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2019 Tax Year in ReviewConsolidated Appropriations Act, 20202019 Year-End Tax Planning2019 Post-Filing Season Update
IRS to Audit More High-Income Taxpayers, Mnuchin Tells Lawmakers
The IRS is planning to audit more high-income taxpayers, Treasury Secretary Steven Mnuchin told House lawmakers. The plan comes on the heels of recent reports that the IRS has conducted more audits of...
The IRS is planning to audit more high-income taxpayers, Treasury Secretary Steven Mnuchin told House lawmakers. The plan comes on the heels of recent reports that the IRS has conducted more audits of...
IRS Highlights Tax Tips and Benefits for Service Members
The IRS highlighted tax tips and benefits for military members, veterans and their families to assist in meeting federal income tax filing obligations. This includes active duty or reserve members of ...
The IRS highlighted tax tips and benefits for military members, veterans and their families to assist in meeting federal income tax filing obligations. This includes active duty or reserve members of ...
Population Figures Provided for Calculating Low-Income Housing Tax Credits
State and local housing credit agencies that allocate low-income housing tax credits and states and other issuers of tax-exempt private activity bonds have been provided with a listing of the proper p...
State and local housing credit agencies that allocate low-income housing tax credits and states and other issuers of tax-exempt private activity bonds have been provided with a listing of the proper p...
Additional Tax on Early Distribution from Retirement Plan is Constitutional
An individual who received a distribution from her qualified retirement plan when she was not yet 59-1/2 years old, was not disabled, and was not eligible for any of the exceptions under Code Sec...
An individual who received a distribution from her qualified retirement plan when she was not yet 59-1/2 years old, was not disabled, and was not eligible for any of the exceptions under Code Sec...
IRS Increases User Fee for Offers in Compromise
The IRS has released final regulations that increase the user fee for processing an offer in compromise from $186 to $205, effective for offers in compromise submitted on or after April 27, 2020.The f...
The IRS has released final regulations that increase the user fee for processing an offer in compromise from $186 to $205, effective for offers in compromise submitted on or after April 27, 2020.The f...
IRS Encourages Taxpayers to Save for Retirement
Highlighting the tax provisions of the newly enacted Further Consolidated Appropriations Act, 2020 (the Act), the IRS has encouraged taxpayers to save for retirement. The Act includes a number of tax ...
Highlighting the tax provisions of the newly enacted Further Consolidated Appropriations Act, 2020 (the Act), the IRS has encouraged taxpayers to save for retirement. The Act includes a number of tax ...
IRS to Increase Visits to High-Income Nonfilers
The IRS has announced that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax returns. With the recent and ongoing hiring of ...
The IRS has announced that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax returns. With the recent and ongoing hiring of ...
Proposed Regs Reflect Changes to Entertainment and Meal Deductions
Proposed regulations reflect the significant changes that the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) made to the Code Sec. 274 deduction for travel and entertainment expenses. For ...
Proposed regulations reflect the significant changes that the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) made to the Code Sec. 274 deduction for travel and entertainment expenses. For ...
Reporting Relief for 2020 IRA Required Minimum Distributions
The IRS has provided guidance to financial institutions on reporting required minimum distributions (RMDs) for 2020. The concern is that financial institutions might mistakenly treat IRA owners who tu...
The IRS has provided guidance to financial institutions on reporting required minimum distributions (RMDs) for 2020. The concern is that financial institutions might mistakenly treat IRA owners who tu...
Final Regs Reflect Updated Due Dates for Income Tax and Information Returns
The IRS has issued final regulations that update the due dates and extensions of time to file certain income tax returns and information returns to reflect legislative changes. The regulations replace...
The IRS has issued final regulations that update the due dates and extensions of time to file certain income tax returns and information returns to reflect legislative changes. The regulations replace...
IRS Launches New “Identity Theft Central” Online Resource
The IRS has announced the launch of the "Identity Theft Central," a resource designed to improve online access to information on identity theft and data security protection for taxpayers, ta...
The IRS has announced the launch of the "Identity Theft Central," a resource designed to improve online access to information on identity theft and data security protection for taxpayers, ta...
Professionals, Taxpayers Urged to Use Multi-Factor Authentication
The IRS has urged tax professionals and taxpayers to use the multi-factor authentication feature offered on tax preparation software products for preventing data thefts. Multi-factor authentication re...
The IRS has urged tax professionals and taxpayers to use the multi-factor authentication feature offered on tax preparation software products for preventing data thefts. Multi-factor authentication re...
