Issue Number: 2020-04
Inside This Issue
- IRS due diligence educational videos available on Tax Preparer Toolkit
- Tax Pros: Tax planning resources available online; Encourage Direct Deposit
- Jan 30 webinar: An Overview of the Foreign Tax Credit
- Tax relief for Puerto Rico earthquake victims
- Technical Guidance
1. IRS due diligence educational videos available on Tax Preparer Toolkit
Tax professionals can continue their education by viewing due diligence videos on the Tax Preparer Toolkit. The videos, recorded at the IRS Nationwide Tax Forums, include due diligence requirements for the Child Tax Credit/Additional Child Tax Credit, Credit for Other Dependents and Head of Household filing status requirements. Learn what happens during a due diligence examination by watching videos designed for paid tax return preparers.
Visit IRS.gov to review the Tax Preparer Toolkit and find for more helpful information.
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2. Tax Pros: Tax planning resources available online; Encourage Direct Deposit
The Publication 5349, Year-round tax planning is for everyone, includes a tax prep checklist you may want to share with your clients prior to their appointment. Also, the Publication 2043, IRS Refund Information Guidelines for the Tax Preparation Community, includes Direct Deposit information for tax professionals.
If your clients do not request a Direct Deposit of their refund, encourage them to do so. Remind them it’s the fastest way to get a federal tax refund.
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3. Jan 30 webinar: An Overview of the Foreign Tax Credit
The IRS will present the webinar, An Overview of the Foreign Tax Credit, at 2 p.m. ET on Jan. 30.
This 100-minute webinar will explain the purpose of the foreign tax credit, how to properly source income for foreign tax credit computation purposes, how to determine the criteria for eligibility, and will also include a discussion of the statutory withholding rate versus the treaty rate. Tax pros can earn two continuing education credit by participating.
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4. Tax relief for Puerto Rico earthquake victims
Victims of earthquakes that took place beginning on Dec. 28 in parts of the Commonwealth of Puerto Rico may qualify for tax relief from the Internal Revenue Service.
Visit the IRS disaster relief page for all updates on tax relief for disaster victims.
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5. Technical guidance
Notice 2020-07 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2) of the Internal Revenue Code.
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