Get the latest news about the Tax Cuts and Jobs Act. Here you’ll find tax reform news releases, fact sheets, statements and much more. News releases 2022 Treasury, IRS provide updated guidance on accounting methods for specified research or experimental expenditures IR-2022-235, December 29, 2022 — The Treasury Department and Internal Revenue Service today issued Revenue Procedure 2023-11PDF providing updated guidelines for accounting method changes for specified research or experimental expenditures. IRS letters going out to taxpayers who may need to take action related to Qualified Opportunity Funds IR-2022-79, April 12, 2022 — The Internal Revenue Service announced today that taxpayers who may need to take additional actions related to Qualified Opportunity Funds (QOFs) should begin receiving letters in the mail in April. 2021 IRS releases reporting guidance for partnership interests held in connection with the performance of services IR-2021-215, November 3, 2021 — The Internal Revenue Service today posted detailed reporting directions for certain passthrough entities and taxpayers reporting of partnership interests held in connection with the performance of services, often referred to as “carried interests”, in the form of frequently asked questions (FAQs). IRS issues alert on improper corporate domestic production activities deduction refund claims IR-2021-45, February 25, 2021 — IRS officials issued an alert today concerning amended returns and claims for the Domestic Production Activities Deduction. 2020 IRS issues standard mileage rates for 2021 IR-2020-279, December 22, 2020 — The IRS today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Treasury and IRS issue final regulations on the deduction for qualified transportation fringe and commuting expenses IR-2020-275, December 9, 2020 — The Treasury Department and Internal Revenue Service issued final regulations on the deduction for qualified transportation fringe and commuting expenses following changes made by the Tax Cuts and Jobs Act (TCJA). IRS has begun sending letters to taxpayers that may need to take action related to Qualified Opportunity Funds IR-2020-274, December 9, 2020 — The Internal Revenue Service has started sending letters to taxpayers that may need to take additional actions related to Qualified Opportunity Funds (QOF). Get Ready for Taxes: Steps to take now to make tax filing easier in 2021 IR-2020-263, November 24, 2020 — The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help file federal tax returns timely and accurately in 2021. The Treasury Department and IRS issue final regulations regarding like-kind exchanges of real property IR-2020-262, November 23, 2020 — Today the Treasury Department and Internal Revenue Service issued final regulations relating to section 1031 like-kind exchanges. Get Ready for Taxes: Get ready now to file 2020 federal income tax returns IR-2020-256, November 17, 2020 — The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help them file their federal tax returns timely and accurately in 2021, including special steps related to Economic Impact Payments. IRS provides certainty regarding the deductibility of payments by partnerships and S corporations for State and local income taxes IR-2020-252, November 9, 2020 — The Internal Revenue Service (IRS) today issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations. IRS: Check tax withholdings now as the last quarter of 2020 begins IR-2020-232, October 9, 2020 — The Internal Revenue Service today reminded taxpayers that now is the perfect time to review their tax withholding and payments to avoid a surprise when filing next year. IRS issues final regulations for Achieving a Better Life Experience accounts IR-2020-227, October 1, 2020 — The Internal Revenue Service posted to IRS.gov final regulations today for Achieving a Better Life Experience (ABLE) accounts. IRS issues final regulations on the deduction for meals and entertainment IR-2020-225, September 30, 2020 — The Internal Revenue Service issued final regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA). IRS provides final regulations on income tax withholding on certain periodic retirement and annuity payments IR-2020-223, September 28, 2020 — The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations updating the federal income tax withholding rules for certain periodic retirement and annuity payments made after December 31, 2020. IRS reminds taxpayers of the home office deduction rules during Small Business Week IR-2020-220, September 23, 2020 — During Small Business Week, Sept. 