Fact Sheets 2020

FS-2020-16, September 2020 — A sole proprietor - someone who owns an unincorporated business by themselves – must take certain actions if they want to close their business.

FS-2020-15, September 2020 — A partnership is a relationship between two or more partners to do a trade or business.

FS-2020-14, September 2020 — A corporation is a separate taxpaying entity with shareholders that exchange money, property or both, for the corporation's capital stock.

FS-2020-13, August 2020 — Facts about opportunity zones.

FS-2020-12, August 2020 — The IRS wants employers to understand their options when it comes to choosing payroll service providers.

FS-2020-11, July 2020 — The information on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, helps law enforcement combat money laundering, tax evasion, drug dealing, terrorist financing and other criminal activities.

FS-2020-10, July 2020 — Taxpayers have a variety of options to consider when paying federal taxes.

FS-2020-09, June 2020 — The Internal Revenue Service unveiled the People First Initiative on March 25, 2020.

FS-2020-08, May 2020 — The Treasury Department and the Internal Revenue Service recently announced special federal income tax return filing and payment relief in response to the ongoing Coronavirus (COVID-19) emergency.

FS-2020-07, May 2020 — Eligible individuals who filed a tax return for tax years 2018 or 2019 or who are not required to file a tax return for those years but receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI), or Veterans Affairs benefits will get an Economic Impact Payment (EIP or payment) automatically.

FS-2020-06, May 2020 — The Families First Coronavirus Response Act provides tax credits to reimburse employers for the costs of providing paid sick leave and paid family and medical leave to employees unable to work because of the coronavirus (COVID-19).

FS-2020-05, May 2020 — The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) encourages businesses to keep employees on their payroll by providing them an Employee Retention Credit.

FS-2020-4, February 2020 - The Further Consolidated Appropriations Act, 2020, enacted December 20, 2019, includes a number of tax provisions designed to encourage more people to save for retirement.

FS-2020-03, February 2020 — The Internal Revenue Service is committed to helping military members, veterans and their families meet their federal income tax filing obligations.

FS-2020-02, February 2020 — The Internal Revenue Service announced it will visit more taxpayers who haven’t filed tax returns for prior years in an effort to increase tax compliance and further enforce the law.

FS-2020-01, January 2020 ― The Earned Income Tax Credit (EITC) is a financial boost for families with low- or moderate- incomes. Millions of workers may qualify for the first time this year due to changes in their marital, parental or financial status.

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