The Internal Revenue Service (IRS) recently announced the annual inflation adjustments for tax rate schedules and other tax provisions for 2019. Due to the Tax Cuts and Jobs Act, there are important changes to review concerning the standard deduction, rate...
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IRS Offers Guidance on Tax Reform for 2019 Filing Season
The Internal Revenue Service (IRS) has issued additional guidance for taxpayers regarding how the Tax Cuts and Jobs Act will affect filing your 2018 tax returns. The website www.IRS.gov/getready provides information and advice for individuals and families, such as an...
IRS Offshore Voluntary Disclosure Program Ends – What Are My Options Now?
The Internal Revenue Service's (IRS's) 2014 Offshore Voluntary Disclosure Program (OVDP) officially ends on Friday, September 28, 2018. This program was offered to help taxpayers get into compliance with their foreign account reporting requirements. The end of the...
IRS SS-8 Program Does Not Sufficiently Address Gig Economy Worker Needs
The Treasury Inspector General for Tax Administration (TIGTA) recently audited the Internal Revenue Service's (IRS's) SS-8 Program, which addresses worker classification issues. The standard options have been either employee or independent contractor. However, in...
IRS Issues Final Regulations on Substantiation for Charitable Contributions
If you regularly claim deductions for donations, you may need to update your tax record keeping practices --- the Internal Revenue Service (IRS) issued final regulations this summer concerning the correct way to substantiate any charitable contributions you wish to...
IRS Collection Due Process Program Remains Imperfect
The Treasury Inspector General for Tax Administration (TIGTA) recently reviewed the Internal Revenue Serivce's (IRS's) program on Collection Due Process requests, and found it to have similar room for improvement as compared to TIGTA's last review. For instance, the...
TIGTA Report Finds IRS Private Debt Collection Policies May Be Harmful to Taxpayers
The Treasury Inspector General of Tax Administration (TIGTA) recently conducted an audit of the Internal Revenue Service (IRS)'s latest private debt collection program and found much room for improvement. As of May 31, 2018, the private debt collection program had...
State and Local Tax Deductions Available to Businesses
The Internal Revenue Service (IRS) announced this week that business payments to charities that result in state or local tax credits will be deductible expenses in most cases. This is unlike the manner in which the IRS has said it will treat payments that individuals...
IRS and Treasury Propose Regulations On State and Local Tax Deductions
The Tax Cuts and Jobs Act of 2017 limits the annual federal tax deduction for state and local taxes to $10,000. In response to this limit, some states with higher tax rates (including California) considered programs that would allow taxpayers to characterize tax...
Pass Through Entities Become Focus of New IRS Compliance Campaign
The Internal Revenue Service (IRS) recently launched a new compliance campaign focused on S corporations and shareholder distributions. The three areas of concern include failure to report gain upon the distribution of appreciated property, failure to correctly...
