Recap of this week’s updates:

Remember third quarter estimated tax payments are due September 15th.

(9/8/20) The IRS provided further information for the SECURE Act with Notice 2020-68.

An amendment was made to qualified pre-approved plans or 403(b) pre-approved plans per Rev. Proc. 2020-40.

The IRS will mail a special letter to approximately 9 million non-filers, urging them to claim Economic Impact Payments by October 15. Issue Number: IR-2020-203

(9/10/20) The IRS urged individuals who owe taxes to pay before September 14th. Taxpayers who didn’t request an extension and still owe taxes could be hit with two types of penalties: failure to file and failure to pay. Generally the penalty for not filing is 5% of the unpaid tax for each month (or part of a month) that the return is late, up to 25% of the unpaid tax. If no return has been filed after 60 days, the minimum penalty is $435 or 100% of the unpaid tax. Whichever is less. The 60 day date for 2020 occurs after September 14th. Interest will also be charged on any tax that was not paid by July 15th. See IR 2020 207 for more information.

The IRS announced tax relief for Tropical Storm Isaias victims in Puerto Rico and Hurricane Laura victims in Louisiana.

(9/11/2020) The IRS announced special per diem rates effective October 1, 2020.