IRS Procedure

IRS releases revised draft 2018 Form 1040

The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.

Draft 2019 Form W-4 released

The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019.

LB&I campaigns update

The IRS’s LB&I division implemented a major restructuring intended to make better use of IRS resources.

D.C. Circuit upholds IRS unenrolled tax preparer program

The Court of Appeals for the D.C. Circuit held that the AICPA had standing to challenge the IRS’s Annual Filing Season Program for unenrolled tax preparers but further held that the program did not violate the Administrative Procedure Act.

IRS updates charitable contribution procedures

The IRS issued new procedures for contributions to charitable organizations, including rules for when donors can rely on the information about an organization’s tax-exempt status on the IRS database Tax Exempt Organization Search.

Basis issues in cryptocurrency

For investors, cryptocurrency will be regarded as a capital asset, so a key component of correctly determining the tax treatment of a cryptocurrency investment will be establishing its basis.

Newsletter Articles

SPONSORED REPORT

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

DEDUCTIONS

Understanding the new Sec. 199A business income deduction

The new deduction allows certain business owners to keep pace with the significant corporate tax cut provided by the Tax Cuts and Jobs Act.