IRS to Mask Key Business Transcript Details

IRS to Mask Key Business Transcript Details

Moving to protect business taxpayers from identity theft, the Internal Revenue Service today announced that starting December 13 it will begin masking sensitive data on business tax transcripts.

The announcement provides 30 days for stakeholders to make any adjustments. The IRS began informing tax professionals of this change during the summer Nationwide Tax Forums. The agency previously masked sensitive data on individual tax transcripts two years ago.

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Wholesale Prices Rise 0.3%, but Inflation Not the Worry Now

Wholesale Prices Rise 0.3%, but Inflation Not the Worry Now

The Labor Department reported Friday that its producer price index, which measures inflation pressures before they reach the consumer, increased 0.3% last month, slightly lower than the 0.4% gain in September. Food costs rose 2.4%, the biggest increase since a 5.6% surge in May that was tied to shortages caused by the pandemic.

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Brexit: Trade Deal ‘May Not Succeed’ Before Year End

Brexit: Trade Deal ‘May Not Succeed’ Before Year End

Britain left the EU on Jan. 31, but continues to follow the bloc’s economic rules until a transition period ends on Dec. 31. The two sides are trying to strike a new trade deal before then, but key sticking points such as fishing rights and competition rules haven’t been resolved.

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For Business Owners with COVID, Virus is Just One Struggle

For Business Owners with COVID, Virus is Just One Struggle

When Chris Hyland caught the coronavirus, his ordeal went beyond being sick and exhausted — he couldn’t help his business partners manage the virus’s impact on their company just as the outbreak was sweeping across the world…

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Little-known COVID-related tax benefits could save small businesses a bundle this year

Little-known COVID-related tax benefits could save small businesses a bundle this year

The CARES Act, which expires on December 31, also included a few lesser-known provisions for small businesses that could — along with some other savvy moves — significantly reduce our federal income tax bills this year.

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The IRS announces some new repayment relief for taxpayers with tax debt.

The IRS announces some new repayment relief for taxpayers with tax debt.

“We want people to know our IRS employees are committed to continue helping taxpayers wherever possible, including offering many options for those struggling to pay their tax bills,” said Darren Guillot, the IRS Small Business/Self-Employed Deputy Commissioner for Collection and Operations Support. Guillot discussed the new relief options in a new edition of IRSA Closer Look.”

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Security Summit partners warn taxpayers of new COVID-related text scam

Security Summit partners warn taxpayers of new COVID-related text scam

The Internal Revenue Service, state tax agencies and the tax industry today warned of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment. The IRS, states, and industry, working together as the Security Summit, remind taxpayers that neither the IRS nor state agencies will ever text taxpayers asking for bank account information so that an EIP deposit may be made.

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Higher Taxes Could Be Nearing and How Tax Planning Will Change

Higher Taxes Could Be Nearing and How Tax Planning Will Change

A “blue wave” of Democrat victories in elections next month could upend the normal incentives for tax planning this year. Typically, taxpayers look to defer income and accelerate expenses; they would rather pay taxes later than earlier.

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Pelosi Not Upbeat on Passage of a New Stimulus Bill

Pelosi Not Upbeat on Passage of a New Stimulus Bill

House Speaker Nancy Pelosi says Democrats and the White House are “just about there” on a coronavirus stimulus deal. She cautions that it could take “a while” for Congress to write and vote on relief legislation, with the clock ticking toward the 2020 election.

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