IR-2019-177, October 25, 2019 WASHINGTON –The Internal Revenue Service today issued final regulations on the new information reporting requirements for certain life insurance contract transactions. 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 December 2017….
IRS urges families, teens to make online safety a priority | Internal Revenue Service Agency focuses on cybersecurity awareness during National Work and Family Month IR-2019-175, October 22, 2019 WASHINGTON – The Internal Revenue Service today urged families and teens to stay vigilant in protecting personal information while connected to the internet. Although the IRS…
IRS reminds employers about the benefits of EFTPS | Internal Revenue Service IR-2019-171, October 18, 2019 WASHINGTON — The Internal Revenue Service today wants small business owners who are employers to know that the Electronic Federal Tax Payment System has features that can help them in meeting their tax obligations. EFTPS can help employers whether…
IRS celebrates military families during National Work and Family Month | Internal Revenue Service IR-2019-169, October 15, 2019 WASHINGTON —As part of National Work and Family Month, the Internal Revenue Service reminds military families that they often qualify for specific tax rules and benefits. National Work and Family Month was established in 2003 by a…
Virtual currency: IRS issues additional guidance on tax treatment and reminds taxpayers of reporting obligations | Internal Revenue Service IR-2019-167, October 9, 2019 WASHINGTON — As part of a wider effort to assist taxpayers and to enforce the tax laws in a rapidly changing area, the Internal Revenue Service today issued two new pieces of…
Reminder: Oct. 15 deadline approaching for taxpayers who requested extensions | Internal Revenue Service IRS YouTube Videos: Reminders for Extension Filers-Oct. 15 – English | Spanish | ASL IR-2019-163, October 7, 2019 WASHINGTON — Taxpayers who requested the six-month filing extension should complete their tax returns and file on or before the Oct. 15 deadline….
IRS relief provides drought-stricken farmers, ranchers more time to replace livestock | Internal Revenue Service IR-2019-161, September 30, 2019 WASHINGTON — Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the…
IRS releases draft 2019 Forms 1065, 1120-S, and Schedules K-1 | Internal Revenue Service IR-2019-160, September 30, 2019 WASHINGTON – Today the IRS issued a draft of the tax year 2019 Form 1065, U.S. Return of Partnership Income (PDF), and its Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc (PDF). The changes to the form and…
IRS releases new Tax Gap estimates; compliance rates remain substantially unchanged from prior study | Internal Revenue Service IR-2019-159, September 26, 2019 WASHINGTON — The Internal Revenue Service today released a new set of tax gap estimates on tax years 2011, 2012 and 2013. The results show the nation’s tax compliance rate is substantially unchanged…
IRS finalizes safe harbor to allow rental real estate to qualify as a business for qualified business income deduction | Internal Revenue Service IR-2019-158, September 24, 2019 WASHINGTON — The Internal Revenue Service today issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property,…
