IR-2019-213, December 20, 2019 WASHINGTON — The Internal Revenue Service today urged taxpayers involved in designated syndicated conservation easement arrangements to consult with their tax advisors following a recent U.S. […]
IRS: Make a tax payment now, avoid a tax-time surprise
IR-2019-211, December 18, 2019 WASHINGTON —Taxpayers who paid too little tax during 2019 can still avoid a tax-time surprise by making a quarterly estimated tax payment now, directly to the […]
New downloadable assistant helps small businesses withhold the right amount of income tax
IR-2019-209, December 17, 2019 WASHINGTON — The Internal Revenue Service has launched a new online assistant designed to help employers, especially small businesses, easily determine the right amount of federal […]
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.
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 […]
Get Ready for Taxes: What to do before the tax year ends December 31
IR-2019-207, December 16, 2019 WASHINGTON — The Internal Revenue Service reminds taxpayers there are things they should do now to get ready for the tax-filing season ahead. Charitable Contributions For […]
IRS: Recent legislation requires tax exempt organizations to e-file forms
IR-2019-206, December 13, 2019 WASHINGTON – The Internal Revenue Service said today that the Taxpayer First Act, enacted July 1, requires tax exempt organizations to electronically file information returns and […]
IRS and TTB formalize process to support processing of claims made to the IRS Whistleblower Office
IR-2019-204, December 11, 2019 WASHINGTON — The Internal Revenue Service today announced a process has been formalized with the Alcohol and Tobacco Tax and Trade Bureau (TTB) that puts in […]
IRS selects longtime tax professional, Sharyn Fisk, to lead the Office of Professional Responsibility
IR-2019-202, December 9, 2019 WASHINGTON — The Internal Revenue Service today announced the selection of Sharyn M. Fisk to lead the agency’s Office of Professional Responsibility (OPR). Fisk has most […]
National Tax Security Awareness Week, Day 3: Creating strong passwords can protect taxpayers from identity theft
IR-2019-196, December 4, 2019 WASHINGTON — With millions of people logging in to websites and online accounts this holiday season, the IRS and the Security Summit partners remind taxpayers that […]
National Tax Security Awareness Week begins; IRS and Security Summit partner offer Cyber Monday shopping tips to protect computers, mobile phones
IR-2019-192, December 2, 2019 WASHINGTON — The Internal Revenue Service and the Security Summit partners opened this year’s National Tax Security Awareness Week with a warning for holiday shoppers on […]