The IRS will permit taxpayers to change their bonus depreciation treatment for property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017.
The IRS has begun sending what it calls “educational letters” to taxpayers it has identified as not reporting virtual currency transactions or reporting them incorrectly.
As part of its effort to reduce identity theft, the IRS issued final rules permitting employers to provide truncated taxpayer identification numbers on Forms W-2, Wage and Tax Statement, they provide to employees.
The bill establishes an independent appeals office and requires the IRS to develop a customer service strategy. A controversial provision codifying the Free File program was dropped from the bill.
The TCJA's reduction of corporate tax rates and the increase for QBI deductions is likely to pique interest in the claim-of-right provision.
The AICPA asked Treasury and the IRS to issue additional guidance on Sec. 199A beyond the recently finalized regulations and a proposed revenue procedure in the form of a notice on a safe harbor for rental real estate.
The Ninth Circuit agrees that Treasury regulations provide the exclusive exceptions to the physical-delivery rule, so the common law mailbox rule does not apply.
The Ninth Circuit Court of Appeals reversed a Tax Court decision that had held that a cost-sharing regulation that required allocation of stock-based compensation was invalid.
To fight identity theft, starting June 28 the IRS will no longer fax transcripts to taxpayers, tax professionals, and other third parties. And in July it will stop providing an option for mailing transcripts to third parties.
This item provides a quick overview of several tools available to taxpayers who have made mistakes.
The IRS issued final regulations under Sec. 6707A, which imposes a penalty on taxpayers who fail to disclose a reportable transaction on their tax returns.
Banks, hotel groups, large retailers, utilities, and car rental companies may be eligible for refunds of federal excise tax paid when purchasing frequent flyer miles from domestic airlines to use in reward and loyalty programs.
The TCJA revised Sec. 451(c), changing the timing of taxation for certain advance payments, including advance payments for future mineral production and delivery.
Power of attorney and return filing extension forms do not meet the requirements for notifying the IRS of a taxpayer’s change of address.
The IRS proposed regulations under Sec. 6050Y, which governs reporting obligations for reportable policy sales of life insurance contracts and payments of reportable death benefits.
The new draft form, which has been extensively redesigned, is intended to simplify the calculation of income tax withholding after the changes made by the law known as the Tax Cuts and Jobs Act.
The IRS notified tax software companies that it had discovered an error in the Schedule D, Capital Gains and Losses, Tax Worksheet used to calculate the tax on certain capital gains that had new rates as a result of the law known as the Tax Cuts and Jobs Act.
The IRS announced that taxpayers affected by the recent Wolters Kluwer service outage who are facing May 15 filing deadlines can follow certain procedures to obtain reasonable cause waivers for failing to file on time.
This discussion focuses on two notable business provisions in the TCJA affecting sports franchises: new like-kind exchange provisions under Sec. 1031 and the QBI deduction under Sec. 199A.
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.