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 [...]
As part of a bigger effort to help taxpayers and to enforce the tax laws in a fast-moving area, the Internal Revenue Service recently issued two new pieces of guidance for taxpayers who engage in transactions involving virtual currency. Expanding on guidance from 2014, the IRS is issuing additional detailed [...]
Ah, crisp afternoons, cool evenings, apples, cider, and falling leaves. Now that autumn is in full swing and school is in session, many teachers are reaching into their own wallets to purchase classroom supplies. While a nice gesture for their students, making this a regular practice throughout the school year [...]
Good news for landlords or those who rent out homes, apartments, condos or townhouses. The Internal Revenue Service recently issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of [...]
Help with taxes for seniors is now easier than ever with the new Tax Withholding Estimator, launched in August on IRS.gov. It includes user-friendly features to help retirees easily figure out the right amount of tax to be removed from their pension payments. The mobile-friendly estimator replaces the Withholding Calculator. [...]
With major tax reform in its second year and taxpayers seeing its full effect on 2018 returns, the Internal Revenue Service is reminding taxpayers who pay estimated tax their third-quarter payment for 2019 is due Monday, Sept. 16. The Tax Cuts and Jobs Act or TCJA enacted in December 2017, changed [...]
To minimize or prevent disruptions to the supply of fuel for diesel-powered highway vehicles because of Hurricane Dorian, the Internal Revenue Service will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in Florida. This relief is effective immediately, it said in [...]
All work and no play -- with Americans working an average of almost 1,800 hours per year and the average worker using only 54 percent of their available vacation time, the personal-finance website WalletHub released its report on 2019’s Hardest-Working States in America. In order to determine where Americans work [...]
