The Latest News
IRS: Home Office Deduction Could Benefit Small Businesses
The IRS advises small businesses that a home office deduction can help save money on taxes. Taxpayers can take this deduction when they file their taxes if they use a portion of their home—exclusively, and on a regular basis—to run their business.
All in the Family: Don't Get Tripped by Tax Rules
The IRS is advising business owners that certain tax treatments and employment tax rules apply to companies that include family members. When both spouses run the trade or business together and share in profits and losses, they may be...
IRS Says ‘Dozens’ of New Crypto, Cybercriminals Are Identified
The IRS’s criminal division identified “dozens” of potential cryptocurrency tax evaders or cybercriminals after a meeting this week with tax authorities from four other countries. Officials from the U.S., U.K., Australia, Canada and the...
IRS provides tax inflation adjustments for tax year 2020
The Internal Revenue Service today announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 (PDF) provides details about these...
401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500
The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59 (PDF), posted today on IRS.gov. This guidance provides...
Maximizing the QBI deduction with UBIA property
The 20% Sec. 199A qualified business income (QBI) deduction is designed to provide some tax relief to owners of passthrough entities. However, the QBI deduction rules impose several limitations, most notably on high-income owners. These owners...
Tax Court Has No Time for Frivolity
Ever since the U.S. tax system was created, way back in 1913, some taxpayers have objected to paying their federal income tax liability. But simply refusing to pay tax hasn’t gotten anybody real far. Even worse, as shown in a new case, Wells, TC...
IRS, Treasury issue final regulations on new reporting requirements for life insurance contract transactions
The Internal Revenue Service today issued final regulations on the new information reporting requirements for certain life insurance contract transactions. The requirement was authorized under new section 6050Y, added to the Internal Revenue...
Investors Want a Clear Story on CECL. Are CFOs Ready to Tell It?
Financial and non-financial institutions alike are nearing adoption of the Financial Accounting Standards Board’s new Current Expected Credit Loss (CECL) standard, which will take effect at the beginning of the next fiscal year for most public...
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...

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