- Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction
IR-2019-04, January 18, 2019 – Today the Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction).
- IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018
IR-2019-03, January 16, 2019 – The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
- IRS Free File opens today in advance of tax season
IR-2019-02, January 11, 2019 – An improved version of IRS Free File begins its 17th filing season today as a dozen private-sector partners offer their brand-name products to help eligible taxpayers navigate the new tax reform law and electronically prepare their tax returns.
- IRS Confirms Tax Filing Season to Begin January 28
IR-2019-01, January 7, 2019 – Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled.
- IRS issues guidance on Section 179 expenses and Section 168(g) depreciation under Tax Cuts and Jobs Act
IR-2018-257, December 21, 2018 – The IRS issued Revenue Procedure 2019-08 today to provide guidance on deducting expenses under Section 179(a) and on deducting depreciation under Section 168(g).
- IRS takes additional steps to protect taxpayer data; partners with tax professionals
IR-2018-256, December 19, 2018 – After working with the tax preparation community, the IRS today announced it would stop its tax transcript faxing service as of Feb. 4, 2019, and offer a more secure alternative to taxpayers and tax professionals.
- IRS: Make an estimated tax payment now to avoid a tax time surprise
IR-2018-255, December 19, 2018 – The IRS today advised employees, whose 2018 federal income tax withholding unexpectedly falls short of their tax liability for the year, that they can still avoid a tax-time surprise by making a quarterly estimated tax payment directly to the IRS.
- IRS issues guidance on changes to excess business and net operating losses
IR-2018-254, December 18, 2018 – The IRS issued guidance on excess business loss limitations and net operating losses following law changes in the Tax Cuts and Jobs Act (TCJA).
- IRS, Security Summit partners warn tax professionals of fake payroll direct deposit and wire transfer emails
IR-2018-253, December 17, 2018 – The IRS and its Security Summit partners today warned tax professionals of an uptick in phishing emails targeting them that involve payroll direct deposit and wire transfer scams.
- First plug-in electric vehicle manufacturer crosses 200,000 sold threshold;Tax credit for eligible consumers begins phase down on Jan. 1
IR-2018-252, December 14, 2018 – The IRS announced today that Tesla, Inc. has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the third quarter of 2018.
- IRS issues standard mileage rates for 2019
IR-2018-251, December 14, 2018 – The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
- IRS issues proposed regulations on key new international provision, the base erosion and anti-abuse tax
IR-2018-250, December 13, 2018 – The Internal Revenue Service issued proposed regulations today on the section 59A base erosion and anti-abuse tax.
- Wrongful incarceration exclusion reminder: Dec. 17 is deadline for older refund claims
IR-2018-249, December 13, 2018 – Wrongfully-incarcerated individuals, wishing to take advantage of the special retroactive tax exclusion, usually must file refund claims by Monday, Dec. 17, 2018, according to the IRS.
- IRS reminder: Deadline Dec. 31 for most retirees who must make required retirement plan distributions
IR-2018-248, December 11, 2018 – The Internal Revenue Service today reminded retirees born before July 1, 1948, that they usually must take distributions from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31.
- IRS issues guidance for determining nondeductible amount of parking fringe expenses and unrelated business taxable income; provides penalty relief to tax-exempt organizations
IR-2018-247, December 10, 2018 – The Internal Revenue Service today issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses paid or incurred after Dec. 31, 2017.
- For private corporations and their employees, IRS provides initial guidance on new tax benefit for stock options and restricted stock units
IR-2018-246, December 7, 2018 – The Internal Revenue Service today issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers.
- IRS, Security Summit Partners warn tax professionals of high risk of data theft attacks
IR-2018-245, December 7, 2018 – Cybercriminals stepped up their attacks on tax professionals during 2018, prompting the IRS and the Security Summit partners to urge practitioners to take steps to protect client data and their computer networks from these threats.
- Interest Rates Increase for the First Quarter of 2019
IR-2018-244, December 6, 2018 – The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning January 1, 2019.
