Friday, July 30, 2021

The IRS translates the Qualified Intermediaries (QI), Withholding Foreign Partnerships (WP), Withholding Foreign Trusts (WT) Webinar into both German and Italian

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Qualified Intermediaries News July 30, 2021

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Subject: The IRS translates the Qualified Intermediaries (QI), Withholding Foreign Partnerships (WP), Withholding Foreign Trusts (WT) Webinar into both German and Italian

 

The IRS previously hosted a webinar on the QI/WP/WT certification and periodic review process. The webinar has now been translated into both the German and Italian languages.

The webinar describes the QI/WP/WT certification process, including the different components of QI/WP/WT compliance and major areas of responsibility that must be reviewed during the certification process and associated periodic review.

The same material is covered in all the webinars and they are now available to the public for viewing.

Additional translations of the webinar into the Japanese and Spanish languages will be coming soon!

Please click the link to view the webinar in English as originally hosted.

 

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IRS video tax tip: Here's What To Do if You Must Close Your Business

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IRS Tax Tips July 30, 2021

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Issue Number:    Here's What To Do if You Must Close Your Business

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Here is a video tax tip from the IRS: 

Here's What To Do if You Must Close Your Business English | Spanish | Chinese

Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish and ASL.

 

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IR-2021-162: IRS announces 2021 Supplemental Application Low Income Taxpayer Clinic grant recipient

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Issue Number:    IR-2021-162

Inside This Issue


IRS announces 2021 Supplemental Application Low Income Taxpayer Clinic grant recipient

WASHINGTON – The Internal Revenue Service announced today that West Virginia University (WVU) College of Law has been selected for its 2021 Supplemental Application Low Income Taxpayer Clinic matching grant. The IRS's LITC supplemental application expands coverage to states without a clinic, giving priority to qualified organizations in underrepresented geographic areas.

WVU College of Law operates an important tax controversy litigation clinic and will now be available to assist low-income and English as a second language (ESL) taxpayers located within West Virginia, a state that has not had an LITC-funded clinic for 2 1/2 years. WVU was awarded a grant for $100,000 with a period of performance of 18 months from July 1, 2021, to Dec. 31, 2022. The LITC grant will allow the law school to expand the tax clinic and offer more tax assistance to students.

LITCs represent low-income taxpayers in federal tax disputes with the IRS and provide taxpayer education and outreach to both low income and ESL taxpayers. They must provide all services for no more than a nominal fee.

Through the LITC program, the IRS awards matching grants of up to $100,000 per year to qualifying organizations. The LITC program is a federal matching grant program administered by the Taxpayer Advocate Service, led by National Taxpayer Advocate Erin Collins. Although LITCs receive partial funding from the IRS, LITCs, their employees and volunteers operate independent of the IRS.

"The LITC program has been extremely successful and very beneficial to taxpayers," Collins said. "Through outreach and education activities, LITCs strive to ensure individuals understand their rights and responsibilities as U.S. taxpayers by recently conducting more than 1,800 educational activities that were attended by nearly 42,000 people. More than 1,500 volunteers contributed to the success of LITCs by volunteering over 52,500 hours of their time." 

More information about LITCs, and the work they do to represent, educate, and advocate on behalf of low income and ESL taxpayers, is available in IRS Publication 5066, LITC Program Report. IRS Publication 4134, Low Income Taxpayer Clinic List, provides information about LITCs by geographic area, including contact information and details about the languages, in addition to English, in which each LITC offers services. Publication 5066 and Publication 4134 are available at IRS.gov.

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Consejo en video del IRS: Qué hacer si debe cerrar su negocio

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Edición Número: Qué hacer si debe cerrar su negocio

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Aquí un consejo en video del IRS: 

Qué hacer si debe cerrar su negocio Español | Inglés | Chinese

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IR-2021-160SP: Crédito de licencia pagada disponible para empleados que cuidan a personas que recibieron o se recuperan de vacuna de COVID-19

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Edición Número:    IR-2021-160SP

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Crédito de licencia pagada disponible para empleados que cuidan a personas que recibieron o se recuperan de vacuna de COVID-19

WASHINGTON — El IRS actualizó hoy las preguntas frecuentes (en inglés) acerca de los créditos pagados por licencia familiar y por enfermedad bajo la Ley del Plan de Rescate Estadounidense de 2021 (ARP). Las actualizaciones explican que los empleadores elegibles pueden reclamar los créditos por otorgar licencia a los empleados para que acompañen a un miembro de la familia o del hogar u otras personas determinadas para obtener la inmunización relacionada con COVID-19 o para cuidar a un miembro de la familia o del hogar u otras personas que se recuperen de la inyección.

