To help address COVID-related labor shortages, the Internal Revenue Service today reminded employers that they generally will not jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 ½ or the plan’s normal retirement age.
With the COVID-19 pandemic, many employers, including governmental employers (such as public school districts), are looking for ways to encourage retirees to return to the workforce to fill open positions and experienced employees to stay on the job.
The IRS is providing help to these employers in two new frequently asked questions (FAQs), designed to offer technical guidance to public and private employers who sponsor pension plans for their employees. The FAQs highlight existing ways that employers can meet their employment objectives and still comply with the plan qualification rules.
Internal Revenue Service Security Summit partners called on tax professionals to increase efforts to inform clients about the Identity Protection PIN Opt-In Program that can protect against tax-related identity theft.
The IRS, state tax agencies and the nation’s tax industry – working together as the Security Summit – need assistance from tax professionals to spread the word to clients that the IP PIN is now available to anyone who can verify their identity.
Sharing information about the IP PIN Opt-In Program is the second in a five-part weekly series sponsored by the Summit partners to highlight critical steps tax professionals can take to protect client data. This year’s theme “Boost Security Immunity: Fight Against Identity Theft” is an effort to urge tax professionals to intensify efforts to secure their systems and protect client data during this pandemic and its aftermath.
The Internal Revenue Service and the Treasury Department announced today that millions of American families have started receiving monthly Child Tax Credit payments as direct deposits begin posting in bank accounts and checks arrive in mailboxes.
This first batch of advance monthly payments worth roughly $15 billion reached about 35 million families today across the country. About 86% were sent by direct deposit.
The payments will continue each month. The IRS urged people who normally aren’t required to file a tax return to explore the tools available on IRS.gov. These tools can help determine eligibility for the advance Child Tax Credit or help people file a simplified tax return to sign up for these payments as well as Economic Impact Payments, and other credits you may be eligible to receive.
IRS Criminal Investigation Marks International Fraud Awareness Week Highlighting Successes From FY20 (This was previously posted by the IRS Highlighting Fraud Awareness Week In December)
A Message from James C. Lee, Chief Criminal Investigation
This week we recognize International Fraud Awareness Week by highlighting our many successes in combating fraud and protecting taxpayers. Earlier this week, I had the pleasure of publishing our FY 2020 Annual report which focuses on business results and successes from the previous fiscal year. This year was different as half of the year was spent under the new realities that COVID-19 has brought us. Court appearances were virtual and significantly delayed as judicial districts around the country came up with creative ways to be safe and keep the work moving. Interviewing taxpayers took on new challenges with PPE while search warrants also brought about a new list of precautions, we must take to protect all involved.