The Treasury Department and the Internal Revenue Service recently issued final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. Treasury [...]

The tax season will be here before you know it so the IRS is reminding tax professionals to review their e-Services account to ensure all contact information is accurate and to add or remove users. Reviewing e-Services information is just one of the tasks tax pros should complete now to [...]

The Internal Revenue Service recently issued guidance for taxpayers with certain deductible expenses to reflect changes resulting from the Tax Cuts and Jobs Act also known as the TCJA. Revenue Procedure 2019-46 (PDF), posted on IRS.gov, updates the rules for using the optional standard mileage rates in computing the deductible [...]

The Internal Revenue Service recently issued final regulations on the new information reporting requirements for certain life insurance contract transactions. New Requirments The requirement was authorized under new section 6050Y, added to the Internal Revenue Code by the Tax Cuts and Jobs Act (TCJA), the tax reform legislation enacted in [...]

If you haven't done so yet, the Internal Revenue Service is urging tax return preparers to begin the upcoming 2020 filing season now by renewing their Preparer Tax Identification Numbers now. All current PTINs are set to expire on Dec. 31, 2019. “Last year we issued more than 813,000 PTIN’s [...]

During October the Internal Revenue Service wants to remind honored military families they may qualify for specific and important tax rules and benefits. October is often associated with National Work and Family Month which was established in 2003 by a Senate resolution. October was chosen to help communicate and celebrate [...]