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IMRS Report November 6, 2020

  • Published on Nov 17, 2020
  • by Jennifer Davis
Don Barg requests that any issues for the IRS Stakeholder Liaison be forwarded to him. "These can be issues for the local business operating units or any type of issue you are incurring with IRS policies, practices or procedures in general."
 

Contact Don at dbarg@barg-henson.com

 

 We Want You to Know

Please visit this Page for updates:

IRS Operations During COVID-19: Mission-critical functions continue  

IRS continues to experience processing delays associated with the backlog in addition to new receipts. The current time frame for authorization approval is approximately 25 business days. Every effort is being made to reduce the processing timeframe during these challenging times. We apologize for the delays and the inconvenience caused.

IRS is offering a wide range of taxpayer relief options. Read about the 3 goals in the A Closer Look Blog by Darren Guillot, “New Relief for Taxpayers Experiencing COVID-19-related Financial Difficulties,” November 2, 2020, on the irs.gov home page. The new initiative helps in many ways:

  • Taxpayers without income or the ability to pay can request a temporary suspension of collection activity through the Currently-Not-Collectible program.
  • Taxpayers with balance due amounts may qualify for installment agreement options with generous terms and timeframes, and taxpayers with existing Online Payment Agreements (OPA), or Direct Debit Installment Agreements (DDIA) can propose lower monthly payment amounts and update their payment due dates.
  • Other penalty relief options include first-time abatement for reasonable cause.

IRS makes it easier to set up payment agreements; offers other relief to taxpayers struggling with tax debts

Economic Impact Payment – Deadline to register extended

Help us spread the word: EIP Registration the deadline to register for the EIP payment is November 21st.  IRS held a National EIP Registration Day on November 10th to highlight that there are app 8 million who qualify for the payment but who have not registered.  Typically, this includes people who receive little or no income. IRS partnered with groups inside and outside of the tax community, including those that work with low-income and underserved communities to get the word out. Those eligible, have until November 21 at 3 p.m. EDT to register for the EIP.  To help non-filers, IRS sets Nov. 10 as ‘National EIP Registration Day;’ Register at IRS.gov for Economic Impact Payment

PTIN Renewal

Reminder that Preparer tax identification number (PTIN) applications and renewals for 2021 are now being processed. Renew or register for 2021 by December 31.  https://www.irs.gov/newsroom/irs-reminds-tax-professionals-to-renew-ptins-now-for-2021

Webinars for Tax Practitioners

Sale of Partnership Interest.  November 19 @ 2 p.m. ET www.irs.gov/webconference

In case you missed prior webinars, they are archived on the IRS Video Portal . Speaking of Partnerships, in September IRS the BBA Centralized Partnership Audit Regime webpage.