Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible Internal Revenue Service restructuring, more-targeted enforcement efforts and IRS use of data analytics.
Tax planning and return filing readiness depend in no small part on the actions of Congress and the IRS and Treasury in the countdown to 2020. Ed Karl, AICPA vice president–Taxation, gives some inside-the-Beltway prognostications.
The IRS released its updated procedures for automatic accounting method changes, which are accounting method changes that can be made without the IRS’s consent.
The IRS released the 2020 tax tables for individuals and estates and trusts, as well as the inflation adjustments for over 60 tax provisions for 2020 tax returns.
Annual contribution limits for 401(k) plans will increase from $19,000 in 2019 to $19,500 in 2020, and most other limits are increasing as well.
As states impose sales tax collection obligations on more companies, individual taxpayers face a greater risk of personal liability if their organization fails to comply.
A recent law change invites new strategies.
The difference resulted in $248 million of tax underreporting.
An AICPA task force is evaluating how these key guidelines for tax practices need to be updated to account for changes in technology and law.
Late elections or revocations made during the time prescribed in Rev. Proc. 2019-13 will be treated as automatic changes in method of accounting with a Sec. 481(a) adjustment.
Taxpayers' reliance on a preparer to e-file their extension request is not reasonable cause, a district court holds.
Prop. regs. update valuation limit for employee use of vehicle ... Rules proposed for classifying cloud and digital content transactions ... Nondiscrimination rules relief extended
A district court invalidates a regulation requiring educational activities to be an educational organization's primary function and its other activities to be merely incidental to those activities.
Don’t neglect these basic health care considerations in clients’ retirement planning.
The memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies.
The IRS finalized regulations permitting taxpayers to deduct disaster losses in the prior tax year and removed the related temporary regulations that were issued in 2016.
The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.
U.S. shareholders who own stock in foreign corporations were given a safe harbor by the IRS, making it easier for them to establish that they are not shareholders in a controlled foreign corporation, or CFC.
An IRS letter ruling allowed an otherwise qualified corporation to continue to be treated as an S corporation for federal income tax purposes despite its inadvertent termination of its S corporation status.
Today’s tax firms must be vigilant against cyberthreats.