IRS People First Initiative Richard Furlong, Jr. Senior - - PDF document
10/19/2020 Communications & Liaison STAKEHOLDER LIAISON IRS People First Initiative Richard Furlong, Jr. Senior Stakeholder Liaison October 22, 2020 South Jersey Working Together Virtual Conference 1 1 The IRS is taking
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Communications & Liaison STAKEHOLDER LIAISON
October 22, 2020 South Jersey Working Together Virtual Conference
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October 13, 2020 Community College of Philadelphia CPA CPE Series
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support pending applications
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generally be suspended
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learn about payment options.
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decertification, taxpayers may call the phone number listed on their CP 508C notice to resolve their seriously delinquent debt.
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the private collection agencies (PCAs) during the suspension period.
telephone calls and outbound calls when requested by voicemail or correspondence.
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extended wait times
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Main Elements of the People First Initiative
Postponed Examination compliance activities April 1 – July 15, 2020 Field, Office and Correspondence Audits
procedures
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Exam Business Resumption Plan
General IRS Resumption, Post July 15, 2020
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Exam Business Resumption Plan
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Examination Activities After July 15, 2020 Policy Pre-COVID
Post – COVID
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Exam Business Resumption Plan
Field Programs Office audits:
examinations began July 16.
at IRS Taxpayer Assistance Center space
Field visits:
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Exam Business Resumption Plan
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Campus Programs Telework August 15 resumption
Reporting (CAWR);
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Exam Business Resumption Plan
Other Endeavors Technology
Communications
Public Safety
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Exam Business Resumption Plan
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Coronavirus Tax Relief 2019 tax refund interest54 Eligibility: Nearly 14 million
individual taxpayers who filed their 2019 federal income tax returns on time and received a refund will also get an interest
payment applies only to individual income tax filers- businesses are not eligible. Payment amount The interest payments are an average of $18. Interest is taxable income The 2019 refund interest payments are taxable, and taxpayers must report the interest on their 2020 federal income tax return. The IRS will send a Form 1099-INT to anyone who receives interest totaling at least $10.
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Refund interest provision COVID-19 disaster relief
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Coronavirus Tax Relief 2019 tax refund interest54 Coronavirus Tax Relief 2019 tax refund interest5 IRS.gov More information Coronavirus Tax Relief: 2019 tax refund interest – Frequently Asked Questions
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10/19/2020 14 Coronavirus Aid, Relief, & Economic Security (CARES) Act
Enacted March 27, 2020 CARES Act - Section 2303 – Net Operating Loss (NOL) Carryback reinstated Rev Proc 2020-24 provides guidance to taxpayers with net
Election to exclude section 965 inclusion years Election to waive entire carryback with respect to an NOL arising in a taxable year beginning in 2018, 2019, or 2020. FAQs about Carrybacks of NOLs for Taxpayers who have had Section 965 Inclusions.
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CARES Act - Section 2303 – Six-month extension of time for filing NOL forms Notice 2020-26, grants a six-month extension of time to file NOL forms with respect to the carryback of a net operating loss that arose in any taxable year that began during calendar year 2018 and that ended on or before June 30, 2019. Forms 1139 & 1045 use to Claim Quick Refunds of the Credit for Prior Year Minimum Tax Liability of Corporations and Net Operating Loss Deductions
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10/19/2020 15 Coronavirus Aid, Relief, & Economic Security (CARES) Act
Revenue Procedure 2020-23, allows eligible partnerships to file an amended Form 1065 and furnish a corresponding Schedule K-1 to each of its partners in lieu of filing an Administrative Adjustment Requests (AARs).
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Communications & Liaison STAKEHOLDER LIAISON
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