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Visit our News page for regular updates on tax regulation and the latest developments at our firm.

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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 operations during the appropriations lapse

January 15, 2019 — Due to the lapse in appropriations, most IRS operations are closed during the shutdown. An IRS-wide furlough began on December 22, 2018, that affects many operations. During this period, the IRS reminds taxpayers that the underlying tax laws remain in effect, and all taxpayers should continue to meet their tax obligations as normal.

 

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 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 IRS 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: ‘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.

 

Legislation

In the past few years, there have been several laws passed that have tax implications. For more information, visit our pages on:

 

 

Please schedule an appointment to learn more about important changes in tax law.

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