Not-For-Profit Part 7 Reporting of Expenses by Nature and Function
Not-For-Profit Part 4 Statement of Financial Position
WASHINGTON — The Internal Revenue Service and its Security Summit partners today warned taxpayers and tax professionals about a new IRS impersonation scam campaign spreading nationally on email. Remember: the IRS does not send unsolicited emails and never emails taxpayers about the status of refunds.
The IRS this week detected this new scam as taxpayers began notifying [email protected] about unsolicited emails from IRS imposters. The email subject line may vary, but recent examples use the phrase "Automatic Income Tax Reminder" or "Electronic Tax Return Reminder."
The emails have links that show an IRS.gov-like website with details pretending to be about the taxpayer's refund, electronic return or tax account. The emails contain a "temporary password" or "one-time password" to "access" the files to submit the refund. But when taxpayers try to access these, it turns out to be a malicious file.
"The IRS does not send emails about your tax refund or sensitive financial information," said IRS Commissioner Chuck Rettig. "This latest scheme is yet another reminder that tax scams are a year-round business for thieves. We urge you to be on-guard at all times."
This new scam uses dozens of compromised websites and web addresses that pose as IRS.gov, making it a challenge to shut down. By infecting computers with malware, these imposters may gain control of the taxpayer's computer or secretly download software that tracks every keystroke, eventually giving them passwords to sensitive accounts, such as financial accounts.
The IRS, state tax agencies and the tax industry, which work together in the Security Summit effort, have made progress in their efforts to fight stolen identity refund fraud. But people remain vulnerable to scams by IRS imposters sending fake emails or harrassing phone ca..
Employers who provide paid family and medical leave to their employees might qualify for a credit that can reduce the taxes they owe. It's called the employer credit for family and medical leave.
Here are some facts about the credit to help employers find out if they might be able to claim it.
To be eligible, an employer must:
Have a written policy that meets several requirements (PDF).
At least two weeks of paid family and medical leave to full-time employees.
A prorated amount of paid leave for part-time employees.
Pay for leave that's at least 50 percent of the wages normally paid to employees.
It's available for wages paid in taxable years beginning after December 31, 2017, and before January 1, 2020.
The amount of the credit:
The credit is generally equal to 12.5 to 25 percent of paid family and medical leave for qualifying employees. The percentage is based on how much employers pay each employee for family and medical leave.
The leave can be for any or all the reasons specified in the Family and Medical Leave Act:
Birth of an employee's child.
Care for the child.
Placement of a child with the employee for adoption or foster care.
To care for the employee's spouse, child, or parent who has a serious health condition.
A serious health condition that makes the employee unable to perform the functions of their job.
Any qualifying emergency due to an employee's spouse, child, or parent being on covered active duty in the Armed Forces. This includes the taxpayer being notified of an impending order to covered active duty.
To care for a service member who is the employee's spouse, child, parent, or next of kin.
Claiming the credit:
To claim the credit, employers will file two forms with their tax return. These are Form 8994, Credit for Paid Family and Medical Leave and Form 3800, Gene..
Not for Profit Definition, Organization Forms, & Set-Up
Earlier this year, the IRS provided additional expanded penalty relief (PDF) to individual taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
The IRS is now automatically waiving the estimated tax penalty for eligible taxpayers who already have filed their 2018 federal income tax returns but who did not claim the waiver. Filing Form 843 for Expanded Underpayment of Estimated Income Tax Penalty Relief, posted March 27, 2019, is superseded to the extent it directs individual taxpayers who already have paid the penalty to file Form 843 to claim a refund.
Over the next few months, IRS is mailing notices (CP21) to affected taxpayers notifying them the penalty was waived. The automatic waiver has been granted to any eligible taxpayer whether or not they already have requested penalty relief on Form 843. After receiving their notice in the mail, taxpayers who already have paid the penalty should receive their refunds within three weeks, if they don’t owe any other taxes or debt the IRS is required to collect. Eligible taxpayers who already have filed a 2018 return do not need to request penalty relief, contact the IRS, or take any other action to get this relief.
The automatic waiver applies to any individual taxpayer who paid at least 80 percent of their total tax liability through federal income tax withholding or quarterly estimated tax payments but did not claim the special waiver available to them when they filed their 2018 return earlier this year. This waiver is designed to provide relief to any taxpayer who filed too early to take advantage of the waiver or was unaware of it when they filed.
For those yet to file, the IRS urges every eligible taxpayer to claim the waiver on their return. This includes those with tax-filing e..
Section 1274.--Determination of Issue Price in the Case of Certain Debt Instruments
Issued for Property
(Also Sections 42, 280G, 382, 467, 468, 482, 483, 1288, 7520, 7872.)
Rev. Rul. 2019-20
This revenue ruling provides various prescribed rates for federal
income tax purposes for September 2019 (the current month). Table 1
contains the short-term, mid-term, and long-term applicable federal rates
(AFR) for the current month for purposes of section 1274(d) of the Internal
Revenue Code. Table 2 contains the short-term, mid-term, and long-term
adjusted applicable federal rates (adjusted AFR) for the current month for
purposes of section 1288(b). Table 3 sets forth the adjusted federal longterm rate and the long-term tax-exempt rate described in section 382(f).
Table 4 contains the appropriate percentages for determining the lowincome housing credit described in section 42(b)(1) for buildings placed in
service during the current month. However, under section 42(b)(2), the
applicable percentage for non-federally subsidized new buildings placed in
service after July 30, 2008, shall not be less than 9%. Finally, Table 5
contains the federal rate for determining the present value of an annuity,
an interest for life or for a term of years, or a remainder or a reversionary
interest for purposes of section 7520.
Applicable Federal Rates (AFR) for September 2019
Period for Compounding
Annual Semiannual Quarterly Monthly
AFR 1.85% 1.84% 1.84% 1.83%
110% AFR 2.03% 2.02% 2.01% 2.01%
120% AFR 2.22% 2.21% 2.20% 2.20%
130% AFR 2.40% 2.39% 2.38% 2.38%
AFR 1.78% 1.77% 1.77% 1.76%
110% AFR 1.96% 1.95% 1.95% 1.94%
120% AFR 2.13% 2.12% 2.11% 2.11%
130% AFR 2.31% 2.30% 2.29% 2.29%
150% AFR 2.68% 2.66% 2.65% 2.65%
175% AFR 3.12% 3.10% 3.09% 3.08%
AFR 2.21% 2.20% 2.19% 2.19%
110% AFR 2.43% 2.42% 2.41% 2.41%
120% AFR 2.66% 2.64% 2.63% 2.63%
130% AFR 2.88% 2.86% 2.85% 2.84..
General Standards & Compliance, Accounting Principles
Restrictions on Nonaudit Services to Attest Entities