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IRS crypto guidance every tax practitioner should know
The IRS is getting serious about cryptocurrency. This fall, it released three documents that all tax practitioners need to pay attention to ahead of the 2019 filing season: a retroactive revenue ruling, FAQs for reporting cryptocurrency ownership...
Connecticut Taxpayers Can Now Opt Into Identity Protection PIN Program - Here's What You Need to Know
When the IRS begins the 2020 tax filing season, taxpayers in selected locations will be eligible to opt into the online Identity Protection PIN program. Taxpayers will be eligible for this voluntary program if they filed a federal tax return last...
IRS opens 2019 tax filing season for individual filers on Jan. 27
The Internal Revenue Service confirmed that the nation's tax season will start for individual tax return filers on Monday, January 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns. The deadline to file 2019...
IRS Reforms Free File Program, Drops Agreement Not to Compete With TurboTax
Finding free online tax filing should be easier this year for millions of Americans. The IRS announced significant changes Monday to its deal with the tax prep software industry. Now companies are barred from hiding their free products from...
IRS Hosts Free 'Understanding Paid Preparer Due Diligence' Webinar Jan. 16
This free webinar will cover Tax Cuts and Jobs Act refundable credits due diligence requirements, tax identification number requirements for CTC/ACTC/ODC and head of household filing status, client’s tax return preparation (when to ask for...
New Free File agreement signed to strengthen program, help taxpayers
The Internal Revenue Service announced today an agreement (PDF) with Free File, Inc. (FFI) designed to bring more clarity for taxpayers choosing to use free online software during the 2020 filing season. The agreement reached will help make the...
6 Decisions Clients Should Review Before Submitting 2019 Returns
Before your clients cast their votes in the 2020 presidential election, they may have to make certain “elections” on their 2019 returns. These choices can have a significant tax impact, so it’s up to you to provide the guidance they will likely...
What Tax Professionals Need to Know About the New IRS Form W-4
The new Form W-4 is not well-understood and tax pros often didn’t get many questions or advise clients on how to complete it. That may now have changed. Here’s what you need to know, and how to advise clients to avoid possible...
IRS issues standard mileage rates for 2020
The Internal Revenue Service today issued the 2020 optional standard mileage rates (PDF) used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2020, the...
Qualified opportunity zone regs. finalized
The IRS on Thursday issued final regulations (T.D. 9889) providing guidance on tax-favored investments in qualified opportunity zones (QOZs). These regulations provide additional guidance for taxpayers eligible to elect to temporarily defer the...

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