The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.
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Tax
Safe harbor allows QBI deduction for rental real estate businesses
The IRS issued a revenue procedure describing the requirements taxpayers have to meet to be a rental real estate business that qualifies for the safe harbor to be treated as a trade or business in order to qualify for the Sec. 199A qualified business income deduction.
Final regs. loosen 401(k) hardship distribution requirements
The IRS issued final regulations governing hardship distributions from Sec. 401(k) plans, eliminating the requirements that participants obtain a loan from the plan if available and that suspend participants’ ability to make contributions to the plans for six months after taking a hardship distribution.
Regulations clarify bonus depreciation treatment
The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended by the law known as the Tax Cuts and Jobs Act.
Proposed regs. clarify reporting requirements for tax-exempt organizations
The rulemaking mainly consolidates existing guidance in one location, but it also responds to a recent court decision that held invalid certain changes to donor-reporting requirements.
IRS offers expatriate tax relief
The IRS announced procedures to allow certain individuals who have renounced their U.S. citizenship to get into compliance with their US tax obligations and obtain relief for back taxes.
Tax accounting rules issued for advance payments
Taxpayers that use the accrual method and receive advance payments for good or services were given new rules by the IRS on when to include the advance payments in income.
2019 tax software survey: Shares of respondents and product and company information
Bonus: The percentages for all 13 products, including a breakdown of their usage among firms ranked by ranges of numbers of preparers, in the 2019 tax software survey.
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Prop. regs. and notice guide co-ops and patrons on Sec. 199A(g) and QBI deductions … CAP applicants sought … Puerto Rico gets 2 more opportunity zones
Automation and digital workflow in a tax practice
When choosing and implementing new technologies, a firm must involve team members at all levels in the process and provide essential training.
Supreme Court holds North Carolina cannot tax trust lacking minimum contact
The tax violated due process where the only connection to the state was beneficiaries’ residence there, the Court states.
2019 tax software survey
Learn how the industry-leading products stacked up in CPAs’ estimation through a tax season with many far-reaching law changes.
Taxpayer allowed a deduction under claim of right
A divorced spouse could deduct her indirect repayment of an amount previously included in her and her former husband’s jointly reported income.
Child dependency claims by noncustodial parents
Practitioners can help taxpayers avoid common miscues under the special rule of Sec. 152(e).
Ninth Circuit overturns Tax Court’s invalidation of transfer-pricing regs.
Stock-based compensation is held includible in a cost-sharing agreement.
Congress approves IRS reform legislation
The law revamps the appeals process, requests for innocent spouse claims, and private debt collection rules, among other revisions.
Proposed regs. govern maximum automobile values
The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.
Underpayment penalty relief now automatic for eligible filers
Some taxpayers who paid 2018 underpayment penalties will receive refund checks because the penalties will be automatically waived for those who qualify, the IRS announced.
Alimony tax gap swells to $3.2 billion, TIGTA finds
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
Rules proposed for classifying cloud and digital content transactions
The Internal Revenue Service proposed regulations to clarify how to classify transactions involving digital content and cloud computing.
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