The IRS issued guidance on determining the amount of the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) under Sec. 250.
Advertisement
News
Court upholds IRS PTIN fees
The IRS has authority to charge a user fee for preparer tax identification numbers (PTINs) a federal appeals court held, paving the way for the agency to reinstate the charges for obtaining and renewing a PTIN.
Times have changed; professional standards should, too
The AICPA is revising its Statements on Standards for Tax Services and wants your help.
IRS finalizes centralized partnership audit regulations
The IRS issued final regulations on the centralized partnership audit regime, which generally assesses tax at the partnership level.
State tax law cannot discriminate against federal pensioners, Supreme Court holds
The U.S. Supreme Court held that West Virginia cannot provide a tax exemption to state law enforcement retirees while denying that exemption to federal law enforcement retirees who performed similar jobs.
Taxpayers will file QBI deduction computation with IRS next year
The IRS posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A.
Bonus depreciation safe-harbor rules for vehicles issued
The IRS issued a safe-harbor procedure that taxpayers may follow for determining the deduction for depreciating passenger vehicles when they are eligible for 100% bonus depreciation but are also subject to the Sec. 280F limits on deductions for luxury automobiles.
Identity protection PIN program expands
The IRS announced that it is expanding its identity protection personal identification number (IP PIN) program to taxpayers in seven additional states.
IRS issues updates on post-shutdown activities
The IRS posted guidance for the public explaining how it will be operating now that the shutdown has ended, to catch up on its backlog in audits, collections, tax return processing, and Tax Court cases.
Government shutdown ends in time for tax season
The partial shutdown of the federal government ended just in time to allow the full IRS workforce to return to work for the start of tax season.
Paid preparer’s checklist expands to include head-of-household, other tax credit questions
Practitioners should be aware of changes to the due-diligence requirements for returns that claim the earned income tax credit, the American opportunity tax credit, and/or the child tax credit.
Qualified business income deduction regs. and other guidance issued
The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.
Some individual taxpayers get relief from underpayment penalty
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.
Final regulations govern Sec. 965 transition tax
The IRS finalized proposed regulations issued last August on the new transition tax, which generally taxes the accumulated post-1986 deferred foreign income of a corporation.
Half of IRS employees to be recalled during tax season
The IRS issued an updated contingency plan outlining how it will function during tax season.
IRS announces Free File launch
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.
IRS sets start date for tax season, will issue refunds during government shutdown
The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.
Sec. 199A: Questions and answers
Jeff Bilsky, CPA, senior practice leader for BDO’s national partnership taxation group, sat down recently for a question-and-answer session on guidance that has been issued on the Sec. 199A qualified business income deduction.
Government shutdown would halt many IRS operations
A partial government shutdown at midnight on Friday would affect the IRS, which has not been fully funded for fiscal year 2019.
2019 standard mileage rates announced
The IRS released guidance on the standard mileage rate for business, medical and certain moving expenses incurred in 2019.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