2020 Foreign Housing Expense Limitations Released
The IRS has provided the adjustments to the limitation on foreign housing expenses for specific locations for tax year 2020. Generally, a qualified individual whose entire tax year is within the appli...
The IRS has provided the adjustments to the limitation on foreign housing expenses for specific locations for tax year 2020. Generally, a qualified individual whose entire tax year is within the appli...
2020 Standard Mileage Rates Released
The IRS has released the optional standard mileage rates for 2020. Most taxpayers may use these rates to compute deductible costs of operating vehicles for business, medical, and charitable purposes.2...
The IRS has released the optional standard mileage rates for 2020. Most taxpayers may use these rates to compute deductible costs of operating vehicles for business, medical, and charitable purposes.2...
Closed School Student Loan Relief Extended
The IRS has established a safe harbor that extends relief to certain taxpayers who took out federal or private student loans to finance attendance at certain nonprofit or for-profit schools. Under the...
The IRS has established a safe harbor that extends relief to certain taxpayers who took out federal or private student loans to finance attendance at certain nonprofit or for-profit schools. Under the...
Interim Guidance on 2020 Withholding from Retirement and Annuity Distributions
The IRS has issued interim guidance for the 2020 calendar year on income tax withholding from periodic payments for pensions, annuities, and certain other deferred income under Code Sec. 3405(a)....
The IRS has issued interim guidance for the 2020 calendar year on income tax withholding from periodic payments for pensions, annuities, and certain other deferred income under Code Sec. 3405(a)....
IRS Launches Assistant to Help Small Businesses Withhold Tax
The IRS has launched a new online assistant designed to help employers, especially small businesses, easily determine the right amount of federal income tax to withhold from their workers’ pay. ...
The IRS has launched a new online assistant designed to help employers, especially small businesses, easily determine the right amount of federal income tax to withhold from their workers’ pay. ...
IRS Launches Gig Economy Tax Center
The IRS has announced the launch of the new Gig Economy Tax Center on its website, to help individuals in this growing area meet their tax obligations through more streamlined information. I...
The IRS has announced the launch of the new Gig Economy Tax Center on its website, to help individuals in this growing area meet their tax obligations through more streamlined information. I...
IRS Provides Procedures to Claim Fuel Credits
The IRS has provided a process for eligible taxpayers to make a one-time claim for the credits and payments allowed under Code Secs. 6426(c), 6426(d) and 6427(e) for biodiesel...
The IRS has provided a process for eligible taxpayers to make a one-time claim for the credits and payments allowed under Code Secs. 6426(c), 6426(d) and 6427(e) for biodiesel...
IRS to Return Sequestered Funds Affected by OMB Determination
The IRS will return sequestered funds to businesses that were affected by a recent Office of Management and Budget (OMB) determination regarding the Balanced Budget and Emergency Deficit Control Act o...
The IRS will return sequestered funds to businesses that were affected by a recent Office of Management and Budget (OMB) determination regarding the Balanced Budget and Emergency Deficit Control Act o...
IRS to Consider Repatriation Double Taxation Relief
The IRS has announced that it has become aware of limited circumstances in which it may be appropriate to provide relief from double taxation resulting from the application of the repatriation tax und...
The IRS has announced that it has become aware of limited circumstances in which it may be appropriate to provide relief from double taxation resulting from the application of the repatriation tax und...
IRS Updates Rules on Using Per Diem Rates to Substantiate Expenses Incurred Away from Home
The IRS has updated Rev. Proc. 2011-47 to reflect changes made by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97).The guidance provides the rules for determining the amount of an employee's ordinary a...
The IRS has updated Rev. Proc. 2011-47 to reflect changes made by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97).The guidance provides the rules for determining the amount of an employee's ordinary a...
Electronic Filing Now Required for Requesting Unused Low-Income Housing Credit Carryover
The IRS has released guidance to qualified states regarding how to request an allocation of unused housing credit carryover under Code Sec. 42(h)(3)(D)(iii). The new guidance requires allocation reque...
The IRS has released guidance to qualified states regarding how to request an allocation of unused housing credit carryover under Code Sec. 42(h)(3)(D)(iii). The new guidance requires allocation reque...
IRS Extends Certain Deadlines, Penalty Relief for Health Coverage Forms
Health insurance providers (including employers and health insurance companies) now have until March 2, 2020, to furnish to individuals Form 1095-B, Health Coverage, and Form 1095-C, Employer-Provided...