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. IRS provides final regulations on deductions for estates and non-grantor trusts, including excess deductions on termination IR-2020-217, September 21, 2020 — The Internal Revenue Service today issued final regulations that provide guidance for decedents’ estates and non-grantor trusts clarifying that certain deductions of such estates and non-grantor trusts are not miscellaneous itemized deductions. IRS finalizes regulations for 100 percent bonus depreciation IR-2020-216, September 21, 2020 — The Treasury Department and the Internal Revenue Service today released the last set of final regulations implementing the 100% additional first year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business. IRS issues final regulations for the rehabilitation credit IR-2020-210, September 15, 2020 — The Internal Revenue Service today issued final regulations (PDF) for taxpayers who claim the rehabilitation credit. Final regulations on business interest expense deduction limitation published in the Federal Register IR-2020-209, September 14, 2020 — The final regulations for the business interest expense deduction limitation published in the Federal Register today. IRS highlights higher penalties for some tax returns filed after Sept. 14 IR-2020-207, September 10, 2020 — The Internal Revenue Service today urged individuals who owe taxes but have not yet filed for 2019 to act now to avoid larger penalties that, by law, start after September 14. Third quarter estimated tax payments due Sept. 15 IR-2020-205, September 9, 2020 — The Internal Revenue Service today reminded the self-employed, investors, retirees and others with income not subject to withholding that third quarter estimated tax payments for 2020 are due September 15. IRS provides additional guidance on base erosion and anti-abuse tax IR-2020-200, September 1, 2020 — The Internal Revenue Service issued final regulations (PDF) today providing additional guidance on the base erosion and anti-abuse tax (BEAT). IRS issues proposed regulations for TCJA’s simplified tax accounting rules for small businesses IR-2020-174, July 30, 2020 — The Internal Revenue Service today issued proposed regulations proposed regulations updating various tax accounting regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA). IRS grants additional relief for rehabilitation credit deadlines IR-2020-173, July 30, 2020 — Because of the burdens the COVID-19 pandemic has placed on taxpayers claiming the rehabilitation credit, the Internal Revenue Service today issued Notice 2020-58 that provides additional relief to taxpayers in satisfying the substantial rehabilitation test. IRS issues final regulations and other guidance on business interest expense deduction limitation IR-2020-171, July 28, 2020 — The Internal Revenue Service issued final regulations regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act. Treasury, IRS issue final and proposed regulations on income subject to a high rate of foreign tax IR-2020-165, July 20, 2020 — The Department of the Treasury and the Internal Revenue Service today issued a final regulation addressing the treatment of income earned by certain foreign corporations that is subject to a high rate of foreign tax. Where’s My Refund? tool on IRS.gov takes guesswork out of when to expect refunds IR-2020-157, July 15, 2020 — The IRS reminds taxpayers that one of the best ways to check on their refund is the Where’s My Refund? tool on the IRS website and the IRS2Go app. IRS gives tips on filing, paying electronically and checking refunds online; 2019 tax returns and payments due July 15 IR-2020-150, July 13, 2020 — The Internal Revenue Service today reminded taxpayers with a filing requirement to file an accurate tax return on time even if a balance due can’t be paid in full. IRS says a Paycheck Checkup helps avoid tax surprises IR-2020-149, July 10, 2020 — The IRS is reminding taxpayers that using the IRS Tax Withholding Estimator to do a Paycheck Checkup can help them have the right amount of tax withheld and avoid surprises when filing next year. IRS finalizes guidance on deduction for foreign-derived intangible income and global intangible low-taxed income IR-2020-147, July 9, 2020 — The IRS issued final regulations final regulations that provide guidance on deductions for foreign-derived intangible income (FDII) and global intangible low-taxed income allowed to domestic corporations under the Internal Revenue Code. Treasury Department and IRS issue guidance for consolidated groups regarding net operating losses IR-2020-138, July 2, 2020 — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations and temporary regulations that provide