Practitioners welcomed the IRS’s deferral of income tax returns and payments due April 15 for another 90 days but have many questions about related issues.
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TOPICS / TAX
Individual income taxation
IRS provides guidance for April 15 filing delay
The IRS announced the postponement of the April 15 federal income tax filing deadline until July 15. Friday’s notice expands on earlier guidance that had only postponed tax payments but not the filing deadline.
Tax filing deadline moving to July 15, Treasury secretary announces
Treasury Secretary Steven Mnuchin announced that taxpayers will have until July 15 to file their tax returns, a change from the guidance announced by the IRS earlier.
AICPA expresses strong concern over lack of filing relief in coronavirus tax notice
The IRS delayed any tax payments due April 15 to July 15 without interest or penalties accruing. The relief does not extend any tax return filing deadlines.
Treasury secretary announces 90-day delay in tax payment deadline
Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.
Year-end government spending bill contains many tax provisions
Certain health care taxes are repealed, IRAs are revamped, and disaster relief and other provisions are extended.
Tax Court holds cutting horse activity had a profit motive
The factors of Regs. Sec. 1.183-2(b),along with the taxpayer’s goals, actions, and testimony, supported the court’s holding.
Proposed regs. issued on meal and entertainment expense deductions
The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274.
No need to report some transactions in video game currency, IRS says
Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
IRS proposes rules to update income tax withholding, revises Form W-4
The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.
Use of standard mileage rate, other rules updated for TCJA
Modifications address the period during which miscellaneous itemized deductions are suspended.
More taxpayers qualify for student loan COD relief
The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.
IRS issues 2020 standard mileage rates
On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.
Taxpayers may deduct casualty losses in prior years
The final regulations allow more time to make the election.
Writing to win tax appeals
If taxpayers disagree with an IRS audit, they have 30 days to prepare an IRS protest. Find out how to win at IRS Appeals.
‘Gifts’ to clergy may be remuneration
Payments to a pastor did not qualify to be excluded from income as a parsonage allowance or as nontaxable gifts.
Filing season quick guide — tax year 2019
Download and print this tax season reference highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.
Humpty Dumpty meets the tax code
Annette Nellen, Esq., CPA, CGMA, walks us through four recent decisions by the U.S. Tax Court to show how the precise application of a word or phrase can make a world of difference.
Qualified opportunity zone regs. finalized
The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).
Year-end government spending bill contains many tax provisions
The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.
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