IR-2020-01, January 6, 2020 WASHINGTON — The Internal Revenue Service today released a new annual report highlighting accomplishments across the nation’s tax agency during Fiscal Year 2019. “Internal Revenue Service Progress Update/Fiscal Year 2019 – Putting Taxpayers First” (PDF) provides an overview of a variety of operations across taxpayer service, compliance and support areas. The 41-page…
IR-2019-215, December 31, 2019 WASHINGTON — The Internal Revenue Service today issued the 2020 optional standard mileage rates (PDF) used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or…
IR-2019-213, December 20, 2019 WASHINGTON — The Internal Revenue Service today urged taxpayers involved in designated syndicated conservation easement arrangements to consult with their tax advisors following a recent U.S. Tax Court decision and agency plans to continue enforcement efforts in this area. In late 2016, the Internal Revenue Service designated certain syndicated conservation easement…
IR-2019-211, December 18, 2019 WASHINGTON —Taxpayers who paid too little tax during 2019 can still avoid a tax-time surprise by making a quarterly estimated tax payment now, directly to the Internal Revenue Service. The deadline for making a payment for the fourth quarter of 2019 is Wednesday, January 15, 2020. Income taxes are pay-as-you-go. This…
IR-2019-209, December 17, 2019 WASHINGTON — The Internal Revenue Service has launched a new online assistant designed to help employers, especially small businesses, easily determine the right amount of federal income tax to withhold from their workers’ pay. Known as the Income Tax Withholding Assistant for Employers, this new spreadsheet-based tool is designed to help…
IR-2019-208, December 17, 2019 WASHINGTON — The Treasury Department and Internal Revenue Service issued proposed regulations to reflect changes from the Tax Cuts and Jobs Act (TCJA) on the tax deductibility of officers’ compensation by publicly held corporations. On Aug. 21, 2018, the Treasury Department and IRS released Notice 2018-68 (PDF). This notice provided initial…
IR-2019-207, December 16, 2019 WASHINGTON — The Internal Revenue Service reminds taxpayers there are things they should do now to get ready for the tax-filing season ahead. Charitable Contributions For most taxpayers, December 31 is the last day to take actions that will impact their 2019 tax return. For example, those who plan to itemize…
IR-2019-206, December 13, 2019 WASHINGTON – The Internal Revenue Service said today that the Taxpayer First Act, enacted July 1, requires tax exempt organizations to electronically file information returns and related forms. The new law affects tax exempt organizations in tax years beginning after July 1, 2019. The following IRS forms are included in the…
IR-2019-203, December 10, 2019 WASHINGTON — The Internal Revenue Service reminds retirees born before July 1, 1949, that they usually must take distributions from their retirement plans by December 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…
IR-2019-202, December 9, 2019 WASHINGTON — The Internal Revenue Service today announced the selection of Sharyn M. Fisk to lead the agency’s Office of Professional Responsibility (OPR). Fisk has most recently been a professor of tax at the College of Business Administration at Cal Poly Pomona and active in the nation’s tax community in a…
