IRS Says No To Big Withholding Form Changes Until 2020 Tax Year
The IRS has indicated that it “will incorporate important changes into a new version of the Form W-4, Employee’s Withholding Allowance Certificate, for 2020.”
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IRS Announces Tax Relief For Taxpayers Affected By Hurricane Florence
The Internal Revenue Service (IRS) has announced tax relief for victims of Hurricane Florence.
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IRS Offers Guidance On Credit For Dependents And HOH Status
The Tax Cuts and Jobs Act (TCJA) made a number of changes that affect the tax burden on families. However, those changes did lead to some questions. The Internal Revenue Service (IRS) has announced that it intends to issue proposed regulations to clarify who is a qualifying relative for the new $500 credit for dependents…
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Proposed SALT Regulations Would Limit Effectiveness Of State Workarounds
You can’t always get what you want. But if you try sometimes, you find. You get what you need. Those may be words crooned by the Rolling Stones, but the sentiment was echoed by the Internal Revenue Service (IRS). The IRS has released proposed regulations intended to address the workaround proposed by a handful of…
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New Pass-Through Rules Could Add $1.3 Billion In Compliance Costs
Earlier this week, the Internal Revenue Service (IRS) issued proposed regulations for Section 199A, a key element of the Tax Cuts and Jobs Act. The section 199A deduction, sometimes called the pass-through deduction, allows sole proprietors and owners of pass-through businesses a deduction of up to 20% on business-related income to bring the overall rate lower. If…
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IRS Issues Proposed Section 199A Regulations
When Congress tackled tax reform last year, the tax treatment of businesses was front and center. The new tax law permanently lowered the tax rate for corporations to 21% while rates typically remained higher for individual taxpayers (you can see the new individual tax rates here). That scheme would have been problematic for sole proprietors and…
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Crypto, S Corps On List Of IRS Compliance Campaigns
The Large Business and International of the Internal Revenue Service (IRS) has announced five additional compliance campaigns. The campaigns target AMT credits carryforwards, S corporation distributions, virtual currency, certain re-orgs, and transition tax.
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IRS-CI Joins Effort To Fight Tax & Crypto Crimes
Leaders of tax enforcement authorities – including the IRS – have announced that they have created a united operational alliance, the Joint Chiefs of Global Tax Enforcement, known as the J5, to fight global tax, cryptocurrency and financial crimes.
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A Look At The New Postcard-Sized 1040
The IRS has released an early release draft of the 2018 IRS Form 1040. Here’s a look, as well as a summary of how it’s like the current form – and how it’s different.
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Tax Advocate Calls For IRS Funding, Better Customer Service
“The IRS doesn’t have enough employees to provide basic taxpayer service.” That was the message coming from National Taxpayer Advocate (NTA) Nina E. Olson in her mid-year report to Congress. Here’s what else she said about IRS and taxpayers.