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 announces 2021 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program Grants October 22, 2020
IR-2020-239, October 21, 2020 WASHINGTON — The Internal Revenue Service recently awarded over $36 million in Tax Counseling for the Elderly and Volunteer Income Tax Assistance grants PDF to organizations that provide free federal tax return preparation. This year, the IRS awarded grants to 34 TCE and 273 VITA applicants. The IRS received 354 applications requesting nearly $80 […]
October 15 deadline nears for taxpayers who requested tax filing extensions October 9, 2020
Taxpayers should file electronically and request direct deposit for refunds IR-2020-231, October 7, 2020 WASHINGTON — The Internal Revenue Service today reminds taxpayers who filed an extension that the October 15 due date to file their 2019 tax return is near. Taxpayers should file their tax returns on or before the October 15 deadline. For […]
IRS expands enforcement focus on abusive micro-captive insurance schemes; taxpayers urged to consult independent tax advisor before Oct. 15 filing deadline October 5, 2020
IR-2020-226, October 1, 2020 WASHINGTON — With the October 15 filing deadline quickly approaching, the Internal Revenue Service today encouraged taxpayers to consult an independent tax advisor if they participated in a micro-captive insurance transaction. The IRS encourages any taxpayer who has continued to engage in an abusive micro-captive insurance transaction to not anticipate being able […]