The IRS recently announced that the agency has become aware of limited circumstances in which it may be appropriate to provide relief from double taxation resulting from application of the repatriation tax under section 965, as amended by the Tax Cuts and Jobs Act also known as the TCJA. The [...]
The Internal Revenue Service is reminding all active-duty military personnel that IRS Free File offers them multiple options for free federal tax preparation. Free File is for individuals or families whose adjusted gross income was $69,000 or less last year. Free File is a private-public partnership between the IRS and [...]
The Internal Revenue Service recently announced an agreement (PDF) with Free File, Inc. FFI designed to bring more clarity for taxpayers choosing to use free online software during the 2020 filing season. The agreement reached will help make the Free File program more taxpayer-friendly while strengthening consumer protections in several key areas. [...]
Experian released key findings from its annual State of Credit report revealing the average credit score hit an eight-year high at 682. Experian's report provides a year-over-year view of average credit scores, debt, delinquencies and card balances. In preparation for a new decade, this year's report took a close comparative [...]
The Internal Revenue Service is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee also known as the ETAAC. According to an IRS news release, the ETAAC is an organized public forum for discussion of electronic tax administration issues, such as prevention of identity theft and refund [...]
The Internal Revenue Service recently issued final regulations (PDF) providing details about investment in qualified opportunity zones (QOZ). The final regulations modified and finalized the proposed regulations (PDF) that were issued on Oct. 28, 2018 and May 1, 2019, according to an IRS news release. The final regulations provide additional guidance for [...]
The Internal Revenue Service reminds retirees born before July 1, 1949, that they usually must take distributions from their retirement plans by Dec. 31. The payments, called required minimum distributions (RMDs), are normally made by the end of the year. Those who turned 70½ in 2019 are allowed to wait [...]
The Internal Revenue Service is reminding employers and other businesses that wage statements and independent contractor forms still have a Jan. 31 filing deadline. Before the Protecting Americans from Tax Hikes (PATH) Act, employers, for the most part, had a longer period of time to file these forms. However, the [...]
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 [...]