- Security Summit warns employers: Be alert to identity theft and W-2 scams
IR-2018-243, December 6, 2018 – As the 2019 tax season approaches, the IRS, state tax agencies and the nation's tax industry joined together to warn small businesses to be on-guard against a growing wave of identity theft and W-2 scams.
- IRS: Taxpayers have extra day to file and pay; Returns and payments due Dec. 5 are now due Dec. 6
IR-2018-242, December 4, 2018 – The Internal Revenue Service today granted taxpayers an extra day, until Thursday, Dec. 6, 2018 to file any return or pay any tax originally due on Wednesday, Dec. 5.
- Security Summit Partners highlight new password guidance, urge taxpayers and practitioners to protect all accounts
IR-2018-241, December 4, 2018 – To help protect against cybercriminals stealing identities, the IRS, state tax agencies and the nation's tax industry urged people to review new, stronger standards to protect the passwords of their online accounts.
- IRS sees surge in email phishing scams; Summit Partners urge taxpayers: â€˜Don't Take the Bait'
IR-2018-240, December 4, 2018 – With the approach of the holidays and the 2019 filing season, the IRS, state tax agencies and the nation's tax industry warned people to be on the lookout following a surge of new, sophisticated email phishing scams.
- IRS reminds those with disabilities of new ABLE account benefits
IR-2018-239, December 4, 2018 – The Internal Revenue Service wants to remind those with disabilities that the Tax Cuts and Jobs Act (2017) made major changes to Achieving a Better Life Experience (ABLE) accounts.
- IRS, Security Summit Partners warn public: It's shopping season for identity thieves, too; Tax Security Awareness Week offers tips
IR-2018-238, December 3, 2018 – With the holiday shopping season in full swing, the Internal Revenue Service and Security Summit partners warn taxpayers to take extra steps to protect their tax and financial data from identity thieves.
- IRS launches Instagram account to help taxpayers: Agency adds social media platform to reach more taxpayers, share timely information on filing season, tax law changes, tax scams
IR-2018-237, November 30, 2018 – As part of a larger mission of helping all taxpayers understand and meet their tax responsibilities, the IRS announced today its debut on Instagram, adding this platform to its social media portfolio.
- Proposed hardship withdrawal regulations include relief for disaster victims: Retirement plans can now make loans, hardship distributions to victims of Hurricanes Michael and Florence
IR-2018-236, November 29, 2018 – The IRS recently announced that 401(k) plans and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Michael and Hurricane Florence and to members of their families.
- IRS issues proposed regulations on foreign tax credits
IR-2018-235, November 28, 2018 – The Internal Revenue Service issued proposed regulations today on foreign tax credits for businesses and individuals.
- Get Ready for Taxes: Many options available for preparing a 2018 tax return
IR-2018-234, November 28, 2018 – The IRS is advising taxpayers that now is a good time to decide how to prepare and file their 2018 tax return.
- IRS issues proposed regulations on new business interest expense deduction limit
IR-2018-233, November 26, 2018 – The Internal Revenue Service issued proposed regulations today for a provision of the Tax Cuts and Jobs Act, which limits the business interest expense deduction for certain taxpayers.
- Get Ready for Taxes: Safekeeping tax records helps for future filing, amended returns, audits
IR-2018-232, November 26, 2018 – With the tax filing season quickly approaching, the Internal Revenue Service wants taxpayers to understand how long to keep tax returns and other documents.
- IRS reminds employers, business owners of Jan. 31 filing deadline for wage statements, independent contractor forms
IR-2018-231, November 21, 2018 – The IRS today reminded employers and other businesses that Jan. 31 remains the filing deadline for wage statements and independent contractor forms.
- Get Ready for Taxes: Tax reform changes likely to reduce number of taxpayers who itemize
IR-2018-230, November 21, 2018 – The IRS today advised taxpayers that the doubling of the standard deduction due to tax law changes is likely to reduce the number of taxpayers who normally itemize.
- Treasury, IRS: Making large gifts now won't harm estates after 2025
IR-2018-229, November 20, 2018 – Today the IRS announced that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels.