Los créditos por licencia familiar y por enfermedad pagada reembolsan a los empleadores elegibles el costo de proporcionar licencia familiar y por enfermedad por motivos relacionados con el COVID-19. Las preguntas frecuentes revisadas aclaran que esto incluye la licencia que toman los empleados para cuidar a ciertas personas para obtener la inmunización relacionada con el COVID-19 o para recuperarse de la inmunización relacionada con el COVID-19. Esta nueva razón de licencia por enfermedad o familiar remunerada también aplica a los créditos similares para los empleados por cuenta propia.

Los créditos tributarios por licencia familiar y por enfermedad pagados bajo el ARP son similares a los establecidos por la Ley en Respuesta al Coronavirus de Familias Primero (FFCRA), según enmendada y extendida por la Ley de Alivio Tributario del 2020 relacionada con el COVID (Ley de Alivio Tributario), bajo ciertos empleadores podrían recibir créditos tributarios por proporcionar licencia por enfermedad o familiar pagada que cumpliera con los requisitos de la Ley de Licencia por Enfermedad Pagada de Emergencia y la Ley de Expansión de Licencia Médica y Familiar de Emergencia (agregada por FFCRA). Los créditos tributarios bajo la FFCRA, según enmendada y extendida por la Ley de Alivio Tributario, cubrieron la licencia tomada a partir del 1ro de abril de 2020 hasta el 31 de marzo de 2021. La Ley ARP enmienda y extiende estos créditos para licencia tomada a partir del 1ro de abril de 2021 hasta el 30 de septiembre de 2021.

Las preguntas frecuentes incluyen información acerca d cómo los empleadores elegibles pueden reclamar los créditos pagados por licencia familiar y por enfermedad, incluido cómo solicitar y calcular los montos de crédito aplicables, y cómo recibir pagos por adelantado y reembolsos de los créditos. Según ARP, los empleadores elegibles, incluidas las empresas y las organizaciones exentas de impuestos con menos de 500 empleados y ciertos empleadores gubernamentales, pueden reclamar créditos tributarios por salarios de licencia calificados y ciertos otros gastos relacionados con los salarios (como los gastos del plan de salud y ciertos beneficios negociados colectivamente).

Las personas que trabajan por cuenta propia pueden reclamar créditos similares en el Formulario 1040, Declaración de impuestos de las personas físicas de EE. UU.

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IR-2021-161: IRS: Businesses, charities, others with Employer Identification Numbers must update responsible party information within 60 days of any change

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Issue Number:    IR-2021-161

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IRS:  Businesses, charities, others with Employer Identification Numbers must update responsible party information within 60 days of any change

WASHINGTON – Calling it a key security issue, the Internal Revenue Service today urged those entities with Employer Identification Numbers (EINs) to update their applications if there has been a change in the responsible party or contact information.

IRS regulations require EIN holders to update responsible party information within 60 days of any change by filing Form 8822-B, Change of Address or Responsible Party - Business. It is critical that the IRS have accurate information in cases of identity theft or other fraud issues related to EINs or business accounts.

The data around the "responsible parties" for business-type entities is often outdated or incorrect, meaning that the IRS does not have accurate records of who to contact for identity theft issues. This means a time-consuming process to identify the point of contact so the IRS can inquire about a suspicious filing.

As a result, the IRS intends to step up its awareness efforts aimed at businesses, partnerships, trusts and estates, charities and other entities that are EIN holders. Starting in August, the IRS will begin sending letters to approximately 100,000 EIN holders where it appears the responsible party is outdated.

All EIN applications (mail, fax, electronic) must disclose the name and Taxpayer Identification Number (Social Security number, Individual Taxpayer Identification Number or EIN) of the true principal officer, general partner, grantor, owner or trustor.

The IRS defines the responsible party as the individual or entity who "controls, manages, or directs the applicant entity and the disposition of its funds and assets."

Unless the applicant is a government entity, the responsible party must be an individual, not an entity. If there is more than one responsible party, the entity may list whichever party the entity wants the IRS to recognize as the responsible party.

EINs are to be used strictly for tax administration purposes. Entities with EINs that are no longer in use should close their IRS tax accounts and follow steps outlined at Canceling an EIN - Closing Your Account.

Video - Five Things to Know about the Employer Identification Number

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