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The New IRS Tax Guidance on Cryptocurrency
This publication consists of two components: Rev. Rul. 2019-24, and 43 frequently asked questions which pertain to cryptocurrency held as a capital asset. IR-2019-167 is designed to supplement Notice 2014-21. In addition to discussing how basic...
Kiplinger: CT, NY are 2nd and 3rd least-tax-friendly states
Connecticut and New York are respectively the second- and third-least-tax-friendly states in the nation, according to the latest annual ranking by personal finance magazine Kiplinger. The publication ranks states according to the sum of income,...
CT considers ‘next steps’ after judge tosses suit challenging SALT tax
A federal court on Monday dismissed a lawsuit by Connecticut and three other high-income states seeking to overturn a new cap on the deductibility of state and local income taxes on federal returns. The so-called state and local income tax,...
Judge tosses suit by CT, other ‘blue states,’ that challenged SALT cap
A federal court on Monday dismissed a lawsuit by Connecticut and three other high-income states seeking to overturn a new cap on the deductibility of state and local income taxes on federal returns. The so-called state and local income tax, or...
IRS releases draft 2019 Forms 1065, 1120-S, and Schedules K-1
Today the IRS issued a draft of the tax year 2019 Form 1065, U.S. Return of Partnership Income (PDF), and its Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc (PDF). The changes to the form and schedule aim to improve the quality...
IRS releases new Tax Gap estimates; compliance rates remain substantially unchanged from prior study
The Internal Revenue Service today released a new set of tax gap estimates on tax years 2011, 2012 and 2013. The results show the nation's tax compliance rate is substantially unchanged from prior years. The gross tax gap is the difference...
IRS finalizes safe harbor to allow rental real estate to qualify as a business for qualified business income deduction
The Internal Revenue Service today issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of the...