IRS Issues Proposed Regulations on New Tax Reform Reporting Requirements for Life Insurance Contract Transactions
Certain life insurance contracts may have reporting requirement changes under the Tax Cuts and Jobs Act.
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IRS Revenue Ruling Provides Prescribed Rates for Federal Income Tax Purposes
The IRS recently issued Revenue Ruling 2019-08 that provides various prescribed rates for federal income tax purposes.
View MoreTax Prep Using Content Services Solutions
Most taxpayers born in the last 60 years have the expectation that their preparer is harnessing electronic tools to help eliminate errors, speed up processes and make their overall client experience a positive one. This undoubtedly turns clients into raving fans.
View MoreSEC Accepts 2019 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
The Financial Accounting Standards Board recently announced that the U.S. Securities and Exchange Commission has accepted the 2019 GAAP Financial Reporting Taxonomy. The Board also announced that the SEC has accepted the 2019 SEC Reporting Taxonomy.
View MoreIRS Issues Proposed Regulations on Deduction for Foreign-Derived Intangible Income and Global Intangible Low-Taxed Income
The IRS recently issued proposed regulations under section 250 of the Internal Revenue Code, which offers domestic corporations deductions for foreign-derived intangible income and global intangible low-taxed income.
View MoreFASB Clarifies Implementation Guidance and Disclosure Requirements in Leases Standard
The Financial Accounting Standards Board recently issued an Accounting Standards Update that addresses two lessor implementation issues and clarifies that lessees and lessors are exempt from a certain interim disclosure requirement associated with adopting the new leases standard.
View MoreBeware of “Ghost” Tax Return Preparers
The IRS warns taxpayers to avoid unethical tax return preparers, known as “ghost” preparers.
View MoreIRS Waives Estimated Tax Penalty for Farmers, Fishermen Who File Returns and Pay Tax by April 15
The IRS will waive the estimated tax penalty for any qualifying farmer or fisherman who files his or her 2018 federal income tax return and pays any tax due by Monday, April 15, 2019.
View MoreIndividuals Who Need Passports for Imminent Travel Should Contact IRS to Resolve Tax Debt
The IRS recently reiterated its warning that taxpayers may not be able to renew a current passport or obtain a new passport if they owe federal taxes.
View MoreTax Prep Using Content Services Solutions
Most taxpayers born in the last 60 years have the expectation that their preparer is harnessing electronic tools to help eliminate errors, speed up processes and make their overall client experience a positive one.
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