Health insurance providers (including employers and health insurance companies) now have until March 2, 2020, to furnish to individuals Form 1095-B, Health Coverage, and Form 1095-C, Employer-Provided...
Interim Amendments for Hardship Distributions Clarified and Deadline Extended
The IRS has clarified which amendments are integral to a plan provision that fails to satisfy the qualification requirements by reason of a change made by the final hardship distribution regulations. ...
The IRS has clarified which amendments are integral to a plan provision that fails to satisfy the qualification requirements by reason of a change made by the final hardship distribution regulations. ...
2019 Required Amendments List for Employee Plans
The IRS has issued its 2019 Required Amendments List (2019 RA List) for individually designed employee retirement plans. Beginning with the 2019 list, all RA Lists will apply to both Code Sec. 401(a) ...
The IRS has issued its 2019 Required Amendments List (2019 RA List) for individually designed employee retirement plans. Beginning with the 2019 list, all RA Lists will apply to both Code Sec. 401(a) ...
Date Extended for Applying Foreign Branch Rules
A one-year extension has been granted for applying the Code Sec. 987 final regulations, and certain related final and temporary regulations covering foreign branch transactions of U.S. corporations. T...
A one-year extension has been granted for applying the Code Sec. 987 final regulations, and certain related final and temporary regulations covering foreign branch transactions of U.S. corporations. T...
Guidance Updated for Making Adequate Disclosure
The IRS has updated its guidance that identifies circumstances under which a disclosure on a taxpayer’s income tax return with respect to an item or position is "adequate" for reducing the under...
The IRS has updated its guidance that identifies circumstances under which a disclosure on a taxpayer’s income tax return with respect to an item or position is "adequate" for reducing the under...
IRS Releases 2020 Inflation-Adjusted Tax Tables, Other Amounts
The IRS has released the annual inflation adjustments for 2020 for over 60 tax provisions, including the income tax rate tables. The IRS issues these cost-of-living adjustments (COLAs) each year to re...
The IRS has released the annual inflation adjustments for 2020 for over 60 tax provisions, including the income tax rate tables. The IRS issues these cost-of-living adjustments (COLAs) each year to re...
2020 Inflation Adjustments for Pension Plans, Retirement Accounts
The IRS has released the 2020 cost-of-living adjustments (COLAs) for pension plan dollar limitations, and other retirement-related provisions.Highlights of 2020 ChangesThe contribution limit for emplo...
The IRS has released the 2020 cost-of-living adjustments (COLAs) for pension plan dollar limitations, and other retirement-related provisions.Highlights of 2020 ChangesThe contribution limit for emplo...
IRS Updates Guidance on Computing Deductions for Operating a Vehicle
The IRS has released guidance that updates Rev. Proc. 2010-51, I.R.B. 2010-51, 883 to reflect changes made to Code Secs. 67 and 217 by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). Rev. Proc. 2010-...
The IRS has released guidance that updates Rev. Proc. 2010-51, I.R.B. 2010-51, 883 to reflect changes made to Code Secs. 67 and 217 by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). Rev. Proc. 2010-...
Accounting Method Change Procedures Updated
The IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and sup...
The IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and sup...
Proposed Updated RMD Tables Issued
The IRS has proposed updated life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The proposed tables reflect the general increase in life expectancy, an...
The IRS has proposed updated life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The proposed tables reflect the general increase in life expectancy, an...
Joint Directive on Work Opportunity Tax Credit Issued
The IRS Large Business and International Division (LB&I) and Small Business/Self-Employed Division (SBSE) have issued a joint directive to provide instructions to LB&I and SBSE examiners on th...
The IRS Large Business and International Division (LB&I) and Small Business/Self-Employed Division (SBSE) have issued a joint directive to provide instructions to LB&I and SBSE examiners on th...
New LB&I Campaign on Deferred Foreign Income
The IRS Large Business and International (LB&I) has added a new active campaign to the IRS website called "IRC 965." The campaign’s goal is to promote compliance with Code Sec. 965, Treatmen...
The IRS Large Business and International (LB&I) has added a new active campaign to the IRS website called "IRC 965." The campaign’s goal is to promote compliance with Code Sec. 965, Treatmen...
IRS Highlights Steps For Smooth Processing of Taxpayers' 2019 Federal Tax Returns
The IRS urged taxpayers to act now to ensure the smooth processing of their 2019 federal tax return. This reminder, first in a series, was aimed to help taxpayers get ready for the upcoming tax filing...
The IRS urged taxpayers to act now to ensure the smooth processing of their 2019 federal tax return. This reminder, first in a series, was aimed to help taxpayers get ready for the upcoming tax filing...
