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An excess benefit transaction is a transaction in which an economic benefit is provided by an applicable tax-exempt organization to or for the use of a disqualified person.

Major tax reform was approved by Congress in the Tax Cuts and Jobs Act (TCJA) on December 22, 2017. The IRS is implementing this major tax legislation that will affect both individuals and businesses. We will provide information and guidance to taxpayers, businesses and the tax community as it becomes available.

Explanation of Section 6038D Temporary and Proposed Regulations

Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. There are serious penalties for not reporting these financial assets. This FATCA requirement is in addition to the long-standing requirement to report foreign financial accounts on Form TD F 90.22-1, Report of Foreign Bank and Financial Accounts (FBAR).

Application procedures to become a nonbank trustee or custodian

Find answers to basic questions about Form 8938, Statement of Specified Foreign Financial Assets.

Generally, assuming no other statutory exclusion applies, the amount by which the fair market value of the qualified parking fringe benefit exceeds the sum of the amount excluded from gross income and the amount paid by the employee (if any), is wages subject to federal income tax withholding, Federal Insurance Contributions Act tax, and Federal Unemployment Tax Act tax.

Provides a nonexclusive list of suitable issues and initial documentation that must be readily available upon acceptance into the Pre-Filing Agreement program.

Headliners 149, 151, 153, 156, 158, 167, 172, 175, 180 and 182 have been combined to show all FAQs in this document. Answers to further questions are in development and this document will be updated as responses are received.

Guidance published by IRS related to retirement plans.