IR-2020-14, January 16, 2020 WASHINGTON — As the 2020 tax season approaches, the Internal Revenue Service today encouraged taxpayers, businesses, tax professionals and others to take advantage of a variety […]
Direct deposit fastest way to receive federal tax refund
IRS YouTube videos: Direct Deposit for Your Tax Refund − English IR-2020-05, January 9, 2019 WASHINGTON — With tax season beginning soon, the Internal Revenue Service reminds taxpayers that choosing […]
National Taxpayer Advocate delivers Annual Report to Congress: focuses on Taxpayer First Act implementation, taxpayer service, and IRS funding
IR-2020-03, January 8, 2020 WASHINGTON — Acting National Taxpayer Advocate Bridget Roberts today released her 2019 Annual Report to Congress. Key challenges highlighted in the report include implementation of the […]
IRS issues 2019 annual report; highlights program areas across the agency
IR-2020-01, January 6, 2020 WASHINGTON — The Internal Revenue Service today released a new annual report highlighting accomplishments across the nation’s tax agency during Fiscal Year 2019. “Internal Revenue Service […]
New Free File agreement signed to strengthen program, help taxpayers
IR-2019-214, December 30, 2019 WASHINGTON — The Internal Revenue Service announced today an agreement (PDF) with Free File, Inc. (FFI) designed to bring more clarity for taxpayers choosing to use free […]
IRS continues enforcement efforts in conservation easement cases following latest Tax Court decision
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 […]