December 2019 --

Archive for December, 2019

IRS continues enforcement efforts in conservation easement cases following latest Tax Court decision

Posted on December 20th, 2019 - by marvy wagdy In Business, Tax Tips, Uncategorized

IRS: Make a tax payment now, avoid a tax-time surprise

Posted on December 19th, 2019 - by marvy wagdy In Business, Tax Tips, Uncategorized

New downloadable assistant helps small businesses withhold the right amount of income tax

Posted on December 18th, 2019 - by marvy wagdy In Business, Tax Tips, Uncategorized

IR-2019-208, December 17, 2019 WASHINGTON — The Treasury Department and Internal Revenue Service issued proposed regulations to reflect changes from the Tax Cuts and Jobs Act (TCJA) on the tax deductibility of officers’ compensation by publicly held corporations. On Aug. 21, 2018, the Treasury Department and IRS released Notice 2018-68 (PDF). This notice provided initial guidance on this deduction limitation. Section 162(m) disallows the deduction by any publicly held corporation for compensation paid in any taxable year to a covered employee that exceeds $1 million. The proposed regulations update the definitions of covered employee, publicly held corporation and applicable employee compensation. The TCJA also provided a transition, or “grandfather” rule, for certain outstanding compensatory arrangements. Specifically, the TCJA changes do not apply to compensation that is provided to a covered employee under a written binding contract that was in effect on Nov. 2, 2017 and was not modified on or after that date. The proposed regulations further explain the grandfather rule, including when a contract will be considered materially modified so that it is no longer considered “grandfathered.” The TCJA changes apply to tax years beginning after Dec. 31, 2017, except to the extent the grandfather rule applies. Taxpayers may rely on these proposed regulations for tax years before the final regulations are effective. IRS and Treasury welcome public comments. For details, see the proposed regulations now available in the Federal Register. Updates on the implementation of the TCJA can be found on the Tax Reform page of IRS.gov.

Posted on December 17th, 2019 - by marvy wagdy In Business, Tax Tips, Uncategorized

Get Ready for Taxes: What to do before the tax year ends December 31

Posted on December 16th, 2019 - by marvy wagdy In Business, Tax Tips, Uncategorized

IRS: Recent legislation requires tax exempt organizations to e-file forms

Posted on December 13th, 2019 - by marvy wagdy In Business, Tax Tips, Uncategorized

IRS and TTB formalize process to support processing of claims made to the IRS Whistleblower Office

Posted on December 11th, 2019 - by marvy wagdy In Business, Tax Tips, Uncategorized

IRS selects longtime tax professional, Sharyn Fisk, to lead the Office of Professional Responsibility

Posted on December 9th, 2019 - by marvy wagdy In Business, Tax Tips, Uncategorized

National Tax Security Awareness Week, Day 3: Creating strong passwords can protect taxpayers from identity theft

Posted on December 4th, 2019 - by marvy wagdy In Business, Tax Tips, Uncategorized

National Tax Security Awareness Week begins; IRS and Security Summit partner offer Cyber Monday shopping tips to protect computers, mobile phones

Posted on December 2nd, 2019 - by marvy wagdy In Business, Tax Tips, Uncategorized

Tax Updates

IRS grants additional relief for rehabilitation credit deadlines August 11, 2020
IR-2020-173, July 30, 2020 WASHINGTON — Because of the burdens the COVID-19 pandemic has placed on taxpayers claiming the rehabilitation credit, the Internal Revenue Service today issued Notice 2020-58 (PDF) that provides additional relief to taxpayers in satisfying the substantial rehabilitation test. Projects must satisfy the “substantial rehabilitation test” within a 24- or 60-month period for determining […]
IRS issues proposed regulations for TCJA’s simplified tax accounting rules for small businesses August 6, 2020
IR-2020-174, July 30, 2020 WASHINGTON — The Internal Revenue Service today issued proposed regulations (PDF) updating various tax accounting regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA). For tax years beginning in 2019 and 2020, these simplified tax accounting rules apply for taxpayers having inflation-adjusted average […]
IRS issues final regulations and other guidance on business interest expense deduction limitation July 29, 2020
IR-2020-171, July 28, 2020 WASHINGTON — The Internal Revenue Service issued final regulations (PDF) regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act. For tax years beginning after December 31, 2017, business interest expense deductions are generally limited to […]