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IR-2020-210, September 15, 2020 WASHINGTON The Internal Revenue Service today issued final regulations (PDF) for taxpayers who claim the rehabilitation credit. The Tax Cuts and Jobs Act (TJCA) amended the rehabilitation credit so that taxpayers now claim the rehabilitation credit over a five-year period. The TCJA amendments generally apply to a taxpayer's qualified rehabilitation expenditures paid or incurred after December 31, 2017.... Taxpayers, however, may claim the credit all in one year under pre-TCJA rules for projects that qualify under a transition rule. The transition rule allows taxpayers to use the prior law if the project meets these conditions: The taxpayer owns or leases the building on January 1, 2018 and the entire period thereafter The 24- or 60-month period selected for the substantial rehabilitation test begins by June 20, 2018 The final regulations require taxpayers to determine the rehabilitation credit amount in the year they place the building into service and allocate that amount ratably over the five-year period. The final regulations also include a rule to coordinate the TCJA amendments with the special rules for the investment credit, of which the rehabilitation credit is part. Finally, the final regulations include examples illustrating how to apply the rules. Updates on the implementation of the TCJA can be found on the Tax Reform page of IRS.gov.

The Franchise Tax Board (FTB) today announced special tax filing relief for Californians affected by wildfires. Taxpayers in governor-declared or presidentially declared disaster areas are granted an extension to file tax year 2019 California tax returns until December 15, 2020.

IRS expands tax help into more languages; Form 1040 offered in Spanish and more services, information available in multiple languages IR-2020-204, September 9, 2020 As part of a larger effort to reach underserved communities, the IRS is taking a number of aggressive steps to expand information and assistance available to taxpayers in additional languages, including providing the Form 1040 in Spanish for the first time.

Third-quarter estimated tax payments due Sept. 15 IR-2020-205, September 9, 2020 The Internal Revenue Service today reminded the self-employed, investors, retirees, and others with income not subject to withholding that third-quarter estimated tax payments for 2020 are due September 15.

COVID Tax Tip 2020-116, September 9, 2020 Taxpayers are encouraged to e-file forms this year, whenever possible, because of COVID-19. To protect the health of taxpayers and tax professionals, the IRS is temporarily allowing the use of digital signatures on some tax forms that can't be filed electronically. This will help reduce in-person contact and lessen the risk to taxpayers and tax professionals during the COVID-19 pandemic. It will also allow people to work remotely and file forms on time.

IRS to mail special letter to estimated 9 million non-filers, urging them to claim Economic Impact Payment by Oct. 15 at IRS.gov IR-2020-203, September 8, 2020 Later this month, the Internal Revenue Service will start mailing letters to roughly nine million Americans who typically don’t file federal income tax returns who may be eligible for, but have not registered to claim, an Economic Impact Payment.

Interest rates remain the same for the fourth quarter of 2020 IR-2020-202, September 3, 2020 The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning October 1, 2020.

IRS approves temporary use of e-signatures for certain forms IR-2020-194, Aug. 28, 2020 To protect the health of taxpayers and tax professionals, the Internal Revenue Service today announced it will temporarily allow the use of digital signatures on certain forms that cannot be filed electronically.

COVID Tax Tip 2020-97, August 5, 2020 This is the second of two tips exploring the IRS Dirty Dozen tax scam list. Tax scams tend to rise during tax season or during times of crisis. Scam artists are using the COVID-19 pandemic to try to steal money and information from taxpayers.

DID YOU KNOW? FACTS Did you know that IRS could take and sell your house?... Did you know that IRS could take and sell your car? Did you know that IRS could seize and sell any type of real or personal property that you own? Did you know that IRS could levy your wages? Did you know that IRS could levy your retirement accounts? Did you know that IRS could levy your bank accounts? Did you know that IRS could levy your rental income? Did you know that IRS could levy the cash loan value of your life insurance? CALL TAX AUDIT USA TODAY FOR A FREE CONSULTATION AT 866-966-9912

VIRTUAL TAX AUDIT Have you received a notice from the IRS? Consult with one of our tax experts from anywhere anytime. Call us today at 866-966-9912 for a free consultation with one of our tax experts.

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