The relief applies to individuals whose tax withheld and estimated tax payments equal at least 85% of the tax shown on their 2018 tax return.
Individual Income Taxation
The IRS announced that its Free File program, which provides free electronic filing options to moderate-income taxpayers, opened Jan. 11 and will operate through Oct. 15.
Advance guidance clarifies that the TCJA's disallowance of deductions for entertainment, amusement, or recreation does not address business meals.
Objective evidence indicates donors' intent was to provide compensation, the Tax Court holds.
Download our annual quick guide, a tax season reference highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.
An altered landscape awaits CPA preparers and their clients.
The IRS released guidance on the standard mileage rate for business, medical and certain moving expenses incurred in 2019.
The taxpayer's subsequent knowledge of the embezzlement prevents relief for a second tax year.
Despite the repeal of an itemized deduction for foreign real property taxes, some benefit may still be available to certain U.S. taxpayers living and working overseas.
The Court of Federal Claims holds that actions and failure to inquire into reporting requirements for a foreign account by a taxpayer who had made a 'quiet disclosure' showed willfulness.
The Social Security Administration said that the amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax for 2019 will be $132,900, increased from 2018’s maximum of $128,400.
The regulations also contain new definitions of qualified appraisals and qualified appraisers for noncash contributions.
Examples of how the tax owed for children subject to the kiddie tax can change from 2017 to 2018.
The Tax Cuts and Jobs Act made significant changes to the kiddie tax. See how the tax is determined under the new rules.
IRS guidance clarifies what it means to claim a personal exemption deduction.
The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.
The TCJA’s higher standard deduction makes before-tax giving more attractive.
'Reliance' regs., other guidance cover many questions about the TCJA's 20% deduction for noncorporate entities.
The IRS issued its annual update of the special per-diem rates for business travel away from home from Oct. 1, 2018, through Sept. 30, 2019.
Allocation of certain expenses between personal and rental use may need to change under the law known as the Tax Cuts and Jobs Act.