guidance for consolidated groups regarding net operating losses (NOLs). IRS finalizes guidance for the section 199A deduction for shareholders of Regulated Investment Companies IR-2020-128, June 24, 2020 — The Internal Revenue Service today issued final regulations permitting a regulated investment company (RIC) that receives qualified real estate investment trust (REIT) dividends to report dividends the RIC pays to its shareholders as section 199A dividends. IRS issues guidance on the elimination of the deduction of qualified transportation fringe benefit expenses IR-2020-125, June 19, 2020 — The Internal Revenue Service today issued proposed regulations that provide guidance for the deduction of qualified transportation fringe and commuting expenses. IRS provides answers about Coronavirus related tax relief for Qualified Opportunity Funds and investors IR-2020-114, June 4, 2020 — The IRS today provided guidance for Qualified Opportunity Funds (QOFs) and their investors in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic. IRS provides guidance on income tax withholding on certain periodic retirement and annuity payments IR-2020-104, May 27, 2020 — The U.S. Department of the Treasury and the Internal Revenue Service today issued a proposed regulation updating the federal income tax withholding rules for periodic retirement and annuity payments made after December 31, 2020. IRS provides guidance on the deductibility and reporting of certain amounts paid to, or at the direction of, governments IR-2020-94, May 12, 2020 — The Internal Revenue Service today issued proposed regulations under the Tax Cuts and Jobs Act (TCJA) that provide guidance to taxpayers and governments with respect to fines, penalties and certain other amounts. IRS provides guidance for estates and trusts for itemizing deductions IR-2020-90, May 7, 2020 — The Internal Revenue Service today issued proposed regulations that provide guidance for estates and trusts clarifying that certain deductions of estates and non-grantor trusts are not miscellaneous itemized deductions. IRS, Treasury issue guidance for applying UBTI "silo" rules for tax-exempt organizations by identifying separate trades or businesses IR-2020-78, April 23, 2020 — The Treasury Department and the IRS today issued proposed regulations under the Tax Cuts and Jobs Act that provide guidance for tax-exempt organizations that are subject to the unrelated business income tax with more than one unrelated trade or business on how to calculate their unrelated business taxable income (UBTI). Tax Time Guide: Tax Withholding Estimator helps retirees, workers and self-employed calculate taxes, fill out new Form W-4 IR-2020-53, March 10, 2020 — The IRS is encouraging taxpayers to take control of the size of their refund using the Tax Withholding Estimator on IRS.gov. IRS updates guidance on business expense deductions for meals and entertainment IR-2020-39, February 24, 2020 — The Internal Revenue Service issued proposed regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA). Treasury, IRS issue guidance to farmers on uniform capitalization rules IR-2020-38, February 21, 2020 — The Treasury Department and IRS today issued Revenue Procedure 2020-13 providing procedures for farmers who have elected out of certain capitalization rules and want to apply the small business taxpayer exemption in the same taxable year. IRS, Treasury issue proposed regulations updating income tax withholding rules IR-2020-28, February 11, 2020 — The U.S. Department of the Treasury and the IRS today issued proposed regulations updating the federal income tax withholding rules to reflect changes made by the Tax Cuts and Jobs Act (TCJA) and other legislation. Improved Tax Withholding Estimator helps workers target the refund they want; shows how to fill out new 2020 W-4 IR-2020-09, January 14, 2020 — The Internal Revenue Service has launched a new and improved Tax Withholding Estimator, designed to help workers target the refund they want by having the right amount of federal income tax taken out of their pay. 2019 Tax reform news releases — 2019 2018 Tax reform news releases — 2018 2017 Tax reform news releases — 2017 More Tax Reform Information Fact sheets Opportunity Zones FS-2020-13, August 2020 ― Facts about opportunity zones. Employers may claim tax credit for providing paid family and medical leave to employees FS-2019-12, October 2019 ― Employers who provide paid family and medical leave to their employees may claim a credit for tax years 2018 and 2019. Facts about the qualified business income deduction FS-2019-8, April 2019 ― Many individuals, including owners of businesses