IRS Confirms Tax Filing Season to Begin Jan. 28
The IRS has confirmed it will process tax returns beginning Jan. 28, 2019 and provide refunds to taxpayers as scheduled.
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IRS Offers Tips to Reduce CAF Number Errors and Better Protect Data
The Internal Revenue Service recently outlined common errors that may delay processing of Centralized Authorization File numbers as well as reminded tax professionals of steps they should take annually to help protect their number from misuse.
View MoreSteps for Tax Professionals to Obtain Wage and Income Transcripts for Tax Preparation
The Internal Revenue Service, in partnership with the tax preparation community, has devised a new process that will allow tax practitioners to access employer information needed for return preparation and electronic filing while also protecting taxpayer data.
View MoreIRS Issues Guidance on Changes to Excess Business and Net Operating Losses
The IRS has issued guidance on excess business loss limitations and net operating losses post-reform.
View MoreIRS Warns About Fake Payroll Direct Deposit, Wire Transfer and W-2 Scam Emails
The IRS is warning tax professionals about an uptick in phishing emails involving payroll direct deposit, wire transfer and W-2 scams.
View MoreIRS Issues Standard Mileage Rates for 2019
The Internal Revenue Service recently issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
View MoreTNTAP Business and F&E Updates
The Department of Revenue has important updates about business tax and franchise and excise tax. This includes information about new account numbers, consolidation and other filing tips.
View MoreFASB Issues Narrow-Scope Improvements to Accounting for Lessors
The Financial Accounting Standards Board recently issued an Accounting Standards Update expected to reduce lessor’s implementation and ongoing costs associated with applying the new leases standard.
View MoreIRS Provides Guidance on Parking Fringe Expenses and Unrelated Business Taxable Income, Penalty Relief to Tax-Exempt Organizations
The Internal Revenue Service recently issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses paid or incurred after Dec. 31, 2017. The new rules assist taxpayers in determining the amount of parking expenses that are no longer tax deductible. They also help tax-exempt organizations determine how these nondeductible parking expenses create or increase unrelated business taxable income.
View MoreIRS Provides Guidance on Stock Options and Restricted Stock Units Tax Benefit for Private Corporations’ Employees
The Internal Revenue Service recently 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 granted to them by their employers.
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