AZ - Free personal income tax assistance discussed
Arizona personal income tax filers needing additional assistance this tax filing season can take advantage of the following free tax filing services:Free File Alliance: the program offers a free file ...
Arizona personal income tax filers needing additional assistance this tax filing season can take advantage of the following free tax filing services:Free File Alliance: the program offers a free file ...
CA - Form 540NR short, California nonresident or part-year resident income tax return discontinued
California Franchise Tax Board (FTB) issued a bulletin informing personal income taxpayers that FTB will no longer produce Form 540NR Short, California Nonresident or Part-Year Resident Income Ta...
California Franchise Tax Board (FTB) issued a bulletin informing personal income taxpayers that FTB will no longer produce Form 540NR Short, California Nonresident or Part-Year Resident Income Ta...
CO - Guidance on Pension and Annuity Subtraction Updated
The Colorado Department of Revenue (department) updated its publication on pension and annuity subtraction from personal income tax return. The publication clarifies that eligible taxpayers may subtra...
The Colorado Department of Revenue (department) updated its publication on pension and annuity subtraction from personal income tax return. The publication clarifies that eligible taxpayers may subtra...
FL - Legislature passes IRC conformity update
The Florida legislature passed legislation that would update the IRC conformity tie-in date for computing corporate income tax liability. H.B. 7095, as passed by the Florida Senate on March 11, 2...
The Florida legislature passed legislation that would update the IRC conformity tie-in date for computing corporate income tax liability. H.B. 7095, as passed by the Florida Senate on March 11, 2...
GA - IRC conformity bill passes house
The Georgia House passed legislation updating Georgia’s income tax Internal Revenue Code (IRC) conformity. The new conformity date would be January 1, 2020, with certain exceptions.The bill now ...
The Georgia House passed legislation updating Georgia’s income tax Internal Revenue Code (IRC) conformity. The new conformity date would be January 1, 2020, with certain exceptions.The bill now ...
HI - Form changes, county surcharge increase, e-Filing requirements updated for 2020
Beginning January 1, 2020, the Hawaii Department of Taxation (department) has updated its forms to implement new rates, laws, and processes for personal income tax returns. These forms are identified ...
Beginning January 1, 2020, the Hawaii Department of Taxation (department) has updated its forms to implement new rates, laws, and processes for personal income tax returns. These forms are identified ...
ID - Guidance on claiming grocery credit refund issued
The Idaho State Tax Commission issued guidance regarding grocery credit refund for personal income tax and sales and use tax purposes. The taxpayers who do not make enough money to file an income tax ...
The Idaho State Tax Commission issued guidance regarding grocery credit refund for personal income tax and sales and use tax purposes. The taxpayers who do not make enough money to file an income tax ...
IL - Application of tax to national provider of information management services to healthcare providers
The Illinois Department of Revenue issued a general information letter discussing the application of retailers’ occupation tax, use tax, service occupation tax, or service use tax to a taxpayer,...
The Illinois Department of Revenue issued a general information letter discussing the application of retailers’ occupation tax, use tax, service occupation tax, or service use tax to a taxpayer,...
IA - Due date for W-2s or 1099s filing discussed
Corporations that issued W-2s or 1099s that contain Iowa withholding must electronically file those documents with the Iowa Department of Revenue by February 15, 2020 for corporate and personal income...
Corporations that issued W-2s or 1099s that contain Iowa withholding must electronically file those documents with the Iowa Department of Revenue by February 15, 2020 for corporate and personal income...
MD - Maryland house passes legislation for mandatory combined reporting, pass-through entity level tax
The Maryland House of Representatives has passed legislation that, if enacted would:adopt mandatory uniform combined reporting for all affiliated corporations engaged in a unitary business, applicable...
The Maryland House of Representatives has passed legislation that, if enacted would:adopt mandatory uniform combined reporting for all affiliated corporations engaged in a unitary business, applicable...
MA - Guidance on appeal process for denial or partial denial of applications for brownfields tax credit issued
For corporate and personal income tax purposes, the Massachusetts Department of Revenue (department) issued administrative procedure regarding the appeal process for denials or partial denials of appl...
For corporate and personal income tax purposes, the Massachusetts Department of Revenue (department) issued administrative procedure regarding the appeal process for denials or partial denials of appl...
NV - Fair market values at wholesale for marijuana announced
Nevada has announced the fair market values at wholesale for marijuana tax purposes.Fair Market Values for WholesaleFor the period January 1, 2020, through June 30, 2020, the fair market values at who...
