Insights & News

IRS Extends Acceptance of Digital Signatures & Emailed Docs

December 23, 2020

IRS Extends Acceptance of Digital Signatures and Emailed Documents
The IRS, in a memo to its employees, has extended, through June 30, 2021, the period during which it will accept digital signatures and emailed documents.

IRS Updates FAQs on COVID-19 Relief Issues
The IRS has updated and added several answers to frequently asked questions (FAQs) about COVID-19 relief issues for employees and those that are self-employed.

U.S. and Germany to Exchange Country-by-Country Reports for FY 2019
The U.S. and Germany, in a joint statement, have said they will begin to exchange country-by-country reports regarding multinational enterprise groups for fiscal years beginning in 2019. The reports will help the governments assess high-level transfer pricing risks and other base erosion and profit shifting risks.

IRS Delays Requirement to Electronically File Private Foundation Excise Tax Form
The IRS issued Notice 2021-1 announcing that it has delayed the requirement for private foundations to electronically file Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42. The IRS also announced that it intends to remove Treasury Regulation Section 53.6011-1(c), which allows private foundations and other persons to file a joint Form 4720 electronically.

IRS Provides Information on Worker Classification
The IRS, on its website, discusses what issues an IRS examiner should review when determining the classification of a worker (as either an employee or independent contractor) when the employer files both a Form W-2, Wage and Tax Statement, and a Form 1099-MISC, Miscellaneous Information, for the worker for the same year.

TIGTA Releases FY 2021 Audit Plan
The Treasury Inspector General for Tax Administration (TIGTA) recently published its Fiscal Year 2021 Annual Audit Plan. The plan communicates TIGTA's audit priorities to IRS, Congress and other interested parties. The latest plan includes 150 new and in-process audits. It is organized into seven main categories of IRS operations, including (a) compliance and enforcement; (b) information technology/cybersecurity; and (c) tax-exempt and government entities.

New Jersey Issues Summary of Recent Corporation Business Tax Law Changes
The New Jersey Division of Taxation has summarized recently enacted corporation business tax law changes.

Information contained in this publication should not be construed as legal advice or opinion or as a substitute for the advice of counsel. The articles by these authors may have first appeared in other publications. The content provided is for educational and informational purposes for the use of clients and others who may be interested in the subject matter. We recommend that readers seek specific advice from counsel about particular matters of interest.
Copyright © 2020 Stradley Ronon Stevens & Young, LLP. All rights reserved.

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