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Though the Tax Cuts and Jobs Act (TCJA) has been advertised as pro-business, there are several changes that will affect the deductibility of expenses. The TCJA issued firmer guidelines on expenses related to meals and entertainment. You’ll see these changes affecting client-related business meals, employer-provided business meals, employer-hosted activities and entertainment.
View MoreThe IRS recently provided a safe harbor method to determine depreciation deductions for passenger automobiles that qualify for the 100 percent additional first-year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles under Sec. 280F (Rev. Proc. 2019-13).
View MoreIRS employees returned to work Jan. 28 following the government shutdown and are working hard to resume normal operations to help taxpayers as much as possible.
View MoreThe AICPA recently sent a letter to the Secretary of the Treasury and the IRS Commissioner expressing concern that the ongoing government shutdown is burdening taxpayers and practitioners as they attempt to file complete and accurate tax returns.
View MoreThe Treasury Department and IRS recently issued final regulations and three related pieces of guidance implementing the new qualified business income deduction, also known as the Section 199A pass-through deduction, of the Tax Cuts and Jobs Act.
View MoreA new state electronic filing requirement – currently implemented by 33 states with possibly more to come - will likely impact many tax preparers during the filing season ahead. The requirement, the “10 Business Day Rule,” is related to the application of software updates, and applies to all software vendors, according to Shannon Bond, senior director of government relations at Wolters Kluwer Tax & Accounting.
View MoreThe IRS announced recently 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.
View MoreThe IRS has confirmed it will process tax returns beginning Jan. 28, 2019 and provide refunds to taxpayers as scheduled.
View MoreThe 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 MoreThe 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.
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