2020 Inflation Adjustments for HSAs Released The IRS has released the 2020 inflation-adjusted amounts for health savings accounts (HSAs) under Code Sec. 223. For calendar year 2020, the annual limitation on deductions under Code Sec. 2...
IRS Unveils New Draft 2020 Form W-4 The IRS on May 31 unveiled a new preliminary draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate. Although an earlier version of the Form W-4 had been released last June, Tr...
IRS Discontinues Certain Faxing and Third-Party Mailing Service The IRS will be ceasing its tax transcript faxing service, and will also amend the Form 4506, Request for Copy or Transcript of Tax Form, series to end third-party mailing of tax returns and transcrip...
New Actuarial Tables Delayed, IRS Tells Wolters Kluwer The new actuarial tables are delayed, the IRS told Wolters Kluwer on May 30. "We are currently working on new actuarial tables, but we cannot predict when they will be published."Generally, the I...
IRS Updates 2018 Schedule D Instructions to Correct Worksheet Error The IRS posted updated instructions for 2018 Schedule D (Form 1040), Capital Gains and Losses, that include a corrected worksheet. The revised worksheet corrects a rate error that may have calculated ...
Indian Tribal Casino Distributions Taxable to Members A married couple had unreported taxable income in the form of distributions received from casino revenue. However, the IRS did not obtain written supervisory approval before the first formal communica...
IRS Allowed to Treat Partnership as Aggregate of its Partners The IRS was allowed to assert its authority under the abuse of entity rule of Reg. §1.701-2(e) to treat a partnership as an aggregate of its partners. Treating the partnership as an agg...
IRS Issues Nonconventional Source Fuel Reference Price for 2018 The IRS has published the reference price under Code Sec. 45K(d)(2)(C). The credit period for the nonconventional source production credit under Code Sec. 45K ended on December 31, 2013...
Comments Sought on Carbon Oxide Sequestration Credit The Treasury Department and the IRS have requested general comments on issues arising from the Bipartisan Budget Act of 2018 (BBA) ( P.L. 115-123) amendments to the Code Sec. 45Q credit...
IRS Clarifies Treatment of Refunds with New SALT Limits The IRS has provided four examples of the interaction of the new limit on the deduction on state and local taxes (SALT) under Code Sec. 164(b)(6) with the tax benefit rule for refunds under&...
Plug-In Electric Vehicle Credit to Phase Out for GM Vehicles The tax credit for new qualified plug-in electric drive motor vehicles sold by General Motors, LLC, will begin to phase out April 1, 2019. The credit begins to phase out in the second calendar quarter...
2019 Foreign Housing Expense Limitations Released The IRS has provided the adjustments to the limitation on foreign housing expenses for specific locations for tax year 2019. Generally, a qualified individual whose entire tax year is within the appli...
IRS Revises EIN Application Process As part of its ongoing security review, the IRS is revising the application process for obtaining an employer identification number (EIN). Starting May 13, 2019, only individuals with social security ...
IRS Issues 2018 Nonconventional Source Fuel Reference Price The IRS has published the nonconventional source fuel reference price for calendar year 2018. The credit period for the nonconventional source production credit under Code Sec. 45K ended on ...
LA - Sound recording investment credit amended, sunset date extended The Louisiana sound recording investor credit against corporate and personal income taxes is amended to:authorize an increase in the base investment credit for resident copyright recordings;change eli...
MS - Eligible charitable business contribution tax credit discussed The Mississippi Department of Revenue (department) issued a technical bulletin informing corporate income taxpayers about the eligible charitable business contribution tax credit.What Is the Eligible ...
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