IRS Announces Tax Inflation Adjustments for Tax Year 2020
The IRS recently announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions.
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IRS Releases Draft 2019 Forms 1065, 1120-S and Schedules K-1
The IRS recently issued a draft of the tax year 2019 Form 1065, U.S. Return of Partnership Income and its Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc.
View MoreIRS Finalizes Safe Harbor for Rental Real Estate to Qualify as a Business for Qualified Business Income Deduction
The IRS recently finalized a safe harbor for certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of the qualified business income deduction under section 199A of the Internal Revenue Code.
View MoreIRS and Treasury Department Revamp Postcard-Sized Form 1040
In late June, the IRS and the Treasury Department unveiled a new postcard-sized version of the classic Form 1040, with the goal of replacing the current Forms 1040, 1040A and 1040EZ for next tax season.
View MoreTreasury, IRS Release Final and Proposed Regulations on New 100 Percent Depreciation
The Treasury Department and the IRS recently released final regulations and additional proposed regulations on the new 100 percent additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.
View MoreIRS Automatically Waives Estimated Tax Penalty for Eligible 2018 Filers
The IRS recently announced it is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver.
View MoreIRS Permits Certain Partnerships to File Superseding Tax Returns
The IRS recently announced it is granting certain partnerships the chance to file superseding 2018 tax returns.
View MoreIRS Reform Bill Approved by Congress
Congress recently voted to approve an IRS reform bill, the Taxpayer First Act.
View MorePlug-In Electric Vehicle Tax Credit for Eligible Consumers Begins Phaseout April 1
General Motors has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the fourth quarter of 2018, triggering a phaseout of the tax credit available for purchasers of the vehicles.
View MoreIRS Expands Tax Withholding and Estimated Tax Payments Penalty Waiver
The IRS recently provided additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
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