Tax News Recap: Living in a Remote World

By ITS Staff | October 9, 2020
Posted in: Tax News
Monthly-Tax-News

Who would have thought at the beginning of the year we would still be stuck at home doing everything from working to starting the school year online. This month we saw more from the IRS concerning cybersecurity, economic impact payments, the Payment Protection Plan (PPP) and more. Here’s what you missed.

Cybersecurity For Firms Working From Home

The IRS released a five-part series on cybersecurity practices for tax professionals who have continued to work with clients online. Because clients trust us with some of their most sensitive information it’s essential that the pros are also knowledgeable in how to spot phishing scams, things you can add to ensure security and more. We’ve done the task of summing it up all in one blog post. You can read it here.

Payroll Deduction

The IRS has confirmed that the payroll tax deduction is optional for employers. You can learn more about it here. Despite the correlating forms being released, there are still questions being left unanswered from employers and employees. Read more here

The IRS is Temporarily Accepting E-Signatures For Over 10 Documents

During the pandemic, the IRS has made several changes to the way taxpayers complete, sign and submit tax documents. Here are all the documents that are available for e-signatures

IRS Finalizes 100% Depreciation Rules

The depreciation deduction was applied during the 2017 tax overhaul, and now the IRS has finalized the rules. You can read more here

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