tax year 2021, revising more than 60 tax provisions, including tax rate schedules, standard deduction amounts and more.

IRS lets tax pros fax Form 8918 for material advisor disclosures

By Michael Cohn 2 min read

The Internal Revenue Service is now allowing tax advisors and taxpayers to fax the Form 8918, Material Advisor Disclosure Statement, as part of its response to the novel coronavirus pandemic.

Jackson Hewitt to hire 22K for tax season

By Jeff Stimpson 1 min read

The tax prep chain will be participating in two National Hiring Weeks, starting Oct. 26 and Nov. 16.

IRS drafts instructions for Form 1065 partnership income reporting

By Michael Cohn 3 min read

The Internal Revenue Service released an early draft of the instructions with revised directions for how partnerships should report capital accounts and tax basis capital for partners on Schedule K-1.

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