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IRS, Treasury issue guidance under Tax Cuts and Jobs Act and the Consolidated Appropriations Act of 2018 for cooperatives and patrons of cooperatives
The Treasury Department and Internal Revenue Service today issued legal guidance under the 2017 Tax Cuts and Jobs Act (TCJA) and the Consolidated Appropriations Act of 2018 providing information on certain deductions to cooperatives and their...
IRS and Treasury issue guidance related to global intangible low-taxed income (GILTI)
The Treasury Department and the Internal Revenue Service issued final and proposed regulations today concerning global intangible low-taxed income under section 951A, the foreign tax credit, the treatment of domestic partnerships for purposes of...
IRS warns of higher penalty for some tax returns filed after June 14
The Internal Revenue Service urges taxpayers who owe tax and have not filed their 2018 return to act before Friday, June 14, before a larger penalty kicks in. The failure-to-file penalty is assessed if there is unpaid tax and the taxpayer fails...
IRS Warns About New Variations On Long-Running Tax Scams
It may be summertime, but that doesn’t mean that scammers are on vacation. The Internal Revenue Service (IRS) is encouraging taxpayers to be on the lookout for a “surge of evolving phishing emails and telephone scams.” The IRS is specifically...
IRS takes additional steps to protect taxpayer data; plans to end faxing and third-party mailings of certain tax transcripts
As part of its ongoing efforts to protect taxpayers from identity thieves, the Internal Revenue Service today announced it will stop its tax transcript faxing service in June and will amend the Form 4506 series to end third-party mailing of tax...
IRS now billing those who filed for 2018 but didn’t pay; many payment options available
The Internal Revenue Service today advised those now receiving tax bills because they filed on time but didn’t pay in full that there are many easy options for paying what they owe. Taxpayers can pay online, by phone or using their mobile...
IRS, Treasury unveil proposed W-4 design for 2020
Today the Internal Revenue Service issued a draft of the 2020 Form W-4, Employee's Withholding Allowance Certificate (PDF), that will make accurate withholding easier for employees starting next year. The revised form implements changes made...