Final regulations govern Sec. 965 transition tax
The IRS finalized proposed regulations issued last August on the new transition tax, which generally taxes the accumulated post-1986 deferred foreign income of a corporation.
Tax
Half of IRS employees to be recalled during tax season
The IRS issued an updated contingency plan outlining how it will function during tax season.
IRS announces Free File launch
The IRS announced that its Free File program, which provides free electronic filing options to moderate-income taxpayers, opened Jan. 11 and will operate through Oct. 15.
IRS sets start date for tax season, will issue refunds during government shutdown
The IRS announced Monday evening that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.
Meals continue to be deductible under IRS guidance
Advance guidance clarifies that the TCJA's disallowance of deductions for entertainment, amusement, or recreation does not address business meals.
Tackling TCJA changes this tax season
An altered landscape awaits CPA preparers and their clients.
Relief for small business tax accounting methods
The cash method and other favorable rules are now more widely available with Tax Cuts and Jobs Act changes.
Statutory employees and the QBI deduction
The hybrid nature of these specified occupations may allow taxpayers in them to claim the 20% deduction of Sec. 199A from qualified business income.
Taxpayer’s change to foreign tax deduction is ruled untimely
Extended limitation period of 10 years for refund claims applies only to foreign tax credit, Second Circuit affirms.
Church members’ donations to minister are denied gift treatment
Objective evidence indicates donors' intent was to provide compensation, the Tax Court holds.
Filing season quick guide — tax year 2018
Download our annual quick guide, a tax season reference highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.
The IRS’s private debt collection program
Taxpayers who have been contacted by an IRS-contracted private debt collection agency may need professional representation to preserve their full array of repayment options.
Line items
Personal exemption claims are deemed for health care provisions ... Suspension of moving expense reimbursement exclusion is clarified
Government shutdown would halt many IRS operations
A partial government shutdown at midnight on Friday would affect the IRS, which has not been fully funded for fiscal year 2019.
2019 standard mileage rates announced
The IRS released guidance on the standard mileage rate for business, medical and certain moving expenses incurred in 2019.
Proposed regs. govern tax on base-erosion payments
The IRS issued proposed rules on the Sec.59A base-erosion anti-abuse tax (BEAT), one of a number of new international tax provisions added by the law known as the Tax Cuts and Jobs Act.
IRS explains disallowance of qualified transportation fringe benefits for parking
The IRS issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for their employees.
Initial guidance issued on Sec. 83(i) deferral election for private company equity grants
The IRS issued initial guidance on the application of Sec. 83(i), which allows certain employees to defer recognition of income attributable to the receipt or vesting of qualified stock.
Schoolteacher’s failure to file FBAR results in $800,000 penalty
The Court of Federal Claims holds that actions and failure to inquire into reporting requirements for a foreign account by a taxpayer who had made a 'quiet disclosure' showed willfulness.
Model state approach to federal partnership audits
The AICPA worked with several other organizations to create a model statute for states to handle the new federal partnership audit regime.
