Finance2017-09-05T09:34:18-08:00
312, 2019

Final regulations confirm: making large gifts now won’t harm estates after 2025

By |December 3rd, 2019|Finance|Comments Off on Final regulations confirm: making large gifts now won’t harm estates after 2025

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 [...]

2611, 2019

IRS reminds tax professionals of tasks to get ready for 2020

By |November 26th, 2019|Finance|Comments Off on IRS reminds tax professionals of tasks to get ready for 2020

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 [...]

1911, 2019

IRS: updates on deductible business, charitable, medical and moving

By |November 19th, 2019|Finance|Comments Off on IRS: updates on deductible business, charitable, medical and moving

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 [...]

511, 2019

IRS, Treasury issue final regs on reporting requirements for life insurance contracts

By |November 5th, 2019|Finance|Comments Off on IRS, Treasury issue final regs on reporting requirements for life insurance contracts

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 [...]

2910, 2019

IRS: tax professionals should renew PTINs now for 2020

By |October 29th, 2019|Finance|Comments Off on IRS: tax professionals should renew PTINs now for 2020

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 [...]

2210, 2019

IRS has important tax info for military families

By |October 22nd, 2019|Finance|Comments Off on IRS has important tax info for military families

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 [...]