Nevada has announced the fair market values at wholesale for marijuana tax purposes.Fair Market Values for WholesaleFor the period January 1, 2020, through June 30, 2020, the fair market values at who...
NM - New Mexico clarifies manufacturing apportionment provisions, modifies investment credit
Enacted New Mexico corporate income tax legislation clarifies that certain electricity generating facilities are temporarily considered "manufacturers" for purposes of electing a single-sale...
Enacted New Mexico corporate income tax legislation clarifies that certain electricity generating facilities are temporarily considered "manufacturers" for purposes of electing a single-sale...
NY - Appeal against reduction of tax credits partly sustained
For New York State personal income tax purposes, taxpayers’ appeal against the Division of Taxation’s (division’s) reduction of the Empire Zone Real Property Tax Credits (RPTCs) was ...
For New York State personal income tax purposes, taxpayers’ appeal against the Division of Taxation’s (division’s) reduction of the Empire Zone Real Property Tax Credits (RPTCs) was ...
NC - Changes in requirements for applying for a North Carolina extension discussed
Effective for taxable years beginning on or after January 1, 2019, a taxpayer who is granted an automatic extension of time to file a federal income tax return is granted an automatic six month extens...
Effective for taxable years beginning on or after January 1, 2019, a taxpayer who is granted an automatic extension of time to file a federal income tax return is granted an automatic six month extens...
ND - Legislative changes summarized
North Dakota has issued a newsletter summarizing corporate and personal income tax changes enacted by the 2019 legislature, such as a new automation credit and a new military retirement pay exclusion....
North Dakota has issued a newsletter summarizing corporate and personal income tax changes enacted by the 2019 legislature, such as a new automation credit and a new military retirement pay exclusion....
OH - Taxpayer’s protest against commercial activity excise tax sustained
A corporate income taxpayer’s protest against Ohio commercial activity excise tax assessment was sustained as the taxpayer’s receipts from the disposition of the sales of leased vehicles w...
A corporate income taxpayer’s protest against Ohio commercial activity excise tax assessment was sustained as the taxpayer’s receipts from the disposition of the sales of leased vehicles w...
OR - Medical marijuana businesses can deduct business expenses starting 2015 tax year
A corporate income taxpayer’s protest was partially allowed as the taxpayer was entitled to deduct Oregon business expenses related to his medical marijuana business for the 2015 tax year. Howev...
A corporate income taxpayer’s protest was partially allowed as the taxpayer was entitled to deduct Oregon business expenses related to his medical marijuana business for the 2015 tax year. Howev...
PA - Philadelphia enacts poverty income rates
Philadelphia has revised the reduced rate on salaries and wages and net profits for low income residents and non-residents. Philadelphia’s existing poverty income rate that was 0.5% less than th...
Philadelphia has revised the reduced rate on salaries and wages and net profits for low income residents and non-residents. Philadelphia’s existing poverty income rate that was 0.5% less than th...
TN - Guidance issued on tax treatment of mobile telecommunications services
The Tennessee Department of Revenue has issued guidance on the business tax treatment of mobile telecommunications services. Mobile telecommunication services in the state are subject to business tax ...
The Tennessee Department of Revenue has issued guidance on the business tax treatment of mobile telecommunications services. Mobile telecommunication services in the state are subject to business tax ...
TX - Franchise Tax Refund Properly Denied for Sufficient Evidence
A corporate income taxpayer's claims for a refund of franchise tax was properly denied as the taxpayer failed to present evidence for the hearing to show that the franchise tax was unlawfully or erron...
A corporate income taxpayer's claims for a refund of franchise tax was properly denied as the taxpayer failed to present evidence for the hearing to show that the franchise tax was unlawfully or erron...
UT - Taxpayers properly subject to Utah tax assessment as state residents
A married couple was properly subject to Utah personal income tax assessment with additional taxes, penalties, and interest as the couple failed to establish that they were not Utah domiciliary during...
A married couple was properly subject to Utah personal income tax assessment with additional taxes, penalties, and interest as the couple failed to establish that they were not Utah domiciliary during...
VA - Local exemptions provided for sellers at farmers markets and roadside stands
Enacted Virginia legislation exempts sellers at farmers markets and roadside stands from having to collect local meals tax or county food and beverage tax on their sales when the sales are below an an...
Enacted Virginia legislation exempts sellers at farmers markets and roadside stands from having to collect local meals tax or county food and beverage tax on their sales when the sales are below an an...
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