8/25/2021
Content:
Updated Video: Exploring the Charities and Nonprofit Webpage
Deducting Charitable Contributions: Understanding Your Responsibilities
FIRE System Update Coming September 2021
Any filer, including corporations, partnerships, employers, estates or trusts who files 250 or more Forms 1097, 1042-S, 1098, 1099, 3921, 3922, 5498, 8027, 8955-SSA or W-2G for any calendar year must file their information returns electronically using Filing Information Returns Electronically (FIRE). FIRE is the online tool used to transmit information returns and automatic extension requests to the IRS. Before filers can use FIRE, they must complete an online application to obtain a 5-digit alphanumeric code known as a Transmitter Control Code (TCC). Currently, Form 4419 is used to request a TCC.
A new online application, Information Returns (IR) Application for Transmitter Control Code, is scheduled to deploy on September 26, 2021, and will replace Form 4419. The new application will be available on the FIRE page. For more information on FIRE changes, see FIRE System Update: Improving the Process and Security for Information Return (IR) Application for Transmitter Control Code (TCC).
Updated Video: Exploring the Charities and Nonprofit Webpage
View Exploring the Charities and Nonprofit Webpage video for a walk through of the recently updated webpage on irs.gov.
EIN Holders Must Update Any Change to Responsible Party
The IRS is urging 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.
For more information see IR-2021-161, July 30, 2021.
New Issue Snapshot
Visit Issue Snapshots on IRS.gov for a complete listing of available snapshots.
Deducting Charitable Contributions: Understanding Your Responsibilities
Charitable donors may ask about contribution deductibility. The Can I Deduct My Charitable Contributions course explains what donations are deductible, which records to keep and how to report them. Organizational leadership and volunteers should complete the Tax-Exempt Organization Workshop for important information on the benefits, limitations and expectations of tax-exempt organizations.
Source: IRS EO Update: e-News for Charities & Nonprofits, August 25, 2021