2020 Standard Mileage Rates Released The IRS has released the optional standard mileage rates for 2020. Most taxpayers may use these rates to compute deductible costs of operating vehicles for business, medical, and charitable purposes.2...
Closed School Student Loan Relief Extended The IRS has established a safe harbor that extends relief to certain taxpayers who took out federal or private student loans to finance attendance at certain nonprofit or for-profit schools. Under the...
IRS Launches Assistant to Help Small Businesses Withhold Tax The IRS has launched a new online assistant designed to help employers, especially small businesses, easily determine the right amount of federal income tax to withhold from their workers’ pay. ...
IRS Launches Gig Economy Tax Center The IRS has announced the launch of the new Gig Economy Tax Center on its website, to help individuals in this growing area meet their tax obligations through more streamlined information. I...
IRS Provides Procedures to Claim Fuel Credits The IRS has provided a process for eligible taxpayers to make a one-time claim for the credits and payments allowed under Code Secs. 6426(c), 6426(d) and 6427(e) for biodiesel...
IRS to Return Sequestered Funds Affected by OMB Determination The IRS will return sequestered funds to businesses that were affected by a recent Office of Management and Budget (OMB) determination regarding the Balanced Budget and Emergency Deficit Control Act o...
IRS to Consider Repatriation Double Taxation Relief The IRS has announced that it has become aware of limited circumstances in which it may be appropriate to provide relief from double taxation resulting from the application of the repatriation tax und...
2019 Required Amendments List for Employee Plans The IRS has issued its 2019 Required Amendments List (2019 RA List) for individually designed employee retirement plans. Beginning with the 2019 list, all RA Lists will apply to both Code Sec. 401(a) ...
Date Extended for Applying Foreign Branch Rules A one-year extension has been granted for applying the Code Sec. 987 final regulations, and certain related final and temporary regulations covering foreign branch transactions of U.S. corporations. T...
Guidance Updated for Making Adequate Disclosure The IRS has updated its guidance that identifies circumstances under which a disclosure on a taxpayer’s income tax return with respect to an item or position is "adequate" for reducing the under...
IRS Releases 2020 Inflation-Adjusted Tax Tables, Other Amounts The IRS has released the annual inflation adjustments for 2020 for over 60 tax provisions, including the income tax rate tables. The IRS issues these cost-of-living adjustments (COLAs) each year to re...
2020 Inflation Adjustments for Pension Plans, Retirement Accounts The IRS has released the 2020 cost-of-living adjustments (COLAs) for pension plan dollar limitations, and other retirement-related provisions.Highlights of 2020 ChangesThe contribution limit for emplo...
IRS Updates Guidance on Computing Deductions for Operating a Vehicle The IRS has released guidance that updates Rev. Proc. 2010-51, I.R.B. 2010-51, 883 to reflect changes made to Code Secs. 67 and 217 by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). Rev. Proc. 2010-...
Accounting Method Change Procedures Updated The IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and sup...
Proposed Updated RMD Tables Issued The IRS has proposed updated life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The proposed tables reflect the general increase in life expectancy, an...
Joint Directive on Work Opportunity Tax Credit Issued The IRS Large Business and International Division (LB&I) and Small Business/Self-Employed Division (SBSE) have issued a joint directive to provide instructions to LB&I and SBSE examiners on th...
New LB&I Campaign on Deferred Foreign Income The IRS Large Business and International (LB&I) has added a new active campaign to the IRS website called "IRC 965." The campaign’s goal is to promote compliance with Code Sec. 965, Treatmen...
KS - Economic nexus legislation introduced Legislation has been introduced in the Kansas House of Representative that would require certain remote sellers to collect sales tax. Retailers would be presumed to have nexus if it met the following ...
MO - Taxpayer not entitled to casualty loss refund A taxpayer was not entitled to a Missouri sales tax casualty loss refund due to the total loss of a motor vehicle because the taxpayer did not own the motor vehicle that was declared a total loss. In ...
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