The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
The IRS finalized proposed regulations under Sec. 6223 on the procedures for designating a partnership representative and the authority of the partnership representative under the centralized partnership audit regime.
The order announcing the withdrawal says it is being done “to allow time for the reconstituted panel to confer on this appeal.”
The IRS issued proposed regulations providing guidance on Sec. 168(k), which was amended by P.L. 115-97, known as the Tax Cuts and Jobs Act, to increase the allowable first-year depreciation deduction for qualified property from 50% to 100%.
The taxpayer exercised ordinary business care, but its payroll taxes were applied to the EIN of a predecessor entity.
The IRS issued proposed regulations on the Sec. 965 transition tax that requires U.S. shareholders of deferred foreign income corporations to pay tax on post-1986 deferred income.
Knowing when this key protection does not apply is just as important for tax practitioners as knowing when it does.
The Service warns that a substance-over-form recharacterization may ensue.
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Simplified employee pension (SEP) plans can be attractive in the short term but over the long term can be expensive, inefficient, and inflexible.
The Tax Court allows a refund of overpaid Social Security taxes to professional employer organization Paychex.
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A district court holds that reasonable cause remains an issue.
Final regulations address how taxpayers can comply with the requirements for adequate substantiation of charitable contributions of money or property.
The Ninth Circuit reversed a Tax Court decision invalidating a cost-sharing regulation that requires allocation of stock-based compensation costs between related parties.
Four states have sued in U.S. district court, asking to invalidate the $10,000 limit on the deduction for state and local taxes enacted as part of last year’s tax overhaul.
News IRS procedures eliminate the requirement for many exempt organizations to list certain substantial donors’ names and addresses on some forms.
The AICPA’s Tax Executive Committee sent a letter to the IRS, urging the Service to simplify the proposed draft 2019 Form W-4, Employee’s Withholding Allowance Certificate.
The IRS warned that it is increasingly difficult for it to recognize fraudulent tax returns as cybercriminals succeed in getting more and more accurate information.
Taxpayers' claim they were a single-member limited liability company is belied by partnership returns, the Tax Court concludes.