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

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Tax Updates

IRS Nationwide Tax Forums go virtual in 2020 May 26, 2020
Tax pros can choose from up to 30 webinars beginning in July IR-2020-100, May 21, 2020 WASHINGTON — The Internal Revenue Service today announced the 2020 IRS Nationwide Tax Forums will be held virtually in 2020 with a series of live-streamed webinars beginning this July. “Given restrictions on large gatherings and difficulties with travel, we’ve […]
IRS.gov helps taxpayers get tax information they need; find tools for filing, paying, checking accounts and answering questions May 21, 2020
IR-2020-99, May 21, 2020 WASHINGTON — The Internal Revenue Service reminds taxpayers today about several online tools available to help them get the tax information they need as the IRS has limited operations due to the coronavirus. More taxpayers are using IRS.gov than ever before; as of May 8, the agency’s website had been visited a record […]
IRS expands partner materials for Economic Impact Payments; continues sweeping effort to share details in multiple languages May 18, 2020
IR-2020-96, May 15, 2020 WASHINGTON — The Internal Revenue Service announced today the availability of additional material for partner groups sharing information related to Economic Impact Payments, including a new toolkit in Spanish and a variety of other print and visual items available. Even with more than 130 million Economic Impact Payments delivered to date […]