operated through sole proprietorships, partnerships, S corporations, trusts and estates may be eligible for a qualified business income deduction, also called the section 199A deduction. Basics of estimated taxes for individuals FS-2019-6, April 2019 ― The U.S. tax system operates on a pay-as-you-go basis. This means that taxpayers need to pay most of their tax during the year, as the income is earned or received. Tax withholding: How to get it right FS-2019-4, March 2019 ― The federal income tax is a pay-as-you-go tax. Taxpayers pay the tax as they earn or receive income during the year. IRS highlights tax reform changes that affect businesses FS-2019-3, March 2019 ― The Tax Cuts and Jobs Act (TCJA) included a few dozen tax law changes that affect businesses. Be Tax Ready – understanding tax reform changes affecting individuals and families FS-2019-2, February 2019 ― The Tax Cuts and Jobs Act (TCJA), enacted in late 2017, produced the most sweeping tax law change in more than 30 years. The highlights of Tax Reform for businesses FS-2018-17, October 2018 ― The Tax Cuts and Jobs Act included a few dozen tax law changes that affect businesses. Most of the changes in the new law take effect in 2018 and will affect tax returns filed in 2019. Tax facts for seasonal job seekers FS-2018-15, August 2018 ― Students and other taxpayers often obtain seasonal jobs to earn extra spending money or to save for later. Know the tax facts about renting out residential property FS-2018-14, August 2018 — People often rent out their residential property as a source of income, particularly during the vacation-heavy, warm summer months. New rules and limitations for depreciation and expensing under the Tax Cuts and Jobs Act FS-2018-9, April 2018 — The Tax Cuts and Jobs Act, signed Dec. 22, 2017, changed some laws regarding depreciation deductions. Statements IRS Statements: Withholding for 2018 Dec. 26, 2017 — Here are the latest developments involving withholding information related to the Tax Cuts and Jobs Act. Frequently asked questions (FAQs) Section 1061 Reporting Guidance FAQs FAQs Regarding the Aggregation Rules Under Section 448(c)(2) that Apply to the Section 163(j) Small Business Exemption Tax Cuts and Jobs Act (TCJA) changes to Charitable Contributions and Foreign Taxes Taken into Account in Determining Limitations on Allowance of Partner’s Share of Loss Frequently asked questions on the early release of the 2020 Form W-4 Frequently asked questions for moving expenses Tax Withholding Estimator frequently asked questions Questions and answers about reporting related to section 965 on 2017 tax returns Questions and answers about tax year 2018 reporting and payments arising under section 965 FAQs about technical terminations, Internal Revenue Code (IRC) sec. 708 Gift tax and estate tax frequently asked questions Business interest expense FAQs Frequently asked questions about employer credit for paid family and medical leave Section 199A – qualified business income deduction FAQs Additional first year depreciation deduction (bonus) frequently asked questions Opportunity Zones frequently asked questions State and local income tax frequently asked questions IRA FAQs — Recharacterization of IRA contributions IRS withholding tables frequently asked questions Retirement plans FAQs regarding loans Estimated Taxes for Individuals Frequently Asked Questions Production Period for Beer, Wine, and Distilled Spirits Frequently Asked Questions FAQs about the Substantial Built-in Loss Changes under Internal Revenue Code (IRC) Section 743 General Section 965 Questions and Answers (Including Transfer and Consent Agreements) Tax tips Taxpayers can start the new tax year off right by checking their withholding Tax Tip 2021-04, January 20, 2021 ABLE accounts are a valuable benefit for taxpayers with disabilities Tax Tip 2020-160, November 24, 2020 A tax checklist for newly married couples IRS Tax Tip 2020-118, September 14, 2020 People should have tax withheld from unemployment now to avoid a tax-time surprise COVID Tax Tip 2020-117, September 10, 2020 Tips for taxpayers who need to file a new W-4 Tax Tip 2020-109, August 26, 2020 Tax Reform Tax Tips — 2019 Tax Reform Tax Tips — 2018 Tax reform publications Paycheck Checkup (Publication 5303) English PDF Spanish PDF Publication 5327, New tax credit for employers who provide paid family and medical leave English PDF Spanish PDF Publication 5330, Reminder from the IRS and the American Payroll Association (with APA logo) English PDF Spanish PDF Publication 5330-A, Reminder from the IRS and the American Payroll Association (without APA logo) English PDF Spanish PDF
