The IRS issued the 2020 limits on depreciation deductions for cars and trucks first placed in service in 2020 and the income inclusion amounts for passenger automobiles first leased in 2020.
Individual Income Taxation
Congress reverses changes made to the kiddie tax in the Tax Cuts and Jobs Act, allowing affected taxpayers to amend their returns.
The IRS issued final regulations allowing regulated investment companies (RICs) to report qualified real estate investment trust (REIT) dividends as Sec. 199A dividends to their shareholders.
The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.
The IRS released guidance on how taxpayers can take coronavirus-related distributions from qualified retirement plans as authorized by the CARES Act.
The IRS issued proposed regulations defining direct primary care arrangements with doctors and health care sharing ministries and how payments for them can qualify as Sec. 213 medical expenses.
In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.
The IRS announced that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, later this summer.
The IRS issued proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.
The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.
Help tax clients fulfill exacting requirements.
Individuals not required to file a return can use a tool on the IRS website or file a special 2019 return.
The IRS announced that taxpayers for whom the Service does not have direct deposit information should go to its “Get My Payment” website and enter that information by noon on Wednesday, May 13, so they can receive their stimulus payments electronically.
Chris Hesse, CPA, the AICPA Tax Executive Committee chair, analyzes how the CARES Act's provisions allowing carryback of net operating losses for 2018 through 2020 interact with other new provisions.
Here are legislative and IRS responses to the coronavirus outbreak.
A taxpayer is subject to civil penalties for nonwillful failure, a court holds.
Individuals and businesses can avoid having their prolonged stay in a country affect their tax residence if their cross-border travel was disrupted by the COVID-19 pandemic, under limited relief the IRS announced in two revenue procedures and FAQs.
Social Security and Railroad Retirement beneficiaries who didn’t file 2018 or 2019 tax returns must enter their children’s information by noon EDT on Wednesday, April 22, to get an automatic $500 child stimulus payment.
The IRS issued guidance on how to file tax returns in order to receive an economic impact payment for taxpayers who do not normally file income tax returns or who have zero adjusted gross income amounts to report can file returns using special IRS procedures.
Recipients of Veterans Affairs benefits were added to the list of individuals who will automatically receive economic impact payments, the IRS announced.