The IRS has announced a variety of measures designed to bring taxpayers required to file returns but who failed to do so into compliance (Fact Sheet 2020-02). The Service’s efforts promote voluntary compliance by leveraging its processes and systems, including:
Note: Even if you aren’t required to file a return, you should do so if you’re owed a tax refund. As a reminder, the deadline for claiming a refund on a 2016 tax return is April 15, 2020.
An arrangement under which one person transfers legal ownership of assets to another person or corporation (the trustee) for the benefit of one or more third persons (beneficiaries).