- Security Summit plans National Tax Security Awareness Week, Dec. 3-7; New Twitter handle launched, â€˜Dark Web' webinar planned
IR-2018-228, November 20, 2018 – With the approach of the holidays and the upcoming tax season, the Internal Revenue Service, state tax agencies and the nation's tax industry will sponsor a nationwide campaign in December urging people to better protect their sensitive tax and financial data.
- Like-kind exchanges now limited to real property
IR-2018-227, November 19, 2018 – The Internal Revenue Service today reminded taxpayers that like-kind exchange tax treatment is now generally limited to exchanges of real property.
- IRS warns of â€œTax Transcriptâ€ email scam; dangers to business networks
IR-2018-226, November 19, 2018 – The IRS and Security Summit partners today warned the public of a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware.
- Get Ready for Taxes: Get 2018 tax documents ready for upcoming filing season
IR-2018-225, November 19, 2018 – The IRS reminds taxpayers to keep a copy of their past tax returns and supporting documents for at least three years.
- IRS: Plan now to use Health Flexible Spending Arrangements in 2019
IR-2018-224, November 16, 2018 – The Internal Revenue Service today reminded eligible employees that now is the time to begin planning to take full advantage of their employer's health flexible spending arrangement (FSA) during 2019.
- New tax law allows small businesses to expense more, expands bonus depreciation
IR-2018-223, November 15, 2018 – The Internal Revenue Service today reminded small business taxpayers that changes to the tax law mean they can immediately expense more of the cost of certain business property.
- IRS provides tax inflation adjustments for tax year 2019
IR-2018-222, November 15, 2018 – The Internal Revenue Service today announced the tax year 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.
- IRS Advisory Council releases its 2018 annual report
IR-2018-221, November 15, 2018 – The Internal Revenue Service Advisory Council (IRSAC) today issued its annual report for 2018, including recommendations to the IRS on new and continuing issues in tax administration.
- Get Ready for Taxes: For many, time is running out to avoid a tax-time surprise; Check withholding, make estimated payments now
IR-2018-220, November 14, 2018 – Many taxpayers, at risk for having too little tax withheld from their pay, can avoid a surprise year-end tax bill by quickly updating the withholding form they give to their employer, according to the IRS.
- IRS Criminal Investigation releases Fiscal Year 2018 Annual Report
IR-2018-219, November 14, 2018 – The Internal Revenue Service today released the Criminal Investigation Division's (CI) annual report, reflecting significant accomplishments and criminal enforcement actions taken in fiscal year 2018.
- For Tax Year 2017, e-file closes on Nov. 17; After that, disaster victims, others need to file on paper
IR-2018-218, November 9, 2018 –The IRS today reminded people, including those in disaster areas, who want to file a 2017 tax return electronically to do so by Saturday, Nov. 17, 2018.
- Get Ready for Taxes: Here's how the new tax law revised family tax credits
IR-2018-217, November 7, 2018 – More families will be able to get more money under the newly-revised Child Tax Credit, according to the IRS.
- IRS issues final regulations, expanding paid preparer due diligence requirement to head of household filers
IR-2018-216, November 7, 2018 – The Treasury Department and the Internal Revenue Service today issued final regulations expanding the long-standing paid preparer due diligence requirement to include individual income tax returns claiming the head of household filing status.
- IRS announces 2019 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program grants
IR-2018-215, November 6, 2018 – The IRS recently awarded over $24 million in Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants to organizations that provide free federal tax return preparation.
- Get Ready for Taxes: Renew expiring ITINs now to file a return next year
IR-2018-214, November 5, 2018 – The Internal Revenue Service reminds taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) to submit their renewal applications as soon as possible.
- IRS, Free File Alliance announce changes to improve program; Improved taxpayer options available for 2019 Free File program
IR-2018-213, November 2, 2018 – The Internal Revenue Service announced today an agreement with the Free File Alliance that will strengthen and expand taxpayer options for people choosing to use the free online software program during the 2019 filing season.
- IRSAC expands to cover more areas of the IRS; IRPAC and ACT to join centralized advisory committee in 2019
IR-2018-212, November 1, 2018 – The IRS announced today that the Internal Revenue Service Advisory Committee's role will expand in 2019 to have a wider portfolio and incorporate two other advisory groups.